When starting or expanding a business venture, one topic that must be addressed is financing. Most entrepreneurs usually think about traditional sources of financing such as loans and grants, however there are other great instruments that are out there that aren’t always in the forefront of business financing.
Here are some lesser known sources of financing:
- Tax refunds and credits – These initiatives help to reduce the amount of taxes that you have to pay, or can act to reimburse for some business expenses. These refunds and credits are applicable to many types of business and activities, from research and development to hiring a summer student.
- Wage subsidies – are available to reduce payroll expenses for hiring students, apprentices, recent graduates and individuals with disabilities.
- Financing search tool – this is a search engine for government financial supports. This search tool also allows the user to filter results by province, region or industry.
In addition to the search information in the financing search tool, this tool allows the user to search by what the funds will be used for, such as:
- Starting a business
- Hire or train employees
- Export products and services
- Get a patent or license
- Apply a new technology
In order to take full advantage of any of these programs, it would be wise to investigate them well before the funds are required to ensure that your business meets any of the program eligibility requirements as well as any deadlines. There are many supports out there, it just takes some time to find them and sort them out.
One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about resources, services, business events and seminars, contact us by dialing 311, 1-866-442-5866, online at halton.ca/smallbusiness, by email at email@example.com or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter and find us on Facebook.