Looking for Business Grants in Canada? Learn about Best 10 Options

Raising capital is indeed the foremost concern for people interested in becoming entrepreneurs. Like many other countries, Canada offers a number of grants that help young entrepreneurs in this direction. Apart from governments in different Canadian regions, many organizations too back these grants and secured loans that prove to be the better options than bank loans. Learn about the best 10 entrepreneur and business grants available in the country from the following sections.

Business Start Program in Manitoba

Newly started owner-managed businesses in Manitoba can take advantage of the Business Start Program. The program offers loan amounts up to $30,000 to the entrepreneurs with comprehensive business plans in hand. Extremely affordable interest rate and one-year deferral of principal amount are among the many benefits of the program. Manitoba residents of age 18 or above can apply for the loan after meeting other eligibility conditions.

Young Entrepreneur Program in Northern Ontario

Another exciting opportunity is available in the form of Northern Ontario Young Entrepreneur Program. Up to $25,000 funds can be obtained with this program. The highlight of this program is that the funds are not required to be paid back. Permanent residents of the region, falling in the age bracket of 18-29 are eligible to apply for the loan. However, the loan is available only for new business start-up and not for business expansion.

Student Entrepreneurship (SEED) in New Brunswick

Residents of Atlantic Canada can apply for Student Entrepreneurship program, popularly known as SEED. The program offers funds up to $20,000. The most exciting aspect of the program is that it is available for people from different age groups. Applicants below the age of 35 can apply for the program to obtain funds for start-up as well as for expansion. However, applicants of age 35 and above can use the loan only for business start-up.

Western Youth Entrepreneur Program

Aimed at the interested entrepreneurs in Western Canada, the Western Youth Entrepreneur Program offers loan up to $10,000. Apart from providing funds, the program also offers assistance in the form of business project analysis, demographic research, feasibility studies and other areas. Those in the age group of 18-29 are eligible to apply for the program.

Canadian Youth Business Foundation Funding

Working as a national charity, the Canadian Youth Business Foundation offers much more than financial support to the young entrepreneurs. Those in the age group of 18-34 with a good business idea can apply to receive funds up to $50,000 for start-ups and up to $30,000 for business expansions. Business coaching and mentoring too are offered by the organization.

BDC Financing Program

Funds up to $100,000 can be obtained with the help of the Young Entrepreneur Financing Program offered by BDC. The financing solutions offered by the organization can be used to acquire working capital and fixed assets; to buy a franchise or for other purposes. Deferred capital payment, seasonal repayment option, choice of floating interest rate and many other benefits are associated with the funding program.

Youth Entrepreneur Award of Distinction

Another popular business funding option in Canada is the Youth Entrepreneur Award of Distinction awarded by the Alberta Chambers of Commerce. To apply for the award, an applicant must be in the age bracket of 18-35 and should have a business operating in the province for the past 3 years.

Skill Development for Young Entrepreneurs

It is another well-known program available for the residents of Manitoba. Those planning to start a new business can obtain funds between $1000 and $1500 to bear the cost of an authorized business training course. The aim of the program is to help young entrepreneurs improve their skills for successful running of business.

Youth Entrepreneurship Partnerships Grants

Available for the not-for-profit enterprises, the Youth Entrepreneurship Partnerships Grants provides loan of up to $100,000 annually. Residents of Ontario, having age between 12 and 29, are eligible to apply for the program.

Mayor’s Foundation Youth Entrepreneurship Program

Residents of Ontario, irrespective of their origin, can apply for the Mayor’s Foundation Youth Entrepreneurship Program. Loan guarantees between $10,000 and $150,000 are available for those in the age group of 18 and 35.

Before applying for any of these entrepreneurship fund programs, make sure to check the eligibility conditions. Remember that a good business idea can increase your chances of securing these attractive funding options.