As our economy shifts into recovery mode, so have the funding lifelines
We’ve moved from emergency funding to get through shutdowns to investing in what our businesses need to deal with current challenges and position them for the future.
Here is a brief rundown of some of the programs available:
Talent Opportunities Program (Up to $7,000)
Are you an employer hiring post-secondary students on work-integrated learning (WIL) placements, such as cooperative education and internships? If so, you may be eligible for a wage subsidy of up to $7,000 per student!
The Talent Opportunities Program (TOP) is an initiative of the Ontario Chamber of Commerce designed to help employers located anywhere in Canada hire college and university students on WIL placements. Employers hiring eligible students may receive a wage subsidy up to 50% of the wages (to a maximum of $5,000) for each ‘net new’ placement or 70% of the wages (to a maximum of $7,000) for each ‘net new’ placement for the following under-represented groups: Indigenous people, person with disabilities, newcomer to Canada, first year student, visible minority and/or women in STEM.
Grow Your Business Online Grant (Up to $2,400)
As part of the Canada Digital Adoption Program, the Government of Canada has partnered with the Ontario Chamber of Commerce to deliver the Grow Your Business Online grant.
Through this program, small business owners can receive a micro-grant worth up to $2,400 to help get their business online, give their e-commerce presence a boost, or digitalize business operations. Grant recipients must commit to maintaining their digital adoption strategy for at least six months.
Boost Your Business Technology (Up to $15,000 + 0% loan)
Eligible businesses can leverage the grant to pay for the services of a digital advisor. These advisors will work with companies to recommend digital pathways and strategies that will help them achieve their business goals and increase their competitiveness in the digital economy.
The grant covers up to 90% of the eligible cost of retaining the services of a digital advisor, up to a maximum grant value of $15,000 per SME, to develop a digital adoption plan.
Businesses also have the opportunity to secure a 0% interest loan from the Business Development Bank of Canada (BDC) to facilitate the acquisition of new technology. In addition, applicants can leverage the help of talented post-secondary students and recent graduates through subsidized work placements.
Canada-Ontario Job Grant (Up to $10,000)
The Canada-Ontario Job Grant provides direct financial support to individual employers or employer consortia who wish to purchase training for their employees. It is available to small, medium and large businesses with a plan to deliver short-term training to existing and new employees.
Businesses can get some assistance from local employment organizations.
Digital Main Street (Up to $2,500 + free training)
Peterborough and the Kawarthas Chamber of Commerce has partnered with acorn30 to provide local businesses with a Digital Main Street Digital Service Squad. Squad members are available for free one-on-one assistance to small businesses to assess their digital needs and create plans to meet digital goals. The squad can also help businesses apply for a $2,500 Digital Transformation Grant to put toward digital marketing, website work, software, training, and hardware.
For more info, contact Clarance D'Silva email@example.com or visit https://digitalmainstreet.ca/ontariogrants/
Government of Canada Business Benefits Finder
The Government of Canada now has a business benefits finder to help businesses find the right programs and services, whether you’re starting out or scaling up. Enter some details about your business and it will pull up all the available federal programs.
Available funding opportunities from the Ontario Government
The Government of Ontario has a single-point access page listing current business support programs for various sectors, skills, and workforce investments.
Community Futures Peterborough (Micro Loans up to $20,000, Small Business Loans up to $250,000)
Community Futures Peterborough offers a range of supports for small businesses, including counselling, training, and loans.
This is by no means an exhaustive list. As a Chamber, our role involves helping businesses overcome barriers. Sometimes this involves sorting out bureaucracy and cutting red tape. Other times it involves advocating for funding to help specific sectors get the boost they need to ensure they aren’t being left behind. Our region needs businesses of all sizes and sectors thriving for an effective and efficient economic recovery.