3 Local Small Business Grants Programs

Local small business grants programs

Credits: Libreshot

Local small business grants programs and government grants are here for a reason. To help your company grow despite the financial hardships. Let’s look at a few ways to support your business. You can find them at the City of Toronto web site. Or at a website for the local region.

Business incubation

Toronto city can help not-for-profit organizations regarding business incubation & commercialization. The business that is focused on creating innovation, promoting business formation and having strong support to create jobs may qualify.

Such businesses should also prove organizational efficiency, including sustainability. This has to work out while employing best practices. Funding can occur in two ways. One provides funds within a 3-year cycle, and the government allocates the grants in two stages with a maximum amount of $100,000. The other refers to programs and events financed to a maximum of $20,000 based on eligible expenses.

Commercial space rehabilitation

For those with vacant commercial space, or the risk of becoming vacant, the government can help both tenants and owners. The fund is geared towards interior improvements of the street level commercial space. A few eligibility conditions you can check. Among others, three mandatory eligible improvements must take place. And since it’s a matching program the funding is 50% of the rehabilitation value to a maximum of $20,000. And $24,000 if you include the accessibility improvements.

Youth Entrepreneurship Grant – Summer Company

This grant has a prominent place in local small business grants programs. In Ontario, if you are a student between 15-29, the “Summer Company program” is your best bet to support launching your business during summer. The application process includes just three steps. You’ll first check your eligibility. Then, make an application based on the eligibility results. At last, submit it along with a few basic business requirements. They consist of your business idea & associated matters in your business plan, initial budget, and cash flow projection. Check out the program and you’re off to a great start!

Local small business grants programs could be a great way to fuel your business needs. It’s how you set it up to work in your favour that counts. Engage your skills, your partners’ to make your business a resounding success.