Many new firms and established enterprises wishing to expand their operations rely on grant programmes to help them finance their operations. This article can aid you if you need financial assistance for your new or existing business. This guide to grants in British Columbia will look at the funding options available to small enterprises in the province. This covers BC government grants, such as first-time business owner awards, and particular funding programs such as BC Works, BC employer training grants, and Columbia Basin Trust grants.
Applying for a Grant in British Columbia
Small and medium-sized firms and young entrepreneurs must offer particular information and paperwork to demonstrate their credentials for getting money throughout the British Columbia awards application process. Fully financed grants are only awarded to companies that can demonstrate that they meet the program’s requirements.
As a result, business owners should develop a list of all the documents they’ll need to apply for funding when looking into small company grants. The following are examples of such data:
- Financial details about the company, including annual revenue generation
- The company’s registration, licencing, and any other industry-specific licencing need to legally operate in British Columbia.
- The company’s employee roster includes a number of full-time and part-time employees.
- A business plan covers the company’s activities or a proposed project plan that includes the project’s scope, budget, and timeframe.
- Any letters of recommendation or encouragement
- How much money comes from sources other than the grant programme?
In British Columbia, Who Is Eligible for Small Business Grants?
The grant application procedure does not end with the submission of documentation. Before receiving any funding from the provincial and federal governments, professional service providers, or participating financial institutions, businesses and entrepreneurs must meet specific eligibility conditions. Many BC startup subsidies, for example, are exclusively available to British Columbia residents, Canadian citizens, or permanent residents. Other important requirements include the size and structure of the company. Some grants are only available to small and medium-sized businesses, while others are only available to incorporated businesses. Additional funds are available for specific locations, such as Vancouver awards or Columbia Basin Trust grants.
So, we are looking at some funding opportunities that will boost your small businesses:
Small and Medium-sized Business Recovery Grant
In BC, small and medium-sized enterprises that COVID-19 harmed were eligible for grants ranging from $10,000 to $30,000. Eligible tourism-related enterprises were also eligible for a $5,000 to $15,000 grant.
To obtain funding, a business had to meet eligibility criteria, submit relevant documentation, and execute a recovery plan.
Funding could be used to carry out the recovery plan’s recommendations. Consider the following scenario:
- Customers should be offered new services.
- Change the physical location of your company.
- Construct a new outdoor patio with social barriers.
- Encourage businesses to go online.
- Engage the services of a B.C.-based online marketing firm.
- Diversify your company’s offerings to attract new clients or provide new services (E.g., delivery, new tour packages, new products)
- Purchase equipment to assist a product or service upgrade or improvement.
- Other acts that aid in the revival of businesses
For any query, send your grievance to [email protected]
Click here to go to the official website to check your eligibility.
The Western Economic Diversification Canada (WD) Business Scale-up and Productivity
Western Economic Diversification Canada manages the federal government’s Business Scale-up and Productivity (BSP) initiative (WD). Their funding assists high-growth enterprises trying to expand and generate innovative goods, services, or technologies.
Funding: This BC government grant can cover up to 50% of qualified project expenditures, with a minimum of $200,000 and a maximum of $5 million per project, or $10 million for any organization. It’s vital to remember that at least half of the money must come from a non-government source, which must be stated when submitting an expression of interest before applying for a grant.
Who is eligible to apply?
Small and mid-sized businesses must meet the following criteria to be eligible:
- Be regarded as a high-growth company that is currently expanding.
- Become a Canadian corporation
- Before applying, you must have been in business for at least two years.
- Have facilities in Western Canada that are staffed?
- When submitting an expression of interest, you must have specified all financing sources, including government and non-government (at least 50% of funding must come from non-government sources).
- Have goals to help or accelerate productivity gains, business expansion, or technological commercialization.
- Have a three-year project that focuses on one or more of the following areas: advanced manufacturing, clean resources, clean technology, digital industries, health/bio sciences, value-added processing of natural resources, value-added agriculture
How to apply?
Before asking for financial help, interested applicants must first submit an expression of interest. Before filing, read the BSP EOI help guide. Only those businesses that have advanced to the next round will be contacted to apply after receiving the expression of interest.
Columbia Basin Trust Region Grants
Small enterprises in the Columbia Basin Trust region of British Columbia can apply for Columbia Basin Trust awards. There are two funding streams for these grants and business loans:
The Career Internship Program provides financial help to companies wanting to engage full-time interns permanently. Employers might receive funding to help them hire and develop emerging professionals.
Impact Investment Fund: This fund gives loans to enterprises and organizations that cannot acquire traditional sources of funding. The financing is intended to help them pursue legitimate business ideas that will positively influence the community.
Funding: When an intern is employed for full-time, permanent work by qualified businesses, the Career Internship Program covers up to 50% of the intern’s salary, up to a maximum of $25,000 over a 7 to 12-month period. The Impact Investment Fund is a revolving loan with variable funding salutations and payment terms, ranging from $10,000 to $250,000, depending on the applicant.
What Is the Procedure for Applying?
Use the Trust’s online application site to apply for the Internship program. Businesses should contact their local Community Futures Office or Heritage Credit Union, while First Nations organizations, charities, and social enterprises may contact [email protected]
Employee Share Ownership Program
Employee Share Ownership Program (ESOP) enables employees and employers to collaborate for the long-term development of the company by encouraging employees to invest in the enterprises in which they work. This scheme allows retiring business owners to sell shares of their company directly to their employees. Employee succession planning, employee engagement, and employee recruitment and retention are all goals of the ESOP.
Funding: Employee Share Ownership Program subsidies from the BC government are given in the form of a tax credit. Employees will receive a 20% tax credit for investing in their employers’ enterprises, with a maximum credit of $2,000 per year.
Who is eligible to apply?
Employees that are BC residents who are not current substantial shareholders in the company and work 20 hours or more each week are eligible. Canadian businesses that pay at least 25% of their salary to BC residents and have total assets of less than $500 million are eligible.
What is the procedure for applying?
Call 1-800-665-6597 to apply for this company credit availability program or send an email to [email protected] with your questions.
Innovate BC’s Ignite Program
Through the Research and Development Grants, Innovate BC’s Ignite Program helps entrepreneurs commercialize their research and development. The business ventures that will be chosen will be those driven by industry demands, which will provide significant advantages to British Columbia. The funds will be utilized to speed up the commercialization of discoveries in the natural resources, applied sciences, and engineering sectors.
Funding: A maximum contribution of $300,000 per project is available for three years. At a 2:1 ratio to the Ignite program’s contribution, projects must secure matching funds from other industry or government sources. A project receiving the full $300,000 from Innovate BC must also have $600,000 in other funding.
Who is eligible to apply?
Parties based in British Columbia that are made up of two or more enterprises, organizations, or academic scholars are eligible. The collaboration between academic and industry parties might be official or informal, as long as there is a clearly defined relationship between the two sides. Here’s where you can learn more about partnership eligibility.
Projects must show that they solve a major issue in the science or technology business, particularly in the natural resources and applied science sectors. The project must also establish a collaboration between industry and academic institutions.
What is the procedure for applying?
Each year, Innovate BC will finance six to eight research initiatives in British Columbia. The Innovate BC Smart Simple application platform is where applications can be filed.
Innovators Skill Initiative
The Innovator Skills Initiative is managed by Innovate BC and the Government of British Columbia to assist firms in the tech sector in diversifying their workforce and filling talent gaps. Employers are given grants to help them fill tech or tech-related employment with underrepresented people.
What is the amount of the prize?
This support from the BC government comes in a $10,000 maximum donation per candidate per employer to augment the new employee’s compensation. The initiative awards up to ten fellowships to ten different employees each year.
Who is eligible to apply?
One of the following conditions must be checked by eligible employers:
- Be a tech company or NGO in BC that is hiring for a business or tech position.
- Be a non-tech corporation, NGO, or post-secondary institution in British Columbia that is hiring for a tech position.
- Be a municipal or regional government in BC or an Indigenous community looking for a tech position.
BC Employer Training Grant (ETG)
WorkBC’s Employer Training Grant (ETG) program helps British Columbians gain access to skill training to adapt to changing labour market demands while also encouraging employers to participate in their employees’ training. There are five types of training: impacted worker training, workforce training, technical training, foundational training, and training for people with impairments.
Read more about Research and Training Experience Program.
What is the amount of the prize?
Funding for BC employer training grants is supplied in a reimbursement, which can range from 60% to 100%, depending on the training stream. Eligible organizations can receive up to $300,000 per fiscal year for eligible training costs.
What is the procedure for applying?
Create your company profile by registering on the BCeID portal to begin the application procedure.
Women in Trades Training Programs
The Industry Training Authority’s (ITA) Women in Trades Training Programs aim to assist women and other underrepresented groups in entering trade vocations. Women and minority groups can enter the trades and construction industries through 11 programs that provide individualized and group services and support, hands-on training, entry-level technical training, industry certification training, mentorships, job coaching, and employment placement services.
What is the amount of the prize?
Technical assistance is provided, as well as training and counselling. All of the programs are designed to help participants find work.
Who is eligible to apply?
Eligibility will vary depending on the sponsored program selected.
What is the procedure for applying?
Here’s where you can find out how to apply for all 11 sponsored programmes.
Workplace Accessibility Grant
Small Business BC’s Workplace Accessibility Grant assists small business employers in British Columbia by providing financial assistance to create an accessible work environment for people with disabilities.
With grant funds, building a more inclusive work environment, anti-bias training, policy change, deploying inclusive technologies, and upgrading information and communication documentation are all possible.
A single firm can contribute a maximum of $1,000.
Who is eligible to apply?
Businesses with 1 to 50 employees that are based in British Columbia and are registered with the government to operate outside of the province lawfully are eligible (both full-time and part-time included).
What is the procedure for applying?
Using the SBBC portal, you can register and apply for the Workplace Accessibility grant.
Vancouver Artist Studio Award Program
The Artist Studio Award Program of the city of Vancouver aims to help local artists in their creative endeavours. To allow professional artists to devote more time, resources, and energy to their artistic practice, the city establishes two work-only studios and five live-work studios. All artistic endeavours are supported in the studio spaces, including dance, music, creative writing, painting, drawing, pottery, sculpture, video, and moving or still photography.
Amount of the prize:
The financing for this Vancouver grant comes in the shape of seven studio spaces that will be offered to successful applicants to live and work in for up to two years.
CanExport SMEs Funding Program
CanExport SMEs funding covers a percentage of qualified sales and marketing operations for Canadian businesses aiming to establish new export possibilities and markets, particularly in high-growth priority regions and sectors. Grant money is available for up to 50% of project costs, up to $50,000 per project. Applicants must be based in Canada, have less than 500 employees, earn between $100 million and $100 million yearly, be incorporated, and be financially solid.
Eligible Activities: Eligible projects must have a minimum cost of $20,000 or more, including overseas market marketing and research, translation services, IP protection, and so on.
Conclusion
The federal and provincial governments of Canada and the province of British Columbia offer a number of funding options available for your company’s planned strategic growth projects. Make sure that you collect all the information needed to grow your small business.
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