If you are running a small or medium-sized enterprise (SME), it can be difficult to obtain the financing required in order to innovate, grow your business, and hire skilled workers. Between all the banks, venture capitalists, and angel investors, one might think there would be plenty of funding to go around. However, this is not always the case because there are large funding gaps prior to the market entry and commercialization stages of a technology.  Thus, prior to market entry, it is crucial that SMEs take advantage of government funding opportunities.

So at this point, you might ask yourself: “what government funding is available?” The answer to that question lies within what objectives you want your business to achieve. For example, if you are part of a business that is interested in reaching out to global marketplaces, there a number of funding programs available at your disposable such as Export Market Access (EMA) or Going Global Innovation (GGI) in order to help accomplish those goals.

At the pre-commercialization stages, if you are interested in bolstering innovation and research & development, then you can tap into funding programs such as the widely-known Scientific Research & Experiment Development (SR&ED) program or perhaps the AgriInnovation program if you do work in the food processing industry.  To fill the pre-commercialization gap, one strategy companies have been adopting is to obtain assistance with SR&ED financing.  Whatever your business goals or industry may be, rest assured that a suitable funding program is available to take advantage of.

Canadian business funding is integral for start-ups and SMEs, not only because it can help alleviate funding gaps,  but also because it can lower the IRR threshold for businesses who are looking to invest in new and innovative projects. One last thing to keep in mind is that since there are literally hundreds of funding programs available, it is a good idea to consult with one of our government funding experts to find out not only what programs you might be eligible for and how to optimize various funds for different business objectives.