Find funding for summer and fall 2023

Did you know that hundreds of federal, provincial, and territorial funding programs exist? If you’re not actively receiving cashflow support from government funding, wage subsidy, and tax credit programs for your business projects, you’re missing out.

There’s a high chance that your company may be eligible for funding support for business projects you’ve started, are currently working on, or have plans to accomplish soon.

Perhaps you’ve applied for grants, loans, or tax credit programs in the past, but the funding landscape is vast and often complicated, so you’ve left an application unsubmitted or quit applying before you’ve been assessed. Maintaining an in-depth understanding of government funding programs (including their purpose, timing, and what they look for in applications) can be incredibly difficult.

To support Canadian businesses, organizations like Mentor Works educate businesses across Canada about the opportunities available to them.

To simplify the process in finding funding that might be relevant for your manufacturing business, the following highlights four government funding programs in the form of grants, loans, and tax credits which are currently available for summer and fall of 2023.

CanExport SMEs

The CanExport SMEs government funding program provides eligible Canadian businesses with government grants to support R&D into new export opportunities and markets, particularly high-growth priority markets and sectors, by covering a portion of eligible sales and marketing activities.

Manufacturing companies can receive up to 50 per cent of eligible costs (between $10,000 and $50,000) in grant funding per project. To be eligible for this program, Canadian manufacturers must have fewer than 500 full-time employees, earn annual revenues between $100,000 and $100,000,000, be federally incorporated, generate eligible expenses of at least $20,000, and be financially stable enough to cover all other portions of the project.

Southwestern/Eastern Ontario Development Fund

The Southwestern Ontario Development Fund (SWODF) and the Eastern Ontario Development Fund (EODF) are business expansion funding programs that incentivize companies to invest in new facilities and equipment.

They attract large-scale projects that can have a significant effect on business productivity and create new employment opportunities.

The programs support projects that lead to business growth and broad positive economic impacts; encourage collaboration, innovation, and cluster development; create jobs and build talent; and attract and encourage private sector investment. Eligible costs that can be covered by these funds include materials, equipment and machinery, R&D labour, and training.

Eligible manufacturers will receive a grant for up to 15 per cent of project expenses to a maximum of $500,000 if they have fewer than 100 full-time employees. An additional repayable funding portion is available for up to 15 per cent more of project expenses to a maximum of $5 million, and up to 30 per cent (maximum of $500,000) of this can be forgiven if project goals are met.

Yves Landry Foundation Funding

The Yves Landry Foundation Funding for Training Via the Government of Canada helps manufacturing organizations adapt to new technologies, processes, and procedures. It also can help when there is a drastic change within the company.

The program supports innovation through projects such as retooling that create new lines of production for productivity output. Training approved through this program must be clearly linked to domestic supply chain improvements or competitive enhancements, such as expanding into new or enhanced domestic markets.

The funding amount for successful applicants is up to 25 to 50 per cent of costs to a maximum of $100,000 per application. Ontario manufacturers are eligible if they have 10 to 1,000 employees. The program is currently open as a two-stage application process, and training can start as soon as the application is approved.

Scientific Research and Experimental Development (SR&ED)

Not all grant and loan programs are perfect for manufacturing and innovation. However, the SR&ED program helps Canadian businesses receive tax credits for R&D projects. More than 20,000 SR&ED applicants claim more than $3 billion in tax incentives annually.

Tax credits for up to 69 per cent of labour and overhead costs, 36 per cent of contractor costs, and 45 per cent of material costs can be claimed. All expenses must include labour, contractors, materials, and overhead costs related to the activity required to resolve a technological uncertainty, obstacle, or challenge.

Alena Barreca is a marketing specialist at Mentor Works, a Ryan Company, 28 Bett Court, Unit B, Guelph, Ont. N1C 0A5, 888-599-3111, www.mentorworks.ca.