Our issues: Take advantage of the many government grants for small businesses
By Mike WoodFeatures
A new federal grant could help your business.
So many of us had to rely on government subsidies and grants to help us get through the past two-and-a-half years. There was the initial Canadian Emergency Business Account and the Canada Emergency Commercial Rent Assistance program (that, if you remember, the landlord had to agree to participate in when it started). Perhaps you had to take out a loan through the Highly Affected Sectors Credit Availability Program program, access the Canada Emergency Wage Subsidy or even go on the Canada Emergency Response Benefit to have money coming in for you and your family, as I did. The last two years have been an incredible strain on all of us.
To help rebuild the small- to medium-sized business economy, Ottawa has launched a new government grant program that is available to help you with your digital activation. The program has not received that much public or media attention, which is why I felt it was important to cover in this space. The new program, available through the Ministry of Innovation, Science and Economic Development Canada, could be advantageous in helping you and your business recover and create more awareness for you. The Boost Your Business Technology grant offers support to Canadian-owned small- and medium-sized enterprises who want to adopt new digital technologies.
Through this new grant program, should you qualify, you will have access to a pool of experts to help you develop a digital adoption plan tailored to your needs. The digital experts had to apply, be vetted and then chosen by the federal government to be included and made available to small businesses. These advisors will work with you to develop strategies to help you achieve your goals in the ever-increasing competitiveness of the digital economy.
The Boost Your Business Technology grant covers up to 90 percent of the eligible cost incurred by retaining the services of a digital advisor. The program has a maximum value of up to $15,000.
I am sure I can hear you thinking to yourself right now, how does one qualify for this program?
First, you must be incorporated either federally or provincially and a Canadian resident must hold the ownership of your company.
Second, you must be a for-profit, privately owned business.
Third, you must have between one to 499 full-time equivalent employees.
Lastly, you must have a minimum of $500,000 in annual revenues in one of the previous three tax years.
You may be asking yourself right now, is there anything else I should know about this new funding opportunity for my business?
Why yes there is.
On top of being a former event rental company owner, I have been a college professor for the past 15 years in Ottawa. As part of the Boost Your Business Technology grant, students or recent graduates can be hired by firms to assist in helping you achieve your digital, online goals. The best part is there is the possibility that you will receive another wage subsidy of up to $7,300 to hire talent through the funded work placement.
I am very accessible and know some of the people that have been vetted by the federal government to work as your advisor. If you are looking for more information, please do track down the program to help grow your business with a simple Google search or feel free to contact me directly and I will put you in touch with vetted firms.
Let’s all work together to help get everyone back on their feet and continue to grow the incredible business that not only you depend on but as does your staff, your customers and your community.
Michael Wood is a former owner of an event rental company, a college professor in Ottawa and a principal at Ottawa Consultants. Wood recently announced his bid to run for city council in Ottawa. ottawaconsultants.com
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