Government Funding to Help Boost Your Business

Importance of Funding

Funding is the fuel on which a business runs, and just as different vehicles require different fuel, different types of businesses rely on varied sources of funding according to the individual needs of the business. There are many factors to consider when seeking funding, as chosen funding will depend on the organization’s willingness to accrue debt, how financially solvent the business owners are at the time and the amount of money a business will need to maintain operation.

With over a decade of experience in results-driven B2B marketing, MoreSALES has helped organizations take advantage of funding opportunities to help offset the costs of business development initiatives..

In the age of Covid, funding may provide some much-needed stability amidst economic uncertainty. It also allows small businesses to allocate funding toward future-proofing the business by improving its online presence and ensuring that their website is both attracting and engaging the right kind of visitors.

Below is a breakdown of some of the most advantageous government funding opportunities for small businesses—which have helped MoreSALES clients revitalize their businesses and achieve growth.

Types of Government Funding

Funding typically falls into the following categories according to business goal, as the majority of applicants are looking to:

Expand Business
Enter International Markets
Sell/Close Business

CanExport SMEs	Receive a contribution of up to $75,000 to cover up to 75% of costs related to developing and expanding your e-commerce presence, attending virtual events, applying for certification and intellectual property protection in international markets, search engine optimization, and more. $15K to $75K.
Small Business Loan	Apply online for a business loan of up to $100,000 with flexible repayment terms. Use this financing to supplement cash flow, improve operations, or cover expenses for your small business. $10K-$100K.
BDC — Equipment Purchase Financing	Get a loan to cover up to 100% of the purchase cost of new or used equipment for your business.

Benefits of Government Funding

Most business owners receive financing through their banking institutions, however government grant funding for business activities from both the provincial and federal levels of government—like Ontario Small Business Support grants and other government grants in Ontario—are often overlooked. It’s important for business owners to understand the different types of government funding for small businesses in Canada as well as the specific advantages of each.

For both non-repayable funding and government financing, consider the following factors:

Timing
Funding focus
Application process
Repayment

Many forms of funding and capital investment may possess more limitations than the benefits associated with them. The Canadian government, however, painstakingly distributes grants and loans to support the development of competitive and growth-oriented companies. If you are one of these companies (or aspire to be) consider the opportunities available to:

Support Key Business Development (improves production, new markets, capital investments, training)
Improve Project Outcomes (expansion of project scope, scale timeline)

NOTE: The majority of government grants for small businesses are reserved for established SMEs (ie. 3+ years incorporated, 5+ payroll employees, $500,000+ annual revenue).

Go International with CanExport

One of the most popular funding opportunities seized by MoreSALES’ clients is CanExport, which embodies four separate funding components: SMEs, Associations, Innovators & Community Investments. Applications reopen in Fall 2021, but businesses can—and should—start compiling applications now, as the current round of application approvals are to be provided within 60-90 days of submission on activities taking place between April 1, 2022 and March 31, 2023.

Let’s take a closer look at the first three components of CanExport (SMEs, Associations and Innovators)

MoreSALES has helped clients obtain SMEs funding for growth in the United States with a 100% success rate. With an infusion of up to $75,000, CanExport SMEs helps businesses comfortably break into new international markets. Funding enables businesses to travel to tradeshows and take advantage of networking opportunities as well as make strategic decisions based on in-depth market research. Such funding applies to the following activities:

Gathering market intelligence (custom research, reports and studies)
Applying for intellectual property protection in international markets
Applying for certification in international markets
Seeking expert legal and business advice
Search Engine Optimization
Translating, adapting or creating marketing materials
Attending virtual trade shows, networking functions, meetings or conferences (due to COVID travel restrictions)

The program now supports costs tied to online advertising on social media platforms, online marketplaces, search engine marketing and expert advice for digital and e-commerce marketing—making it an ideal source of funding for organizations eager to improve their web presence and appeal to a larger audience..

CanExport Associations is geared toward Canadian national industry associations and trade organizations. Through this opportunity, businesses may access up to $400,000 in annual funding with up to 5% of eligible costs for new or expanded international business development (IBD) activities that benefit an entire industry. This includes the following activities:

Export training
Creating/updating strategy for international business development or market diversification
Gathering market intelligence (custom research, reports and studies)
Translating, adapting or creating marketing tools and materials
Attending virtual trade shows, networking functions, meetings or conferences (due to COVID travel restrictions).

CanExport Innovators is geared to Canadian organizations who focus on research and development (R&D). Through this grant, businesses may access up to $75,000 in funding to assist with single technology R&D. Up to 75% of costs are covered to pursue and sign collaborative R&D agreements with international partners and investors.

Activities that are funded under CanExport Innovators include:

Applying for intellectual property protection in international markets
Applying for certification in international markets
Seeking expert legal and business advice
Shipping technology to determine feasibility/compatibility with a partner’s technology
Translating, adapting and creating promotional plans or materials
Attending virtual networking functions, meetings or conferences (due to COVID travel restrictions).

MoreSALES is Here to Help

Government grant programs can be an excellent resource to help offset the costs of your next Marketing initiative but they can also be complex and difficult to navigate. Having a partner to guide you through the process makes a world of difference, and MoreSALES is committed to doing just that. Whether your goal is to improve your online presence, expand into new markets, grow your business, or accomplish all of these tasks and more, the team of marketing experts at MoreSALES is ready to help.

Contact us today by dialing 519-620-8127 or send a note to info@moresales.ca, and discover how MoreSALES can help you take advantage of government funding opportunities and take your business to new heights.