11 Business Incentives for Starting a Business
You have a great idea for your business, a winning game plan, and some investors that are ready to help. You’re ready to make the leap but you’re still a little short. You are still in need of some land, equipment, tech, or all of the above. So, now what?
There are some programs across Canada that have been designed to get your business off the ground. Many are loan programs or some version of a loan program, they are all available with low rates and flexible terms that you would not find from a regular institution.
Be sure to have a good look at what we have put together for you and see what’s available for your business. You’ll be surprised at what can happen.
Rise Asset Development Small Business Lending Program
To help you grow or launch a small business, the Rise Small Business Lending Program provides access to low-interest loans based on your stage of business development, the capacity to repay, and the viability of the business concept. This can give you the leg up that you need and make the purchases that you need to get your start as an entrepreneur.
Farm Credit Canada (FCC) Young Farmers
This program is made to help you achieve your goals if you have dreamed of a life in agriculture. They provide the financing and services that you can count on. They provide you with customized financing and you can attend their events for farmers that are under the age of 40.
National Angel Capital Organization (NACO) and The Royal Bank of Canada (RBC) RBC Angel Investee Program
If an angel investor has already helped you with financing that is in good standing with NACO but it’s not enough, here is a new way to access the last bit of capital that you need to purchase the equipment and other things that you need to get that final push to really get started.
In the province of Ontario, there are always additional programs for funding and it is no different when it comes to getting your business started.
Take some time to read through the list that we have put together here and you might just find a program, or programs, that will be what you need.
Ministry of Children, Community, and Social Services Ontario Disability Support Program: Employment Supports
If you have a disability, this is a fantastic option for you to consider. Having a physical or mental disability may make it a little hard to find or keep a job, but this should not stop you. You will have everything that you need if you have a great idea, a solid business plan, and the desire to make it all work. The program provides funding to help start your business and buy the tools, equipment, and supplies you need.
IAPO Financing for Business Start-Ups & Expansion Program (FNBSEP)
Ontario Indigenous individuals in the agribusiness or farming sectors across the province, or those in different sectors that are located in Eastern or South Central Ontario, can have access to grants to help purchase or expand your existing business no matter whether it is new or not. If you qualify you can even use the funds as seed capital.
Community Futures Ontario Access to Capital
This is definitely the program for you if you haven’t been able to find the funding you need for capital investments to help start your new business. The program provides repayable financing through loans, loan guarantees, or equity investments.
Metis Voyageur Development Fund (MVDF) Financing Solutions
If you are a Metis individual and need help to buy whatever you need to get your business going then you are in the right place. The MVDF helps for-profit Metis-owned groups to make those purchases to start their businesses, whether it be technology, equipment, buildings, land, or more. The program wants to help you especially if you are offering benefits to your community with flexible financing at lower rates.
Southern Ontario Incentives
You have some excellent additional incentives that you can consider taking advantage of if you’re in Southern Ontario.
VERGE Capital Startup Fund
VERGE wants to give you a hand to get your business started if you’re a start-up in Southwestern Ontario whose operation solves a social, cultural, or environmental challenge. They are offering low-interest loans with flexible terms that don’t require excessive collateral or personal guarantees from you.
Northern Ontario Incentives
It can really pay off to start a business in Northern Ontario. We have put together a few programs for you to apply to that aren’t open to anyone else, this will put you a few steps ahead.
Nishnawbe Aski Development Fund (NADF) NADF Loans
NADF has your back if you’re looking for financing to help with a unique project, start your business, or establish or acquire an existing business. If you’re an Indigenous entrepreneur, you can use these loan programs to buy the last piece of equipment that you haven’t been able to get that you have had your eye on.
Wakenagun Community Futures Development Corporation Investment Fund: Women in Business Loan
If you’re a woman with a great idea and living in and plan to operate your business in the Wakenagun catchment area, this program may just be what you need to get everything started. This program will give you a loan so you can make the investments that you need to start your business or use it if you already have an existing business. You need to have at least 10% equity to offer.
Wakenagun Community Futures Development Corporation Investment Fund: Youth in Business Loan
This loan program is also for individuals in the Wakenagun catchment area, but for youth between the ages of 18 to 35 that are looking for financing to start their own business. You can use the funding to buy the software or hardware, equipment, a building, machinery, or whatever else you will need. You will still need to have a 10% cash equity, so there is work that needs to be done before you will qualify.
Don’t miss out on these programs that can help you to get your business started. It shouldn’t deter you if you need to make some large purchases to bring your dreams to life, so be sure to have a good look through these programs that can help you find the money that you need.
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