Introduction
Starting a new business in Ontario is exciting, but it can also be financially challenging. Fortunately, there are several startup funds for new businesses in Ontario specifically designed to help new businesses get off the ground.
These small business grants and loans provide vital funding for equipment, research, marketing, and more. In this post, we’ll explore the best startup funds available for new businesses in Ontario and how you can take advantage of them.
- “Over 70% of startups that receive grant funding report higher growth rates within the first two years of operation.”
- Source: Startup Canada, 2023. Available at: Startup Canada
1. Futurpreneur Canada Start-Up Program
The Futurpreneur Canada Start-Up Program is one of the most popular startup funds for new businesses in Ontario aimed at young entrepreneurs in Ontario. It provides financing, mentorship, and business resources to help young Canadians (aged 18-39) launch their businesses.
Key Details:
- Financing of up to $60,000 (combining grants and loans) to help fund startup expenses.
- Offers up to two years of business mentoring from experienced entrepreneurs.
- Focuses on early-stage startups across all industries, including tech, retail, and services.
Eligibility Criteria:
- Applicants must be aged 18-39.
- Business must be in the startup phase, with a solid business plan in place.
- Applicants must be Canadian citizens or permanent residents.
How to Apply: Applications can be submitted through the Futurpreneur Canada website. Be prepared to present a detailed business plan and financial forecasts.
2. Northern Ontario Heritage Fund Corporation (NOHFC) – Northern Business Start-Up Projects
The Northern Ontario Heritage Fund Corporation (NOHFC) supports startups in Northern Ontario by offering grants to cover the costs of starting a new business. The program helps new businesses with operational costs, employee wages, and other essential expenses.
Key Details:
- Offers up to $200,000 in funding to startups in Northern Ontario.
- Focuses on businesses in key sectors such as tourism, mining, agriculture, and manufacturing.
- Covers up to 50% of eligible project costs.
Eligibility Criteria:
- Business must be located in Northern Ontario.
- The startup must demonstrate significant economic impact in the region (e.g., job creation).
How to Apply: Applications are submitted through the NOHFC website. You will need a business plan, financial statements, and proof of economic impact on the region.
3. Business Scale-Up and Productivity Program (FedDev Ontario)
The Business Scale-Up and Productivity Program offered by FedDev Ontario is startup funds for new businesses in Ontario designed to support high-growth businesses that are scaling up operations. While it primarily targets growth-stage businesses, it also provides support for startups with innovative products or services.
Key Details:
- Provides up to $10 million in repayable funding to help businesses scale operations.
- Targets innovative startups in sectors like tech, advanced manufacturing, and clean technology.
- Focuses on projects that improve productivity, technology adoption, and job creation.
Eligibility Criteria:
- Business must be located in Southern Ontario.
- Applicants must demonstrate strong growth potential and significant market demand for their products or services.
How to Apply: Applications are submitted through the FedDev Ontario website. A comprehensive business plan and detailed financial projections are required.
4. SmartStart Seed Fund
The SmartStart Seed Fund is startup funds for new businesses in Ontario aimed at early-stage startups in Ontario’s innovation and technology sectors. It provides small business grants and loans to help young entrepreneurs commercialize their ideas and bring innovative products to market.
Key Details:
- Offers grants of up to $30,000 for early-stage startups.
- Supports startups in technology, life sciences, and clean energy sectors.
- Provides additional business support, mentorship, and access to entrepreneurial training programs.
Eligibility Criteria:
- Applicants must be based in Ontario and operate in the innovation sector.
- The startup must be in its early stages of development with an innovative product or service.
- Applicants must be aged 18-29 or be recent graduates of a post-secondary institution.
How to Apply: Applications are submitted through the Ontario Centres of Excellence (OCE) website. A business plan and proof of innovation are required.
5. Ontario Creates: Interactive Digital Media Fund
For startups in the digital media sector, the Ontario Creates Interactive Digital Media Fund offers grants to help develop and commercialize interactive content. This grant is ideal for businesses creating digital games, apps, e-learning tools, and other interactive media products.
Key Details:
- Grants of up to $50,000 are available to support interactive digital media projects.
- Focuses on businesses in digital media sectors such as gaming, app development, and virtual reality.
- Supports projects that demonstrate significant market potential.
These kind of small business grants and loans will assist in more than just creating a product for your business but also help with getting it out to the public through marketing.
Eligibility Criteria:
- Business must be based in Ontario.
- Applicants must be creating interactive digital media products with commercial potential.
- The project must be in development or early production stages.
How to Apply: Applications are submitted through the Ontario Creates website. A project plan, market analysis, and financial projections are required.
Conclusion:
Starting a new business can be a daunting task, but with the right financial support, it becomes much more achievable.
By leveraging startup grants like those offered by Futurpreneur Canada, NOHFC, and FedDev Ontario, you can secure the funding needed to get your business off the ground and on the path to success.
These small business grants and loans not only provide capital but also offer mentorship and resources to help you grow your business.
Looking for expert guidance on securing startup fundings in Ontario? Contact Futura Business Services below to learn more about how we can help you apply for the right funding and accelerate your business growth.
