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To help the country become more competitive in multiple markets, Canada offers grants and tax credits to businesses nationwide. Since many of these financing incentives cater to select industries and feature specific eligibility requirements, it is important to review them before seeking assistance. The following business grants are a great opportunity for Canadian enterprises.
Strategic Innovation Fund (SIF)
The primary goal of SIF is to foster innovation in Canada. The initiative provides funding for large, collaborative business projects that can have a transformative impact on the country. It also promotes the development of the nation’s strategic technological advantage, long-term competitiveness in different industries, and clean growth.
As of 2021, the Strategic Innovation Fund has made $3.6 billion in contributions to organizations nationwide. Additionally, it has led to the creation of 88,000 jobs for Canadians. To apply for funding, businesses must complete an application and submit a Statement of Interest (SOI). Other eligibility requirements depend on the specific stream a company applies for.
Sustainable Development Technology Canada (SDTC)
SDTC helps Canadian companies develop clean technology solutions to urgent environmental issues like climate change. They offer business grants, industry knowledge, and ecosystem connectivity to achieve this objective and enhance the global cleantech market.
Since it began in 2001, Sustainable Development Technology Canada has invested more than $1.38 billion in 460 Canadian enterprises, creating job opportunities and long-term success for the nation. To qualify for SDTC funding, your business must demonstrate:
- A well-defined project
- Evidence that the initiative will benefit end-users
- The potential to collaborate with a consortia partner to confirm the market need
- Proof the project will provide economic and environmental benefits for the country
Industrial Research Assistance Program (IRAP)
Administered by the National Research Council of Canada (NRC), the IRAP delivers funding and advisory services to aid small and medium-sized businesses with innovative efforts. The assistance enables enterprises to grow and encourages wealth creation in Canada. Your company may be eligible for financing if you:
- Are a profit-focused and incorporated small or medium-sized business in Canada
- Have 500 full-time employees or less
- Intend to create and commercialize innovative, technology-based products or services in Canada that nurture profit and growth
Global Innovation Clusters (formerly known as the Innovation Supercluster Initiative) Grants
The Global Innovation Clusters (formerly known as the Innovation Supercluster Initiative) rests on the idea that collaboration fosters better innovation. This initiative provides around $1 billion in federal government funding to five distinct Supercluster groups. These clusters consist of small enterprises, large corporations, research and academic institutions, non-profit organizations, and accelerators and incubators. The five Superclusters include:
Finance Your Canada Business Grants with Easly
These business grants and more ensure qualifying Canadian companies have access to adequate funding for their ground-breaking projects. If you need help smoothing cash flow, turn to Easly for assistance. We offer advances on investment tax credit refunds so you can access your capital sooner.
Once you set up an account with us, you can receive non-dilutive, on-demand funding from your investment tax credits through our Capital-as-a-Service platform.
Contact us today to learn more about business financing for your innovative Canadian business.
