Ontario Startup Grants: 246 Grants, Loans & More for Ontario Startups
This is a loooong list of Ontario startup grants – but it’s worth your while to read all the way through though because it’s chock full of small business startup grants that will give you everything you need to make a success of your business, and then some!
And did you know that in addition to grants, there are many (MANY!) other types of startup funding – including startup business loans, business competitions, investment programs, and in-kind support programs? We cover the best of those in this guide, too.
Grab a coffee, get comfortable, and start learning!
What is a Startup Business Grant?
The Government of Canada defines a grant as:
a transfer payment subject to pre-established eligibility and other entitlement criteria. A grant is not subject to being accounted for by a recipient nor normally subject to audit by the department. The recipient may be required to report on results achieved.
So, a startup business grant is:
What Can Ontario Startup Business Grants Be Used For?
Ontario startup business grants can be used to pay for many aspects of starting or running a business. Here are some of the uses that are covered by programs in our grants database:
And that’s just a sample! See the section below with a complete list of startup grants available.
How Much Grant Money Can I Get for My Ontario Startup Business?
In our database we currently have grants ranging from $3,000 to $500,000.
Am I Eligible for an Ontario Startup Business Grant? Common Eligibility Criteria
Two of the most common questions we get asked at Ontario Business Grants are “Am I eligible?” and “How do I qualify?”.
We analyzed the Ontario startup business grants in our grants database, and these are the most common qualifications we identified:
Note: these are just the most common eligibility criteria – there are many grants with different requirements.
Government Loans for Startup Businesses
A loan might not sound as good as a grant, but many loans for startup businesses have a low interest rate. While they might not be free money, if you don’t qualify for a grant, a low-interest loan is probably the next best thing.
The programs below include government loans:
Government Loans for Startup Businesses
Other Types of Funding for Ontario Startup Businesses
Our goal is for this guide to be a complete source of funding information for Startup businesses. So, in this section you’ll find all the other money programs (besides grants) that are available to Startup businesses:
If you’re not eligible for a government loan, you might consider one of the commercial loans available for Ontario Startup entrepreneurs. Below is a sample of current loan programs offered by Canadian banks and credit unions that are available specifically for Ontario startups:
In addition to loans, there are lines of credit offered by some commercial banks and credit unions specifically for Ontario Startup entrepreneurs.
A line of credit can be a handy way to finance ongoing operations if you have occasional shortfalls in cashflow, need to finance a small equipment purchase, among other uses.
Here are some lines of credit currently available for Ontario Startup businesses:
While not exactly a type of funding for Ontario Startup entrepreneurs, some commercial banks in Canada offer bank accounts specifically for Ontario Startup businesses. These accounts offer special perks and are worth checking out:
An investment is a form of financing where capital is provided in exchange of ownership in the company. It is an alternative to conventional methods of raising capital (loans, issuing stocks, selling bonds) and the good thing about it is that you do not have to make monthly payments. Common investment includes private equity and venture capital.
Here are some investment programs currently available for startup businesses:
Investment Programs for Startup Businesses
A competition usually refers to a pitch competition, a contest where entrepreneurs give a pitch (a short and compelling presentation of their business concept) to a panel in the hope of winning a cash prize or investment capital.
Here’s a sample of competitions currently available for startup businesses:
Competitions for Startup Businesses
In-kind support refers to non-cash resources provided to support businesses. In kind-support can take various forms: access to coaching, mentorship, investors, logistical and technical resources (space, equipment, computers, internet and software, free testbed), training programs, business advice and counseling. Entrepreneurship centres, accelerators and incubators provide valuable in-kind support to new and existing entrepreneurs.
In-Kind Support Programs for Startup Businesses
Accelerators for Startup Businesses
Best Ontario Startup Business Grants, Loans & More
While there are lots of good programs available, below we highlight some of the best grants, loans, investment & more for Ontario startup businesses:
Best Startup Government Grants
Canadian Heritage – Business Innovation – Canada Periodical Fund, Start-up Projects
So you’ve always wanted to publish a digital periodical. Okay, but now what? Digital or not, it’s still going to take some money to start it up.
Here’s your solution! The Canada Periodical Fund for Start-Up Projects will give you up to $5,000 to do just that as long as you cover at least 50% of the costs yourself and you meet all the eligibility criteria. Take note that they give preference for funding to those applicants that raise their portion of the funds through successful crowdsourcing campaigns.
So as long as you’re just a start-up and haven’t been operating for the 12 months required for their other grant programs, you’re Canadian owned and controlled and will do business in Canada, and have a business number, you could qualify. But hang on, you’ll also need to ensure your digital periodical will include at least 80% Canadian content and have no more than 70% advertising per issue.
There’s a long list of additional criteria for your future periodical, so make sure you read through them so you’re prepared before you apply.
Sustainable Development Technology Canada (SDTC) – Start-Up and Scale-Up Funding
SDTC helps high-potential companies take that next leap and achieve market readiness by funding the development and demonstration of clean technologies. Start-up funding provides support to develop emerging innovations and reach applicant’s target market.
SDTC’s scale-up funding targets the needs of high-growth companies: those with growing revenues, a clear path to profitability and the potential to deliver significant environmental benefits in the short to medium term. Scale-up investments are meant to advance firms through early commercialization and market leadership.
Ministry of Economic Development, Job Creation and Trade – Starter Company Plus
Here’s your chance to get some free money from the provincial government to start your business. You’ll also get training and mentoring as part of the package.
If you’re 18 or older, an Ontario resident and Canadian citizen, not in school full time, and can make a cash or in-kind contribution of 25% of the grant amount, you’re in! You’ll even get an e-business toolkit.
Ministry of Economic Development, Job Creation and Trade – Summer Company
Who says you need to be old to start a company? Some of the best talent with the most innovative ideas comes from young people.
So start up a new business for the summer! Whether you’re in high school, college, or university doesn’t matter. As long as you’re a Canadian between 18 and 29, are heading back to school in the fall, and not already running another business or working full time over the summer, then you could get some money from the provincial government to start something new.
You’ll even get access to some fantastic mentoring and the option of continuing to run your business once you go back to school. It can be any type of business almost too, as long as you can qualify as self-employed on your taxes and you run it on a full-time basis.
And get $1,500 when you start your business anywhere between May and July and another $1,500 when, and if, you shut it down on Labour Day.
Best Startup Government Loans
Business Development Bank of Canada (BDC) – Newcomer Entrepreneur Loan
BDC’s Newcomer Entrepreneur Loan helps Canadian immigrants who want to start a company or handle the typical challenges of building a company in Canada.
Business Development Bank of Canada (BDC) – Start-up Financing
Business Development Canada should be the first place you go to for start-up financing because that’s what they do: invest in businesses.
You’ll get better financing terms and more flexible terms, and they’re more likely to take a risk on you where a traditional lender quite often won’t. You can use the funds from this one to supplement your line of credit, to pay start-up fees, to pay for marketing, to buy assets, and more.
Those better terms include more time to pay your loan back, the option to postpone capital payments at the beginning of your loan, and the option to pay it back early without penalty if you can.
To qualify, you only have to be bringing in revenue for less than 12 months, have a good credit history and a solid business plan, be of the age of majority, make a reasonable financial investment in your newly established business, have experience or expertise in your field and a competent management team, show realistic market and sales potential, and show you have the key personality markers of a successful entrepreneur. That’s all!
Farm Credit Canada (FCC) – Starter Loan
FCC provides financing to agriculture and food industry startups and to agriculture, agribusiness or food and beverage-related businesses that were established within the past three years.
Best Startup Government Investment Programs
Business Development Bank of Canada (BDC) – Deep Tech Venture Fund
BDC’s Deep Tech Venture Fund helps early-stage companies develop their markets and commercialize their innovations in Canada and abroad.
Business Development Bank of Canada (BDC) – Industrial, Clean and Energy Technology (ICE) Venture Fund
You could be fortunate enough to have them invest in your company if you’ve begun establishing a capital-efficient and scalable business in this field that improves resource productivity and has the potential to operate across a global market.
Because they have so much experience investing in these sectors (such as AI and machine learning, next-gen and cloud computing, energy-efficient lighting, industrial IT, intelligent systems and buildings, oil and gas, smart grid and energy solutions, water, and more), they’re likely to invest in you and your success if you fit the bill.
Best Startup Non-Profit Grants
MaRS Discovery District – The Investment Accelerator Fund (IAF)
The MaRS Investment Accelerator Fund offers seed funding to promising start-ups in Ontario to help bring them closer to commercialization.
So if you’re an Ontario start-up that’s just about ready to go and you also meet these criteria, you could find yourself with up to $500,000 in seed funding:
Mitacs – Accelerate Entrepreneur
Here’s an opportunity for student entrepreneurs! PhD and graduate students that is.
If you’ve got some research or technology that needs just a bit more support and development from an incubator facility to get it to the market as fast as possible and you’re a PhD or grad student, apply to this one before any other funding program.
Get your new business off the ground with your new research or tech with funding of at least 50% from Mitacs under this program, of which the minimum is $10,000 for a 4-month project, when you find yourself a host incubator facility. Projects can go longer or require more funds, but 4 months is the minimum.
All academic disciplines are welcome, and full-time students at all Canadian colleges and universities can qualify, regardless of whether you’re Canadian or an international student.
United Way Greater Toronto – Catalyzing Grant
TEF offers Catalyzing Grants to support entrepreneurs with strong employment social enterprise ideas to access the support they need to complete a feasibility study and business plan to test the market and employment demand for their employment social enterprise idea.
Best Startup Non-Profit Loans
Futurpreneur Canada and Business Development Bank of Canada (BDC) – Futurpreneur Startup Program
Futurpreneur Canada wants to help you start your business, which is hard with the odds stacked against young people and newcomers to Canada. You may have a great idea, product, or process, but good luck finding funding to get up and running.
If this is an issue for you and you’re between 18 and 39, you could qualify for financing with one of these programs. You’ll also get better terms and fairer shake when you apply.
To qualify for the Futurpreneur Start-Up program, you’ll also need to be a Canadian citizen or permanent resident and meet these additional criteria:
That may be an awfully long list, but it’s achievable, and if you do meet them, you could get up to $60,000, $20,000 from Futurpreneur and $40,000 from Business Development Bank of Canada. You’ll also get up to 2 years of mentoring and 5 years to pay your loan back.
Indian Agricultural Program of Ontario (IAPO) – Financing for Business Start Ups & Expansion Program (FNBSEP)
FNBSEP provides business financing and grants to qualified First Nations entrepreneurs, businesses and economic development corporations across Ontario to enhance community level economic development by supporting the success of high potential business start ups and expansions.
Areas of financing include: seed capital, start-up and early-stage loans, expansion capital, and business acquisition.
VERGE Capital – Startup Fund
This investment company has a bit of a twist. This one focuses its investments on local early-stage start-ups that have a strong community impact.
So if you’re a social enterprise that operates to address an environmental, social, or cultural challenge, you have a solid business plan, and are based somewhere in Southwestern Ontario, they just may invest in you.
Best Startup Non-Profit Investment Programs
Southeastern Ontario Angel Network (SOAN) – Investment
SOAN provides investments in early-stage companies and helps investees build a successful business to future-proof the economy of Eastern Ontario and to provide its accredited investors with a risk-adjusted return on their investment.
York Angel Investors – Investment
York Angel Investors provides early stage start-ups with seed funding, and importantly advisors who counsel portfolio companies. They mainly invest in B2B and B2C, SaaS, IoT & ICT, Industrial Automation, Fintech, InsureTech, CPG, Cleantech, HealthTech, Marketplace Solutions.
The Investments York Angel Investors make often represent the bridge between Self-Financed, Friends & Family funding and Seed Stage, Venture Capital, or Private Equity funding.
York Entrepreneurship Development Institute (YEDI) – YEDI VC Fund
If you attend or have graduated from any of YEDI’s programs, you’ll qualify for funding when you start your own business, whether your intention is to launch a for-profit or nonprofit.
Their funding is meant to be an intermediary step between the development/commercialization process and later-stage investment. Once you’ve reached larger milestones and have found other funding, they’ll quietly disappear.
Interested in this funding? Then take the opportunity to showcase and pitch your project at one of their exclusive venture fairs for a chance to receive funding.
Best Startup Private Organization Investment Programs
Extreme Venture Partners – Investment
The Extreme Venture Partners invest in technology companies based in Canada that have demonstrated traction with paying customers.
Highline Beta – Venture Capital
Highline Beta is an institutional pre-seed VC investing in startups they’ve built through their studio, or partnered with through their accelerators.
StandUp Ventures LP – StandUp Ventures
StandUp is a Toronto-based VC fund investing in companies with at least one woman in a C-level leadership position within the company and an equitable amount of ownership.
Although StandUp is completely sector-agnostic, they tend to invest in breakthrough B2B software, bio-tech, & health-tech ventures.
Best Startup Competitions
Academia Competitions
The Longo Centre for Entrepreneurship (Humber College) – BMO Launch Me Entrepreneurship Program & Competition
The BMO Launch Me Competition was created to support students and recent grads with seed funding to get their venture ideas off the ground. Contestants with the overall strongest business plan and pitch will have the opportunity to win a portion of funding for their startups.
The funds will be distributed in three categories:
Leap Junction – Trampoline Pitch Competition
Trampoline Pitch Competition provides an opportunity to eligible applicants to pitch their business idea in 60 seconds or less in front of a panel of judges, for a chance to win $1,000.
Velocity, University of Waterloo – Velocity Fund Pitch Competition
Like a good competition? Got a tech start-up? Well read on!
The Velocity Fund Pitch Competition is an early-stage start-up competition. Three times a year, early-stage start-ups compete for $50,000 investments from the Velocity Fund.
To participate, you just have to meet 3 basic criteria:
Haltech Regional Innovation Centre – Hi5 Pitch Competition
The Hi5 Pitch Competition features 5 high-potential clients who are given 5 minutes to pitch for a winning prize of $5,000! This competition provides Haltech’s most innovative start-ups with a fabulous opportunity to generate awareness, build the skills necessary to present in front of a broad audience and gain exposure to our broad ecosystem of industry partners.
Non-profit Competitions
Innovation Factory – LiONʼS LAIR
LiONʼS LAIR is an annual competition presented by Innovation Factory in partnership with the City of Hamilton Economic Development office, which brings together the entrepreneurship and innovation community in Hamilton. The competition gives up-and-coming entrepreneurs the opportunity to pitch their business to a panel of Hamilton’s top business experts for a chance to win cash prizes.
Startup Canada – Startup Global
Startup Global connects a pan-Canadian cohort of entrepreneurs committed to growing global businesses with a network of partners committed to their success. They are hosting several live webinars, a pitch competition, and exclusive in-kind help to support entrepreneurs’ journey to exporting. This annual flagship program empowers founders to start their business with a global mindset and connect with key industry partners to set up for success.
TiE Global – Global Pitch Competition
Global Pitch Competition is a pitch competition for collegiate start-ups. The program is conducted across various cities by the local TiE Chapter. Participants are provided mentoring, bootcamps and workshops before pitching to a jury panel at the local pitch competition. The winners represent the chapter at the global competition and compete for cash prizes worth $100,000+.
Best Startup In-Kind Support Programs
Startup Incubators
Academia Incubators
Entrepreneurship, Practice and Innovation Centre (EPICentre, University of Windsor) – EPIC Incubation Program
The EPIC Incubation Program supports startups who have achieved initial traction and are ready to launch their businesses in full-scale. Members will have access to mentorship, co-working space, a panel of industry experts, exclusive funding opportunities, and other resources to help them launch and grow their ventures.
Velocity, University of Waterloo – Velocity Incubator
The Velocity Incubator program supports early-stage companies, from University of Waterloo alumni, capable of driving positive, large-scale, global impact through technology, scientific discoveries, and meaningful engineering innovation. Velocity is a University of Waterloo incubator for early-stage, pre-seed tech startups.
Non-profit Incubators
DMZ – DMZ Incubator
The DMZ Incubator is an equity-based program that helps venture-backable tech startups grow their business over the course of 18 months.
The Accelerator Centre – AC: Incubate
The AC: Incubate is designed to pair the everyday hustle of building applicants’ startup with all the tools they need to creating momentum. They’ll move through 4 phases:
York Entrepreneurship Development Institute (YEDI) – Incubator Program
YEDI accepts 15 entrepreneurs per cohort. Accepted students undergo a free, intensive 16-week program, including formal academic lectures by YEDI instructors, workshop-based training in entrepreneurship, and mentorship by key industry leaders. At the end of the incubator, entrepreneurs will have a professionally developed business plan, an executive summary, and a proper business model that is ready to pitch and potentially bring to the market. Upon successful program completion, participants receive a formal certification from YEDI.
Startup Accelerators
Leap Junction – LeapIN Business Accelerator
LeapIN Business Accelerator, a 12-week program, is a real-world, hands-on learning experience designed for early-stage Fanshawe College founders to validate their business ideas, establish a minimum viable product, and build a roadmap for implementation to launch their startup.
Western Morrissette Institute for Entrepreneurship (Western University) – Western Accelerator
Western University students, recent grads, and faculty entrepreneurs have the opportunity to partake in this intense, compressed, 16-week business bootcamp that will give you not only funding but the chance to apply for the MITACS Entrepreneur International Program.
If you’re a start-up that fits that description, have completed product development, and are ready to launch, then this program is the perfect fit for you. Of course, you’ll also have to be willing to contribute a full-time effort, operate your business from the Western Accelerator, have up to 3 founders, have decision-making ability, and must participate in all Accelerator events, workshops, and competitions throughout your time in the Western Accelerator.
But if you’re the whole package, you’ll get a whole year’s worth of learning in just 16 weeks, plus a monthly stipend of $2,500 throughout the duration of the program, up to $500 to cover the costs of creating a trade show booth, and up to $1,500 to cover travel costs associated with growing your business.
Non-profit Accelerators
Innovation Guelph – Innovation Guelph (IG) Startup Program
The Innovation Guelph (IG) Startup Program is specially designed for selected entrepreneurs and startups that want to accelerate their business to revenue and investment.
League of Innovators (LOI) – Ready To Accelerate
The Ready to Accelerate Program is provided through the League of Innovators (LOI) Labs, a national virtual accelerator that offers 12 weeks of support, community, resources, skills, and everything eligible applicants need to accelerate their growth.
TechAlliance of Southwestern Ontario – GROW Accelerator
The GROW Accelerator is designed to supercharge businesses’ acceleration from startup to scale-up. It follows a cohort model, with each group of companies meeting weekly with their growth coaches, and gathering monthly for honest and informative conversations with business leaders and high-growth entrepreneurs, as well sharing the opportunities and challenges that each participating company has faced.
Private Organization Accelerators
Geotab – Torque Labs
The Accelerator Program takes four to six months and focuses on commercializing technologies and scaling up current operations.
Techstars – Accelerator
Techstars accelerators have one goal: to help entrepreneurs succeed. During each three-month program, they surround companies with the best mentors and an unrivaled network of corporate partners, investors, and alumni. They provide funding and fundraising opportunities, workshops and curated resources, not to mention countless moments where participants can learn from their peers. It’s a proven model that’s helped build thousands of successful companies, all over the world.
The Bottom Line
The bottom line? That was a lot of reading! The possibilities for funding are nearly never-ending, and new programs and organizations are opening up all the time, so there could always be even more groups waiting to invest in your next biggest thing.
The best part is many of these programs give you not only funding, but expert advice, tools, workspace, training, mentoring, and CEO shadowing. You can learn how to hone your pitch, streamline your business plan, and all the secrets the professionals already know.
What are you waiting for? Grab your idea, your supporting documents, and your confidence and apply for as many of these programs as you can and see how high you can soar!
