Companies in all industries and of all sizes should know that receiving government funding is an attractive way to finance an expansion project and provides a significant competitive advantage in the domestic and international marketplace. The government recognizes that public funding encourages businesses to take on business risk, pursue new markets and grow the economy. Government funding should be considered as a part of a company’s overall financing strategy, in addition to debt and equity financing, to achieve growth objectives.
Below are some project activities that could be eligible for business expansion related funding:
- Project facility modifications and upgrades
- Purchases of new or upgraded machinery and equipment
- Skills training
- Expanding and marketing in foreign markets
- New product development
- Productivity improvement