If your small or medium firm requires financial assistance, you can apply for a variety of business support programmes that include non-repayable grants, reimbursements, or business loans. There are a variety of small business funding options, including Nova Scotia government grants, third-party small business grants, and Cape Breton-specific incentives.
How to Apply for Small Business Grants in Nova Scotia?
Before these government agencies and third-party organizations approve your business for funding, you must give precise information when applying for Nova Scotia grants for small businesses.
Many grants and funding programmes have a cap on the number of projects they can finance. As a result, in order to be approved for financial assistance, applicants must provide a lot of documents demonstrating their precise business strategy. For the best chance of success, small businesses in Nova Scotia applying for these awards should always have the following information on hand:
1. A project or business plan that details the project’s scope, timeframe, budget, and team members.
2. A description of how the project corresponds to the government or third-party grant’s objectives and goals.
3. The proposed project’s economic and social impact
4. The team’s experience in the industry
5. Financial reports for the company that show its general financial situation, such as how much income is made annually and a cash flow prediction for the next year.
6. Business licenses and registrations are required.
In Nova Scotia, What Types of Small Businesses and Small Business Owners Are Eligible for Grants?
You can apply for additional financial assistance through these grant programmes if you are launching a new small business in Nova Scotia. Small and medium businesses (SMEs), as well as for-profit and non-profit organizations, are eligible for many Nova Scotia business grants. Financial assistance is sometimes separated into two categories: startup money and financial assistance for operating and growing existing enterprises. Minority-owned businesses, such as Indigenous, women-owned, or black-owned businesses, are encouraged to apply for Nova Scotia government grants and third-party financial assistance.
What Are the Various Types of Small Business Grants in Nova Scotia?
- Innovation and Development grants
- Minority-Run Business grants
- Arts and Craft Business grants
- Export focused Nova Scotia grants
- Hiring and Workforce Training grants
1. Innovation and Development Grants
Divert NS Funding Program
Divert NS offers two small business grants in Nova Scotia to qualified applicants. Divert NS will fund business projects aiming at commercializing novel technology, products, or services focused on innovation through the Value-Added Manufacturing Program. The funds will be used to produce novel products employing solid waste resources, improve waste-resources processing and handling procedures, develop waste-resources end markets, or improve processes or technologies to improve efficiency.
Divert NS’s Research and Development Program provides financing to businesses and organizations for the purpose of investigating and developing concepts that complement the province’s Solid Waste-Resource Management Strategy. This means that any work that involves the study, design, or development is eligible for funding.
What is the amount of the prize?
The Value-Added Manufacturing programme will contribute up to 50 percent of the total qualified project costs. The amount of cash available each year is restricted, and the shape it takes, whether a loan, forgiven loan or non-repayable gift, will be determined by the project’s strategic importance. A maximum contribution of $50,000 per project is available for R&D funding, which can cover up to 50% of qualified costs. Such funding will be provided in the form of a non-repayable contribution that will cover qualified project expenses such as capital, operating wages, laboratory costs and analysis, and salary expenses for project essential staff.
How to apply?
Eligible businesses and entities can apply to both the Value-Added Manufacturing program and the Research and Development program by sending an electronic copy of the application and supporting documents to [email protected]. Hard copies of the proposal can also be delivered to the Divert NS office at 35 Commercial Street, Suite 400, Truro NS B2N 3H9.
Applications can be submitted at any time.
2. Minority-Run Business Grants
Micro-loan for New or Existing Black Nova-Scotian-owned Businesses Program
The Micro-Loan for Black Nova-Scotia-owned Enterprises initiative offers financial help to new and established black-owned businesses. The Black Business Initiative (BBI) organization provides capital and financial assistance.
This grant can be funded by one of three loan types: capital equipment acquisition, working capital, or short-term receivable funding. Successful candidates will receive a maximum contribution of $25,000 for term loans, with varied repayment durations. Microloans have a maximum loan amount of $5,000 and repayment lengths that vary. BBI will cover the first year’s interest fees in both situations if they are funded.
How to apply?
Contact the Black Business Initiative directly to start the application process.
3. Arts and Craft Business Grants
Cape Breton Centre for Craft & Design Business Development Program
The business development programme at the Cape Breton Centre for Craft & Design helps craft producers and artists get the financial help they need to launch or grow their companies. Those working in the craft sector on Unama’ki-Cape Breton Island can apply for workshops, tools, mentorship, training, and money to help them improve productivity, promote their products and grow their businesses.
What is the amount of the prize?
Depending on whether the application is funding a new website development or renovating an existing business website, website and e-commerce funding fluctuate. Applicants applying for funding to cover the cost of new website development can receive a non-repayable amount covering up to 75% of the costs, with a maximum contribution of $5,000, whereas applicants applying for funding to cover the cost of upgrading their site can receive up to $2,000 to cover 75% of the total cost.
These programmes provide a non-repayable financial sum to cover 75 percent of eligible costs for both the Branding and storytelling funding and the Craft Business consultancy funding, with a maximum contribution of $2,000.
How to apply?
Eligible businesses and business owners can apply for one of Cape Breton’s grants by first creating a Business Profile.
Nova Scotia Film & Television Production Incentive Fund Program
The Nova Scotia Film & Television Production Incentive Fund provides financial assistance to film and television production ventures in Nova Scotia. The goal of this initiative is to grow the film and television production business in Nova Scotia while also increasing the economic worth of creative jobs for Nova Scotians such as directors, writers, and performers.
How much is awarded?
Those who apply for money under stream 1 will be reimbursed for 26% of eligible costs, while those who apply for funding under Stream 2 will be reimbursed for 25% of eligible costs. Other aspects of the production project, such as the filming location and the length of the shoot, are used to determine further funding. Each production can receive up to $4 million in total contributions.
How to apply?
Eligible firms must first register and create an account on Nova Scotia’s online service for businesses before applying for assistance. After that, you must upload all required papers and pay the $287.50 non-refundable application fee.
4. Export Focused Nova Scotia Grants
Atlantic Canada Opportunities Agency Export Market Access Program (EMAP)
The Export Promote Access Program (EMAP) provides financial assistance to Atlantic Canadian SMEs to help them market their products and develop into new markets, both domestically and internationally. Businesses are given financial assistance to cover professional services such as market research, coaching, offline marketing, lead generation and sales operations, and strategy creation offered by consultants or agencies. LearnSphere is in charge of the funding, which is backed up by the Atlantic Canada Opportunities Agency.
What is the amount of the prize?
The money comes in the form of a reimbursement that can cover up to 65 percent of eligible costs, up to a maximum of $15,000. To be eligible for funding, the project must have a total cost of more than $5,000.
The reimbursement will be given at the conclusion of the project; thus, the applicant must be able to cover all expenses until the project is completed. However, the applicant must provide at least 35% of the entire cost.
How to apply?
Make an account and apply for EMAP funding through the LearnSphere Portal.
Export Development Program
The Export Development Program (EDP) offers three funding options for small firms in Nova Scotia who want to expand their sales outside of the province, adopt new technology to better e-commerce, or boost their competitiveness.
What is the amount of the prize?
Within any one provincial government fiscal year, this programme gives a maximum contribution of $30,000 to cover the cost of up to 50% of qualified expenses incurred by the business in their development project.
How to apply?
To apply for any one of the three streams of funding in the EDP, you must have an NSBI Customer Number. To request this information for a new applicant, you must contact your Regional Business Development Advisor.
Start the application process online using the Nova Scotia Business Inc. portal for Stream 1, Stream 2, or Stream 3.
5. Hiring and Workforce Training Grants
START Program for Businesses
The START programme offers businesses in Nova Scotia a pay incentive and other cash in exchange for hiring jobless Nova Scotians to fill job vacancies. This means that businesses can apply for funds to assist them to hire employees who would otherwise be unavailable. This business assistance programme is open to both employers and individuals.
What is the amount provided?
Employers who apply to the START programme may be eligible for a pay incentive or money to cover training, equipment, and other expenditures involved with hiring a new employee. On a case-by-case basis, the amount of funding granted for salary incentives is established.
The following are some of the factors that may influence the amount of funding your small business receives:
1. The type of work available
2. the salary that was offered
3. The new employee’s level of expertise
4. How long has the new employee been looking for work?
How to apply?
Applicants will need to create a LaMPSS account by submitting the LaMPSS Organization Registration form online or calling Employment Nova Scotia for a registration package. Once you have an account, you can apply online through the LaMPSS portal.
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