In an era where digital transformation defines business success, finding the right strategies can be both exhilarating and challenging when searching for funding for small businesses in Ontario.
From unlocking financial support through grants to embracing cutting-edge AI technologies and mastering digital marketing, businesses today have unprecedented opportunities to grow and innovate. But how do you navigate this complex landscape effectively?
The good news is, we’ve got tabs on the opportunities for funding a small business in Ontario!
In this blog, we explore the strategies that can elevate your business and discuss how partnering with companies like New Motto can help you achieve sustainable success in the digital world.
Keep reading to read about:
- A recap of FedDev Ontario’s general eligibility criteria
- FedDev eligibility criteria based on geographic location
- What businesses need to have prepared to apply for FedDev funding
- What to expect from the FedDev Ontario funding program
- How to navigate the FedDev Ontario funding application process
Funding for Small Business Ontario: A Recap of FedDev Ontario’s General Eligibility Criteria
If you’ve been browsing through our other blogs, you may know the general eligibility criteria that you need to meet in order to qualify for funding through the FedDev Ontario program.
Whether you’re looking for funds to support a large business, or you’re looking for funding for a small business in Ontario, these FedDev funding opportunities may be for you!
We’ll recap a few of the general eligibility criteria your business must first meet before we go on to talk about more specific criteria, what you need to have prepared before you apply, and how to navigate the application process.
- Business Type:
- Must be a for-profit entity, co-operative, or Indigenous business (First Nations, Métis, and Inuit Peoples).
- Must be incorporated in Canada or Ontario.
- Must have a minimum of 5 full-time employees.
- Must have at least 3 years of business operations.
- Project Eligibility:
- Activities Funded: Projects focused on developing, commercializing, or producing new and innovative products, processes, and services, improving productivity, capacity, and competitiveness, or scaling up or expanding business lines to enter new markets.
- Projects should align with FedDev Ontario’s priorities, such as clean economic growth, technology adoption, and inclusivity (e.g., supporting underrepresented groups).
Funding Small Business Ontario: Your Geographic Location Matters
In order to qualify for funding through the FedDev Ontario program, your business must be located in one of the following geographic areas.
- Greater Toronto Area (GTA):
- Toronto, Mississauga, Brampton, Vaughan, Markham, Richmond Hill, Oakville, Burlington, Pickering, Ajax, and Milton, among others.
- Niagara Region:
- St. Catharines, Niagara Falls, Welland, and other municipalities within the Niagara Peninsula.
- Hamilton:
- Includes the city of Hamilton and surrounding areas such as Haldimand and Norfolk counties.
- Kitchener-Waterloo-Barrie:
- Kitchener, Waterloo, Cambridge, Barrie, Guelph, and surrounding municipalities.
- London Region:
- London, St. Thomas, Woodstock, and nearby areas.
- Windsor-Essex:
- Windsor, Leamington, and other municipalities within Essex County.
- Peterborough and the Kawarthas:
- Includes Peterborough and surrounding areas in the Kawarthas.
- Kingston-Pembroke:
- Kingston, Pembroke, Belleville, and surrounding regions.
- Muskoka and Surrounding Areas:
- Bracebridge, Huntsville, Gravenhurst, and other parts of Muskoka.
- Stratford-Bruce Peninsula:
- Stratford, Owen Sound, and surrounding areas.
- Huron County and Elgin County:
- Includes municipalities within these counties.
If you’re seeking funding for a small business in Ontario, take a look at what other businesses are using their FedDev funding for, and get inspiration for your own business growth and development project!
What Do Businesses Need to Have Prepared to Apply for FedDev Funding?
Whether you’re a small business or a large corporation, you need to have some things prepared prior to beginning the application process for FedDev funding opportunities. Take a look at some of these must-haves before you get the process started!
- Detailed Project Description:
- Explain the project objectives, expected outcomes, and how the project aligns with government priorities (e.g., creating jobs, promoting clean growth).
- Include a timeline for project implementation and expected outcomes.
- Financial Information:
- Prepare a detailed project budget, including eligible costs such as labor, expertise, and equipment.
- Identify matching funding sources as FedDev Ontario typically covers up to 50% of eligible project costs.
- Demonstrate the financial health of the business and its ability to leverage other funding sources.
- Market Analysis:
- Conduct a market opportunity assessment to describe the competitive landscape, potential market differentiation, and expected market impact.
- Include information on major competitors and the project’s competitive advantages.
- Partnerships and Collaborations:
- List key project partners and describe their roles. Include any financial partners and how these partnerships will support the project’s success.
- Risk Assessment:
- Identify potential risks (e.g., financial, regulatory, implementation) and propose mitigation strategies that can reduce or eliminate these risks.
- These could include contingency plans, alternative funding sources, training for compliance, or strategies to handle potential obstacles in implementation.
- Diversity, Equity, and Inclusion Plan:
- Provide details about the company’s efforts toward promoting diversity and inclusion.
- If applicable, describe how the project will benefit underrepresented groups and contribute to inclusive growth.
- Supporting Documents:
- Incorporate any additional documentation that supports the application, such as letters of support, technical studies, or market research reports.
What to Expect from FedDev Ontario Funding
Funding details
- Funding Amounts: Applications typically range from $125,000 to $10 million in repayable contribution funding.
- Repayment Terms: The funding is interest-free and must be repaid starting one year after project completion.
Application process
- Complete the Application Form: Fill out the online application form on the.
- Submit Required Documents: Ensure all required documents are included in the application.
- Review and Sign Contribution Agreement: If the application is approved, sign a legally binding contribution agreement, confirming all matching funding sources within 30 days
Additional considerations
- Innovation and Technology: Projects that introduce new technologies or innovations are particularly encouraged.
- Environmental Impact: Demonstrating the project’s contribution to environmental sustainability can strengthen the application.
Funding for Small Business Ontario: How to Navigate the FedDev Funding Application Process
You don’t have to navigate the application process alone. You can outsource the application completion and submission to a team of professionals who have been supporting businesses like yours to access funding opportunities for years!
Businesses large and small have been relying on New Motto for more than 15 years to help them access funding, strategies their digital growth, and implement the funds they receive to maximize their investment gains! Here’s a snapshot of what New Motto offers.
How does New Motto help businesses successfully access funding?
New Motto helps businesses by providing digital advisory services to enhance growth and competitiveness. Our services include:
Working with a company like New Motto offers several benefits for businesses looking to enhance their digital presence and growth:
- Access to Funding: They assist in identifying and applying for various grants and funding opportunities, which can significantly alleviate financial constraints for business expansion.
- Digital Marketing Expertise: New Motto provides tailored digital marketing strategies, including social media advertising, branding, and website optimization, to increase brand visibility and customer engagement.
- AI and Technology Integration: They help businesses implement AI tools and digital automation, leading to improved operational efficiency and competitive advantage.
- Customized Solutions: Their approach is personalized, focusing on the specific needs and goals of each business to deliver effective results.
- Proven Experience: With over 15 years of experience, New Motto has a track record of helping businesses successfully navigate the digital landscape and achieve growth.
Our team consists of Digital Advisors and Funding Advisors who are prepared to support you in navigating the application process, and to help you design and implement a strategy for digital adoption that will see those funds turn into returns on your investment.
For more details, you can visit our website and book a consultation with one of our advisors today!
What to read next…
Check out a few sample projects to inspire your FedDev funding application.
Everything you need to know about FedDev funding and how to apply.
Take a look at any upcoming funding opportunities you may be eligible for.