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Small Business Startup News and Resources

Read our collection of helpful small business news, resources, and guidance documents on starting or expanding a business in British Columbia and across Canada. Learn from the latest in small business startup trends, business plan techniques, and all about government funding!

Funding

Employment Grants in British Columbia for Hiring Students/Apprenticeships

In Canada, there are various employment grants available to assist businesses in hiring students and apprentices. These grants not only provide financial support but also contribute to the development of a skilled workforce. In this article, we will explore the different employment grants available in Canada for hiring students and apprentices, and how they can benefit businesses in British Columbia.

Canada Summer Jobs Program (CSJP)

The Canada Summer Jobs Program is an initiative by the federal government that provides funding to employers to create job opportunities for students during the summer months. The program aims to help students gain valuable work experience and develop essential skills. As an employer in British Columbia, you can receive a wage subsidy of up to 50% for hiring eligible students. This grant can significantly reduce the financial burden of hiring summer employees for your business.

Apprentice Job Creation Tax Credit (AJCTC)

The Apprentice Job Creation Tax Credit is a federal tax credit available to employers who hire apprentices in designated Red Seal trades. As an employer in British Columbia, you can claim a tax credit of 10% of the wages paid to eligible apprentices, up to a maximum of $2,000 per apprentice per year. This tax credit not only encourages businesses to hire apprentices but also supports the growth of skilled trades in the province.

Youth Employment and Skills Strategy (YESS)

The Youth Employment and Skills Strategy is a joint initiative by the federal and provincial governments that aims to provide employment opportunities for young Canadians. Under this program, employers in British Columbia can access funding to hire students and youth aged 15 to 30 for full-time, part-time, or summer positions. The funding is available to businesses in various sectors and supports initiatives that enhance employability and skills development.

BC Employer Training Grant (ETG)

The BC Employer Training Grant is a provincial program that provides financial support to employers for employee training. While not directly focused on hiring students or apprentices, this grant can be beneficial for businesses looking to upskill their existing workforce or provide training opportunities to new recruits. By investing in training, businesses can attract and retain skilled employees, leading to increased productivity and growth.

Canada Apprentice Loan

The Canada Apprentice Loan is a federal program that offers interest-free loans to apprentices registered in Red Seal trades. This loan can assist apprentices in covering the cost of books, equipment, and living expenses while they are completing their training. As an employer in British Columbia, understanding and promoting the availability of this loan can attract more apprentices to your business and contribute to their success throughout their training journey.

Work-Integrated Learning (WIL) Grants

Work-Integrated Learning Grants are offered by various provincial and federal funding agencies to support employers in providing experiential learning opportunities to students. These grants can cover a portion of the student’s salary during their work term with your business. By participating in work-integrated learning programs, businesses can benefit from fresh perspectives, innovative ideas, and potential long-term hires.

Taking advantage of employment grants in Canada can be a valuable strategy for businesses in British Columbia looking to hire students and apprentices. Access to financial support not only reduces costs but also encourages the development of a skilled workforce. By utilizing programs like the Canada Summer Jobs Program, Apprentice Job Creation Tax Credit, Youth Employment and Skills Strategy, BC Employer Training Grant, Canada Apprentice Loan, and Work-Integrated Learning Grants, businesses can leverage these opportunities to build a capable and motivated team while contributing to the growth of the local economy.

Explore the potential of governmental funding for your enterprise! Enroll in our Funding Database and obtain immediate access to over 1500 entrepreneur-focused funding programs specific to BC. This powerful resource can equip you with the necessary information to secure and capitalize on available grants, facilitating your business growth.

Funding

How to Apply for Government Grants in BC

It can be difficult to apply for government grants if you’ve never done it before.

However, there is no cause for alarm!

Here, you’ll find a step-by-step approach to securing the capital your company need for success.

To begin, you must determine which federal funding initiatives you qualify for.

If you own a business in British Columbia, you may qualify for one of the many grants and programs offered by the provincial government.

Spend some time researching the many business grants and programs offered by the provincial government of BC to determine which ones are the greatest fit for your company’s needs.

Examples of popular sources of financing are:

Government Grants:

Money from the government is given to private companies, nonprofits, and individuals to assist them meet a specific need.

Research and development, extending into new markets, and product creation are all examples of such aims.

Applicants for government grants are usually evaluated on the basis of their demonstrated merit, or ability to benefit from the grant money.

The various grant categories are as follows:

Non repayable government grants are one of the most common types of grants available.

These grants are given to businesses or individuals without the expectation of repayment, meaning that you don’t have to pay the money back once you receive it.

There are a few different types of non repayable government grants, including:

Grants for small businesses:

Government grants are available to help new and existing small enterprises get off the ground.
These funds can be put toward a number of different endeavours, including the acquisition of new tools or the hire of additional staff.

Grants for research and development: Grants for research and development are offered to businesses that are looking to conduct innovative research and develop new products or services.

This type of grant can be used to cover the costs of conducting research, such as hiring consultants or purchasing lab equipment.

Grants for women entrepreneurs: Women business owners can apply for grants to help them get started or expand their businesses. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

Grants for Indigenous entrepreneurs: Natives, Inuit, and Métis business owners who are just getting started or looking to expand their operations can apply for one of many available grants for Indigenous entrepreneurs. These grants can be put toward a wide range of activities, including but not limited to the following: establishing a new company, increasing production capacity, or traveling to and participating in professional development seminars for business owners.

In addition to these, there are startup grants, business expansion grants and skills training grants.

One time and renewable government grants are another type of grant that is available.

One time grants are typically awarded for a specific project or purpose, and are not renewable once they have been used up.

On the other hand, renewable grants are ongoing and can be used for a variety of purposes over an extended period of time.

The most common type of renewable grant is a operating grant, which is given to businesses on an annual basis to help cover the costs of running their business.

Partial contribution grants are another type of grant that is available.

Partial contribution grants are typically given to businesses or individuals who are unable to fully cover the costs of a project on their own.

The BC government will partially fund the project, and the business or individual will be responsible for covering the rest of the costs.

Matching grants are another type of grant that is available.

Matching grants are typically given to businesses or individuals who are able to raise a certain amount of money on their own.

The British Columbia government will then match the funds that have been raised, and the business or individual will be responsible for covering the rest of the costs.

Government Loans

Loans from the government are essentially loans from the government to private companies or people.

These loans are preferred by businesses because their interest rates are cheaper than those offered by banks.

Several distinct varieties of federal loans exist, including:

Loans for small businesses: these financing options exist to help established enterprises with limited resources grow. New machinery or personnel are only two examples of how these loans might be put to good use.

Startup loans: Lending assistance is available for new firms in the form of startup loans.
Loans of this type might be put for things like business permits and first advertising costs.

Business expansion loans: Loans for business expansion are available for companies who want to grow their operations. These loans can be used to pay for everything from the lease on a larger office to the salaries of new employees.

Skills training loans: Skills training loans are offered to businesses that are looking to provide training for their employees. These loans can be used to cover the costs of training, such as hiring instructors or purchasing educational materials.

In addition to these, there are also loans for specific business sectors, such as agriculture, tourism, and manufacturing.

Remember that government loans can often come in the form of no interest, or low-interest options, as well as government-guaranteed loans.

Government loan programs typically have more flexible eligibility requirements than traditional bank loans, making them a more accessible option for businesses.

The next step

After determining which government funding options are right for, be it a government grant or a government loan it’s time to start preparing your application.

The most important part of your application will be your business plan.

This is your opportunity to sell the government on why your business is worth investing in. Make sure to include detailed information on your business model, target market, and financial projections. If you have any existing customers or clients, be sure to mention them as well!

A good tool to use to develop your business plan is the business plan builder tool. It is created to guide you step by step based on what BC government funding agencies want to see.

Once you’ve assembled all of the required documentation, it’s time to submit your application.

The best way to do this is online, through the government’s official website. You’ll need to create an account and fill out all of the necessary information before you can submit your application.

As each funding program/applicaton may have a different application method – be sure to work with an expert to get help with the process.

Applying for government grants can seem like a daunting task, but it doesn’t have to be! By following this simple guide, you’ll be well on your way to getting the funding your business needs to grow and succeed. good luck!

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