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Funding

What are the different types of funding options in BC?

by admin
18 September 2023

Starting a business can be an exciting but daunting endeavor, particularly when it comes to securing funding. Fortunately, British Columbia offers a range of funding options designed to support aspiring entrepreneurs and help their business ideas flourish. In this article, we will explore the various funding opportunities available in BC and shed light on how you can maximize your chances of obtaining financial assistance for your startup.

Government Grants and Programs

– Small Business BC Grants

– Venture Capital Programs

– World-Class Business Support Programs

Government Grants and Programs:

The government of British Columbia offers several grants and programs specially designed to provide financial assistance to startups and small businesses. Here are a few prominent ones to consider:

Small Business BC Grants:

Small Business BC offers various grants and funding programs to support entrepreneurs in BC. These include the Small Business Venture Capital Tax Credit, Export Navigator Program, and Innovator Skills Initiative, among others. These programs provide financial assistance, mentorship, and training to help businesses thrive in the competitive market.

Venture Capital Programs:

BC has a thriving venture capital scene, attracting investors seeking promising startups to fund. Some notable venture capital firms in BC include Vanedge Capital, Yaletown Partners, and BDC Capital. These firms provide both funding and invaluable expertise to startups, helping them grow and scale their business operations.

World-Class Business Support Programs:

BC is renowned for its comprehensive network of business support programs. These programs offer a wide range of services, including funding opportunities, mentorship, networking events, and training programs. Some notable organizations that provide extensive support to startups include Vancouver Economic Commission (VEC), BC Innovation Council (BCIC), and Community Futures BC.

Grants and Loans for Green Initiatives and Sustainability

– BC Tech Fund

– CleanBC Business Fund

– Indigenous Sustainable Investment Fund (ISIF)

Grants and Loans for Green Initiatives and Sustainability:

BC is committed to promoting and supporting environmentally sustainable business practices. As a result, there are numerous grants and loans available for businesses focused on green initiatives. Some worth exploring includes:

BC Tech Fund:

BC Tech Fund focuses on investing in technology companies with innovative ideas that have the potential to make a positive impact on the environment. This fund provides capital to businesses working in areas such as cleantech and renewable energy.

CleanBC Business Fund:

The CleanBC Business Fund is aimed at helping businesses reduce their carbon footprint and transition to cleaner, more sustainable practices. This fund offers grants and incentives to support energy-efficient technology adoption and low-carbon projects.

Indigenous Sustainable Investment Fund (ISIF):

ISIF is designed to support Indigenous-led businesses and projects focused on sustainability. It provides capital to Indigenous entrepreneurs and organizations working on renewable energy, sustainable agriculture, eco-tourism, and other environmentally friendly initiatives.

Crowdfunding Platforms

– Kickstarter

– Indiegogo

Crowdfunding Platforms:

Crowdfunding has become increasingly popular as an alternative funding source for startups. The key advantage of crowdfunding is that it allows entrepreneurs to raise funds directly from the public who support their idea. Two popular crowdfunding platforms to consider are:

Kickstarter:

Kickstarter is one of the leading crowdfunding platforms, helping creators and entrepreneurs bring their innovative projects to life. Through Kickstarter, entrepreneurs can generate funds by offering rewards or pre-selling their products, effectively engaging their potential customers from the start.

Indiegogo:

Indiegogo is another well-established crowdfunding platform that enables entrepreneurs to raise funds for their projects. It offers both fixed funding and flexible funding options, providing some flexibility to suit different project funding needs.

Angel Investors and Business Incubators

– Angel Networks

– BC Tech Association

– Launch Academy

Angel Investors and Business Incubators:

Angel investors and business incubators play a crucial role in nurturing startups and providing essential financial support. Consider the following options available in BC:

Angel Networks:

Angel networks bring together angel investors who are willing to fund promising startups. Some prominent angel networks in BC include VANTEC Angel Network, Angel Forum, and Keiretsu Forum. These networks not only provide capital but also mentorship and valuable industry connections.

BC Tech Association:

BC Tech Association provides a range of resources and support for tech entrepreneurs in the province. They offer networking events, educational programs, and access to a network of angel investors. These resources can help startups secure funding and gain exposure to potential investors.

Launch Academy:

Launch Academy is a prominent business incubator designed to support early-stage startups. They offer a comprehensive program that includes mentorship, funding opportunities, office space, and access to a network of experienced entrepreneurs and investors.

Securing funding is a crucial step in turning your business idea into a reality. Fortunately, British Columbia offers a diverse range of funding options to support entrepreneurs at different stages of their startup journey. Whether it’s government grants, venture capital firms, crowdfunding platforms, or angel investors, BC provides ample opportunities for aspiring business owners to access the financial resources they need. By leveraging these funding options and combining them with a solid business plan, ambitious entrepreneurs in BC can build a strong foundation for their startup and increase their chances of entrepreneurial success.

Discover the power of government funding for your business! Sign up for our Funding Database and gain instant access to over 1500 funding programs tailored for entrepreneurs in British Columbia.”

Business Advice

Maximizing Business Growth through Tax Credits and Incentives

by Maya Mah
11 September 2023

Launching a business is thrilling but can be financially demanding. However, as an entrepreneur in British Columbia, Canada, you have access to numerous provincial tax credits and incentives. These programs aim to promote economic growth and create a conducive environment for startups. This article will explore the application of these opportunities through the examples of small businesses that have succeeded through the help of BC Startups we will dig further into the case studies to help give your venture a financial boost.

1. Capitalizing on Small Business Venture Capital Tax Credit (SBVC):

Example: Take the case of “GreenTech Innovations,” a sustainable energy startup in British Columbia. This small business, with 70 employees and assets below $15 million, attracted investments from locals who later claimed a 30% non-refundable tax credit via SBVC, fueling GreenTech’s growth and innovation.

Challenge and Solution: Despite the attractive credit, GreenTech struggled with investor skepticism. To overcome this, they crafted a robust business plan showcasing their unique value proposition, potential market growth, and the tax advantages the investor would enjoy.

2. Leverage the Provincial Nominee Program (PNP):

Example: “TechBridge Solutions,” a burgeoning IT company, experienced a shortage of skilled workers. They utilized PNP to recruit foreign IT specialists, thus augmenting their team and boosting their productivity.

Challenge and Solution: Navigating the immigration procedures was complex. TechBridge hired an immigration consultant, ensuring seamless procedures and adherence to the specific criteria of the PNP.

3. Benefit from Scientific Research & Experimental Development (SR&ED) Tax Credit:

Example: “BioHeal Pharmaceuticals,” a biotech company, invested heavily in R&D, aiming for breakthroughs in therapeutics. The SR&ED tax credit helped them offset their expenses, encouraging innovation.

Challenge and Solution: Documenting R&D activities for the tax credit application was initially a hurdle. They hired a tax expert familiar with SR&ED, ensuring they claimed all eligible expenses.

4. Making the Most of Film and Television Tax Credits:

Example: “CineMagic Productions,” a local film production house, utilized the FTTC and PSTC tax credits. They effectively reduced their labor costs, leading to higher profitability.

Challenge and Solution: Ensuring all the labor costs were eligible for the credits was challenging. By engaging a knowledgeable accountant, they ensured the maximum possible tax credits.

5. Exploiting Provincial Sales Tax (PST) Exemptions and Refunds:

Example: “Global Exporters,” a company exporting locally manufactured goods, leveraged PST refunds on exported goods. This significantly reduced their overall operational costs, enhancing their competitiveness.

Challenge and Solution: Understanding which goods were eligible for PST refunds was complex. They hired a tax consultant to navigate through PST rules, ensuring all eligible goods were claimed.

Through our case studies, we’ve seen how British Columbia’s various tax credits and incentives can benefit businesses, offset costs, and enhance funding opportunities. Each program comes with its unique set of challenges; however, these can be tackled effectively with the right resources and professional advice.

By understanding these programs and strategizing their applications, businesses can gain a competitive edge, spur innovation, and contribute to the local economy’s growth. Explore these initiatives, understand their requirements, and capitalize on the potential benefits they offer.

Funding

What to Do When Your Government Funding Application in B.C. is Denied

by admin
21 August 2023

“Exploring Potential Appeal Processes“

Starting a business is an exhilarating and challenging journey, one that often calls for financial support to bring your visions to fruition. In British Columbia, government funding programs often serve as a critical source of capital for entrepreneurs. However, there are times when these applications get turned down. Fortunately, most rejections can be addressed through an appeal process. This comprehensive guide will detail what you should do if your application for government funding in B.C. is rejected and how you can navigate potential appeal processes effectively.

I. Decoding the Reasons for Rejection

  • Scrutinizing the Rejection Letter: Once you receive a rejection for your funding application, it’s crucial to thoroughly read the rejection letter sent by the government agency. This letter will pinpoint the reasons for the decline of your application, which will aid you in deciding your next course of action. For instance, the British Columbia Small Business Investment Tax Credit (YSBITC) may reject an application due to incomplete documentation, which can be addressed in the appeal.
  • Asking for Clarification: If the rejection letter lacks clarity or detail, you should contact the government agency running the funding program for more information. The assigned representative can help you understand the specifics of the rejection.

II. Navigating Available Appeal Processes

  • Revisiting Funding Guidelines: Return to the initial funding guidelines and eligibility criteria laid out by the agency. If you discover discrepancies, a consultation with a mentor or expert could provide vital insights. For instance, a failed application to the B.C. Business Development Program might be due to missed eligibility criteria, which should be highlighted during an appeal.
  • Initiating Formal Appeal Process: Certain government funding programs have a formal appeal process in place. You need to familiarize yourself with the submission guidelines, deadlines, and documentation requirements for the appeal process.
  • Connecting with the Government Agency: Direct communication with a representative from the agency can shed further light on their decision and allow you to present additional supporting information.
  • Engaging External Support: In some situations, it might be helpful to consult with industry associations, business development organizations, or consultants experienced in government funding applications. Their expertise can streamline the appeal process and boost your chances of a successful outcome.

III. Amplifying Your Application

  • Self-Evaluating Your Application: Look at your initial application from an objective viewpoint. Identify weak spots and areas of improvement. Work on refining your business plan, financial projections, and overall presentation based on the feedback from the government agency.
  • Presenting Additional Evidence: Gather more evidence that substantiates the viability and potential impact of your business, such as market research, customer testimonials, financial statements, and expert opinions.
  • Securing Recommendations: Reach out to industry professionals or business networks for letters of support for your appeal. These letters can emphasize your capabilities, experience, and potential contributions to the local economy.

IV. Exploring Other Funding Avenues

  • Broadening Your Funding Sources: As you navigate the appeal process, it’s wise to consider other avenues of funding. This could include other government funding programs, private investors, loans, grants, or crowdfunding platforms. Having a diversified funding portfolio can provide a safety net.
  • Revisiting Your Financial Plan: Use the rejection as an opportunity to reassess your financial strategy. Make necessary adjustments to ensure your business has the required capital to start or grow.

V. Prevention and Preparation

  • Avoiding Common Mistakes: Be aware of common pitfalls in the application process to prevent future rejections. Misrepresentation of financial figures, lack of market analysis, or weak business models are some areas where entrepreneurs often fall short.
  • Navigating Emotionally: Rejections are a part of the entrepreneurial journey and can have emotional impacts. Maintain a positive attitude, and remember that one rejection does not define your potential for success.
  • Considering Re-application: If your appeal is unsuccessful or you choose not to proceed with an appeal, understanding the re-application process can be valuable. Tailor your application to address the feedback received during the initial rejection to increase your chances of success.

A rejection of your government funding application can be a setback, but it doesn’t mean the end of your entrepreneurial journey. By comprehending the reasons behind the rejection, leveraging available appeal processes, strengthening your application, and considering other funding avenues, you can bolster your chances of acquiring the necessary capital for your business in B.C. Canada. Stay diligent throughout the appeal process, seek expert counsel, and utilize available resources to bolster your prospects of success.

Don’t navigate the startup journey alone. Our Small Business Startup Platform offers personalized support from experienced experts who will assist you in creating a comprehensive business plan and connecting you with government funding options

Funding

Which types of Canadian government small business assistance are currently available in BC?

by admin
14 August 2023

The Canadian government offers a range of small business assistance programs through this article we will go more in-depth into various government assistance programs available for small businesses in British Columbia. These programs can offer valuable resources and funding opportunities to entrepreneurs, making it easier to navigate the financial aspects of starting or expanding a business.

Small Business in BC

Small Business BC is a valuable resource for entrepreneurs in British Columbia. They offer a variety of services including business planning advice, market research assistance, and guidance on regulatory requirements. Additionally, they provide workshops, seminars, and online courses to help business owners develop their skills and knowledge.

Canada Small Business Financing Program

The Canada Small Business Financing Program aims to help small businesses access funds for purchasing or improving assets, such as equipment, machinery, or commercial vehicles. This program offers loans with competitive interest rates and flexible repayment terms, making it easier for entrepreneurs to secure necessary business assets.

Western Innovation Initiative

The Western Innovation Initiative (WINN) can provide financial assistance for businesses involved in research and development. WINN offers repayable contributions to help companies commercialize innovative products, processes, and services. This program targets businesses in sectors such as clean technology, advanced manufacturing, and digital technology.

Industrial Research Assistance Program (IRAP)

The Industrial Research Assistance Program (IRAP) is designed to support innovative small and medium-sized businesses in their research and development activities. IRAP provides financial support, technical expertise, and advisory services to assist companies in bringing new technologies and products to the market. This program can be particularly beneficial for businesses in high-tech and knowledge-intensive sectors.

Canada Job Grant

The Canada Job Grant is a program that helps employers train their employees for skills enhancement. It provides financial assistance to businesses to cover a portion of the costs associated with employee training programs. This program aims to improve employees’ skills, enhance productivity, and support businesses in adapting to changing industry demands.

Canada Emergency Business Account (CEBA)

The Canada Emergency Business Account (CEBA) was introduced in response to the COVID-19 pandemic to financially support small businesses. Eligible businesses can access a loan of up to $60,000 to help cover essential operating costs such as rent, payroll, and utilities. CEBA offers favorable repayment terms, including potential loan forgiveness if certain conditions are met.

In conclusion, entrepreneurs in British Columbia have a wealth of Canadian government support programs at their disposal. These programs offer an array of resources from advice to financial aid, all tailor-made to facilitate the inception, expansion, and prosperity of businesses. They provide guidance on a wide spectrum of areas, including business planning, finance, research, employee training, and even strategies to rebound from the repercussions of the COVID-19 pandemic.

In addition to these resources, entrepreneurs can also leverage the expertise of B.C. startup specialists. These professionals can provide targeted guidance, help navigate the intricacies of launching a small business, and assist in identifying and accessing the most appropriate government support programs.

It’s imperative for entrepreneurs to actively explore these avenues and fully utilize the support offered, thereby increasing the likelihood of their business’s triumph.

Funding

Small Business Success Grant Program

by admin
19 July 2023

“Unlock Your Success Story: Propel Your Small Business Forward with the Small Business Success Grant”

Provided by: SBSG Canada

Current Stage Deadline: September 8th, 2023

Apply via the Funding Database

The early stages of a startup can often be the most challenging.

SBSG understands that getting your new business off the ground can be an exhilarating yet challenging journey. The Small Business Success Grant Program, which offers up to $1,500 in non-refundable funding, is designed to support small businesses like yours and help you turn your great ideas into successful ventures.

Small Business Success Grant Overview

The Small Business Success Grant is a program specifically created for new, for-profit, privately owned businesses located in British Columbia.

If your business has generated no more than $10,000 in annual revenues, you’re eligible to apply. What’s even better? You can use this grant as you see fit to further the growth of your business. There are absolutely no strings attached!

Here’s a sneak peek into what this program offers:

$1,500  – a Non-Refundable / Non-Repayable Grant
No credit checks required – or minimum revenue requirements
Grant Writer Not Needed
 No Restrictions on how you can use the funds
Matching Contributions are not required to be eligible

Applying to the Small Business Success Grant Program is unlike any other program currently available – as it is available to you with the bare minimum in requirements and eligibility.

WANT TO LEARN MORE?

Finding Government Funding For Your Small Business

CLICK HERE FOR DETAILS

SBSG Program Eligibility Criteria

To qualify for the Small Business Success Grant, you must meet the following criteria:

Your Location:

Your business must be located in British Columbia.

Business Age:

Your business should be less than 1 year old – from the registration date.

Revenue:

Your business should have generated no more than $10,000 in revenue since its inception

Registration:

Your business registration process should be completed. This can be done via federal or provincial incorporation or a Canadian resident sole proprietorship.

Documents:

You must provide a complete business plan and PitchDeck presentation to be considered.

Membership:

You must have a valid membership with British Columbia Startups, which you register for here – or submit a $20 application if you are a non-member.

Securing a grant can significantly boost your business’ potential by providing the much-needed capital to move your startup forward.
Whether it’s for purchasing essential equipment, funding marketing efforts, managing cash flow, or covering payroll, the grant can cater to various needs.

The Small Business Success Grant provides an excellent opportunity for Canadian entrepreneurs. Unlike other grant programs, there are no
strings attached. You can use the funds as you see fit to drive your business growth.

Application Process

To start the application process for the Small Business Success Grant offered by SBSG.ca, complete the initial form found on the website to put in the request. Shortly after, the application steps will be emailed to you.

Along with your completed application form, compile all the necessary documents and information and submit your application before the deadline presented on sbsg.ca

Remember, providing accurate information and a well-prepared business plan is essential to increase your chances of receiving the grant. The application process is straightforward, and no professional grant writer is needed.

Good luck with your application!

Frequently Asked Questions

What is the Small Business Success Grant?

The Small Business Success Grant is a funding program offered by Canada Startups, providing up to $1,500 in non-refundable funds to new, for-profit, privately-owned businesses in British Columbia.

Who can apply for the grant?

To be eligible for this grant, your business must be less than a year old, located in British Columbia, have an annual revenue of no more than $10,000, and be either federally or provincially incorporated or a Canadian resident sole proprietorship.

How can I use the grant funds?

The grant money can be used for any business-related expense, including purchasing equipment, marketing and advertising, managing cash flow, covering payroll, and more. There are no restrictions on how you can spend the funds

Do I need to have good credit to apply for the grant?

No, a credit check is not required for the application. This grant program aims to support new businesses and does not require a credit check or a minimum revenue requirement.

Do I need to hire a grant writer to apply?

No, you do not need to hire a grant writer. The application process for the Small Business Success Grant is simple and straightforward.

When is the application deadline?

The next deadline to submit applications for the Small Business Success Grant program is September 8th, 2023.

How competitive is this grant?

Grants are generally competitive, as they are a popular form of funding, especially for new businesses. However, the exact level of competition varies based on the number of applications received during each application period.

Do I have to repay the grant?

No, the grant is non-refundable, meaning you do not have to repay the money

How can I apply for the grant?

To apply for the grant, you need to complete and submit the application form, along with the required documents and information, on the British Columbia Startups website before the application deadline.

Can I apply for the grant if my business is not incorporated?

Yes, you can apply if you are a Canadian resident sole proprietor. However, the business registration process must be completed.

Application Checklist

It is always a good idea to follow a checklist to determine that you have all that you need to successfully apply for the grant program.

Before you start, it is essential to confirm the following:

  1. Is your business located in British Columbia?
  2. Is your business less than 1 year old?
  3. Ensure you have under $10,000 in revenue
  4. Your business must be registered
  5. Have your valid membership to B.C. Startups (or be prepared to pay the $20 application processing fee)

In terms of the documentation required to apply; you must have your 3-year financial statements and proper business plan – ensure this is reviewed by an expert and given the go-ahead. Be sure to have your PitchDeck presentation ready to go, and approved by an expert. If you have a website, ensure it is reviewed by an expert to evaluate and increase your chances of success with the Small Business Success Grant. For added security, you can register as a member of B.C. Startups here: www.bcstartups.org/purchase – to ensure you can get expert help with your business plan, financials, pitch deck, funding search, and application steps.

Funding

Employment Grants in British Columbia for Hiring Students/Apprenticeships

by admin
17 July 2023

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.

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