Government Funding Programs
Written by:
Ela Malkovsky, Technical Writer and Editor-in-Chief
Business growth projects encompass export and commercialization activities that focus on competitive growth strategies. Business growth projects also include capital investment to develop and improve equipment and infrastructure.
Eligible Projects:
- New market development and market research.
- Commercialization and marketing tools.
- Expanding to global markets and developing direct contacts
including participation in trade shows. - Investments in sustainable and green technology.
- Purchases of new or upgraded equipment and technology.
- Productivity improvement investments directly linked to export
growth opportunities.
CME SMART (Southern Ontario)
SMART Prosperity Now offers up to 33% of eligible costs to
a maximum of $75,000 to foster long-term growth by enhancing operational efficiencies that lead to future prosperity and global export opportunities.
Export Market Access (Ontario)
Offers grants up to 50% of eligible costs to a maximum of $30,000 per application to help small and medium- sized enterprises (SMEs) increase access to global markets such as India, China and the U.S.
Southwestern and Eastern Ontario Development Fund
The Eastern/Southwestern Ontario Development Funds were established to provide financial assistance and incentives to promote regional economic development. The funds provide grants up to 15% of eligible project costs to a maximum of $1.5 million.
Additional Programs:
FedDev: Investing in Business Innovation, Export Guarantee Program.
Innovation and R&D projects focus on the development of products and related processes that are new to the company or the industry.
Eligible Projects:
- Development and implementation of new and innovative
products, processes or technologies. - Improvement of existing products or processes.
- Late stage commercialization.
- New applications or markets.
Southern Ontario Fund for Investment in Innovation
Provides loans up to $500,000 with an interest rate of 8-12% to support high-growth, innovative small and medium-sized enterprises in knowledge-based industries, located in rural and urban communities.
SR&ED (Federal)
The Scientific Research & Experimental Development (SR&ED) program is the largest single source of federal government support for industrial R&D. It gives claimants cash refunds and/or tax credits for costs on eligible R&D work done in Canada. Generally, a Canadian-controlled private corporation (CCPC) can earn an investment tax credit (ITC) up to 68% of eligible labour, and 35% plus provincial incentives on materials and other expenditures.
Additional Programs:
North Ontario Development Program, Ontario Tax Exemption for Commercialization, NRC-IRAP.
Investments into workforce development involves hiring and training of staff in skilled trades including interns, summer workers, co-op students and recent graduates.
Career Focus – Agriculture (Federal)
*Accepting project proposals until December 31, 2012*
The Career Focus Program will contribute $864,000 annually to projects in agriculture, agri-food, agri-food science and veterinary medicine to provide agricultural internships for Canadian graduates. Each internship may last 4 to 12 months. Approved projects will receive up to 50% of total eligible costs to a maximum of $20,000.
Small Business Internship Program (Federal)
*Accepting project proposals until December 14, 2012*
SBIP supports SMEs to actively market on-line and improve their competitiveness with e-business practices and technologies. Up to 75% of the eligible wages and related expenses to a maximum of $10,000.
Additional Programs:
Mitacs Accelerate, Co-operative Education Tax Credit.
News - NorthBridge Holds Digital Media Webinar
NorthBridge recently held a free webinar, Get in the Game: Sources of Funding for Digital Media. The session outlined numerous government funding options for digital media companies, including the Canada Media Fund (CMF), OMDC Interactive Digital Media Fund (IDM Fund), Ontario Interactive Digital Media Tax Credit (OIDMTC), Industrial Research Assistance Program (IRAP) and more. We also looked at strategies for combining programs and maximizing direct and indirect funding opportunities.
For a copy of the presentation or to request information on upcoming sessions please contact: info@northbridgeconsultants.com
Also be sure to check out our last newsletter (Summer 2012) which featured funding options for digital media.
Ela Malkovsky B.A.
Technical Writer and Editor-in-Chief
Ela is dedicated to supporting the advancement of Canadian companies by identifying and leveraging innovative research and technology based funding options.