Available Funding
It can be difficult to navigate available funding opportunities when looking to start or expand a business. Fortunately, businesses within The County have a wealth of resources available to take advantage of from various supporting organizations. It’s important to note that the Community Development Department does not administer these programs or funds. Below, is a simple resource to help you get started.
5 Tips to Consider for Funding Applications:
Typically, programs have an eligibility window. First, determine if the program is still open for applications by checking the website or call the administering organization to determine if they are accepting applications. Often you may find these organizations like to meet in person or discuss your needs first. They will determine if the program is a good fit for your business needs. Expect to be asked for a business plan in writing!
Funding usually requires you to fill out an application. Applications can usually be found online, or are only given if certain screening processes have taken place by the administering organization. Remember that an application needs to effectively, concisely and clearly convey why your business needs funding. One of the many business advisory services (below) can help you explain your needs and position your case properly, but they will not write the application for you!
How Funds are Administered
Most grants provide “matching funding” meaning you need to front 100% of the cost before being reimbursed a percentage once proof of payments such as paid invoices are submitted. Funding is never retroactive, meaning that purchases can never be made BEFORE being awarded the funding. Please check with the administering organization.
Have a Business Plan
Many people do not have a business plan, and this is reflected in poorly written funding applications. A business plan can help you create a long term vision and growth path for your business. It also helps you identify strengths, weaknesses, and opportunities. This is needed when making a business case in an application. Funding eligibility usually relates to business expansion plans that are outside regular operations, such as expanding into new markets or new product development that result in new employment positions. So think about your “pitch”. Also, think about how you will measure your success against your goals? Showing that you track numbers is a good idea in an application, and subsequent reporting once funding is received.
Use Data to Support your Business Case
Administering organizations LOVE to see that you track business goals with numbers. This shows accountability and ensures the organization will receive the proper reporting once you receive funding. Show data that supports the market demand, research or studies that demonstrate your business case. Show historical data on business growth and compare that against how you intend on using the funding to increase sales numbers or create jobs. Ideas, passions and dreams are nice but show the data!
What funding is available for my business sector or age?
Below is a list of funding and grant opportunities that are categorized in way that can help you start or expand your business within Prince Edward County. These government programs are administered through various organizations outside of the municipality. The CDD can help you navigate the sometimes difficult and confusing funding landscape. Feel free to give us a call to discuss your business needs.
Please contact PELA CFDC to see any programs are currently open to accepting applications.
Futurpreneur Canada Start-Up Program
If you are between the ages of 18 and 39, you could get a loan of $15,000 to start or buy a business.
To be eligible, you will need to:
- Create a business plan for a business that will employ you full time
- Work with a mentor for two years
- Own at least 51% of your business
You cannot use the funds to pay existing debts. You need to repay the loan and pay administrative fees.
If you qualify, you can also apply for an extra $30,000 through the Futurpreneur Canada-BDC Start-Up Program.
Canadian Agricultural Partnership (CAP)
(Administered Through OMAFRA)
The Canadian Agricultural Partnership (the Partnership) is the new five-year commitment by Canada’s federal, provincial and territorial governments that will support Canada’s agri-food and agri-products sectors.
Strategic initiatives including cost-share funding will support projects in the following key priority areas, with research and innovation continuing to be a focus across all programming:
- Economic development in the agri-food and agri-products sectors
- Environmental stewardship to enhance water quality and soil health
- Protection and assurance to reinforce the foundation for public trust in the sector through improved assurance systems in food safety and plant and animal health.
The Ontario Soil and Crop Improvement Association (OSCIA) administers the required workshops before you can apply for CAP.
Step one: Participate in the free workshops and resources to identify what needs are within your operation. Participants will have a chance to talk to other producers and industry specialists about new ways to reach your farm business goals. Attending a workshop is a prerequisite before applying for CAP.
#1. GreenBelt Fund: Local Food Literacy Grant Stream
Areas of Focus
There are four areas of focus, as outlined below:
- Consumer Awareness – Increase consumers’ awareness and understanding of local food products, when they are available, where to find them, and how to prepare them
- Value-chain Relationships – Encourage and strengthen value chain relationships among local food industry stakeholders to deepen understanding of the local products, how to use them, and how to promote them
- Local/Regional Agriculture System – Increase the awareness of what is required for a viable local agricultural system among municipal governments and other public agencies, and not-for-profit organizations
- Communication and Marketing – Improve farmers’ and commodity organizations’ ability to communicate the value of their products through educating retailers, wholesalers, foodservice operators’ staff, and consumers
IRAP ARP Research Grants
(Administered Through NRC)
NRC Industrial Research Assistance Program (IRAP) provides financial support to qualified small and medium-sized enterprises in Canada to help them undertake technology innovation.
In order to be considered for possible IRAP funding, the basic eligibility criteria are:
- be a small and medium-sized enterprise in Canada, incorporated and profit-oriented;
- have 500 or fewer full-time equivalent employees; and
- have the objective to grow and generate profits through development and commercialization of innovative, technology-driven new or improved products, services, or processes in Canada.
IRAP is administered through NRC. The potential client must contact an NRC ITA’s who will assist them with their projects. Prince Edward County region is administered by:
Nancy Stonelake
Industrial Technology Advisor
Phone: 613 471-1498
Email: nancy.stonelake@nrc-cnrc.gc.ca
Both the firm and the project are assessed by IRAP.
http://www.nrc-cnrc.gc.ca/eng/irap/index.html
The Youth Employment Strategy is the Government of Canada’s commitment to help young Canadians (aged 15 to 30) obtain career information, develop skills, find good jobs and stay employed. Through federal departments and agencies, among others, the Youth Employment Strategy assists employers in hiring young Canadians.
This Program provides financial assistance to innovative small and medium-sized enterprises in Canada to hire post-secondary science, engineering, technology, business and liberal arts graduates. Graduates work on innovative projects within the small and medium-sized enterprise environment and may participate in research, development and commercialization of technologies. In addition to meeting the needs of innovative small and medium-sized enterprises, this Program facilitates the transition of highly skilled young people to a rapidly changing labour market.
Pela CFDC Loans
PELA CFDC provides financing up to $250,000 for new or existing businesses in Prince Edward/Lennox and Addington Counties.
Purpose of Financing
- Start up financing for a new business
- To purchase or renovate a building
- Leasehold improvements
- Equipment purchases or upgrades
- Inventory
- Working Capital
BDC Business Loans
Whether you’re looking to expand production, purchase new equipment or access financing for a special project, we can help you move forward with the right business loan.
Canada Small Business Financing Program
The Canada Small Business Financing Program makes it easier for small business to get loans from financial institutions by sharing the risk with lenders.
Also Check out the Canada Business Network for more financing resources.
Farm Loans:
Canadian Agricultural Loans Act program
The Canadian Agricultural Loans Act (CALA) Program is a loan guarantee program designed to increase the availability of loans to farmers and agricultural co-operatives. Farmers can use these loans to establish, improve, and develop farms, while agricultural co-operatives may also access loans to process, distribute, or market the products of farming.
Technology Business Investment
First Stone Venture Partners
(Administered Through First Stone Venture Partners)
First Stone Venture Partners has over $10M to make 25 investments in new start-ups over the next three years. This start-up assistance provides financing and mentorship to early-stage technology companies and small and medium-sized enterprises from across Ontario. If interested, fill out an application at fsvp.ca. If selected, you will be asked to make ‘your pitch’ at The PEC Innovation Centre, a creative hub for startups in Prince Edward County. 613-902-5464 fsvp.ca
LaunchLab
You want to raise capital for your business. We can help you understand the right capitalization strategy. You are looking for funding, but you aren’t really sure the best way to approach it. Bootstrapping? Angel investment? Venture capital? Government? Private equity? Before you go out and try to raise funds, we can help you understand different capitalization strategies and help shape your pitch and message to potential investors. We have experts who have raised millions of dollars for companies at various stages of development. All funding is competitive, but there is funding available for good ideas at all stages of development from pre-revenue and research to prototype development to high growth global distribution. If you are looking for government funding, we will help you narrow your choices and recommend appropriate programs to your needs and stage of development.
PELA CFDC
PELA CFDC provides free business advisory services to new and existing businesses as a core element of the delivery of the Community Futures Program. This service is important to support local business development and job creation but also is a nature referral point/link to PELA CFDC’s lending activity and grant programs (EODP). Business Advisory services provided by PELA CFDC can be generally characterized into the following categories:
- Pre-business plan and/or business startup
- Launch ready business with business plan with some elements needing improvement
- Existing firm currently facing challenges and in need of advice
- Existing firm currently exploring new opportunities for growth/expansion in need of advice
- Out of area investment attraction/ business development inquiry/expression of interest
Picton Office, 280 Main St, Suite 103, Picton, ON, K0K 2T0,
Phone: 613-476-7901 ext. 200,
Toll Free: 1-877-337-2193
Sandy Abbott, Small Business Counsellor
Sandy offers one to one business coaching on a variety of issues. She is available to assist with start-up information, registration, business plan development, resource networking and loan/grant application to other agencies.
Sandy Abbott
Phone: 613 476 4240 Email: sandy@smallbusinessctr.com.
Prince Edward County Community Development Department
The Development Services Group and the Community Development Department work in concert with one another to provide investors and the public, a one-window approach to access municipal services relating to economic and community development. We can help you find a location for your business, and introduce you to the resources available through our community partners.
The Community Development Department also has a broad mandate, not only leading Community Development but working with the Community Economic Development Commission to achieve Council’s High Level Strategic Priorities.
Specifically, the Community Development Department will:
-Provide input for the Corporate Strategic Plan
-Implement a one window approach for development proposals
-Use culture & heritage assets as economic drivers
-Oversee grants and applications
-Manage County real estate sales and leasing
-Provide assistance to small businesses including business retention and expansion
Community Development Department:
Phone: 613-476-2148 ext 709
Email: CDD@pecounty.on.ca
Picton BIA
If you have an existing business in Picton, or are looking to start a business in Picton, the Picton BIA can help facilitate. Lyndsay, manager of the BIA, can help answer any questions you may have.
Lyndsay Richmond, Manager, Picton Business Improvement
Phone: 613.476.7901 ext. 211
Email: lrichmond@pecounty.on.ca
IRAP Advisory Services
The trusted advisory services and technological expertise provided by our industrial technology advisors are a fundamental component of NRC’s Industrial Research Assistance Program (IRAP).
Our industrial technology advisors (ITAs) assist clients through every aspect of the innovation process, from concept to commercialization, providing technical and business advice, referrals and other innovation services as needed. As clients focus on developing their innovative ideas, our ITAs work to assemble the unique mix of expertise, information and resources needed.
Our ITAs may also establish links with resources who can assist their clients in areas such as:
- technology and business assistance;
- literature and patent searches;
- referrals to other programs and services;
- expertise searches;
- linkages and networking to appropriate resources; and
- strategic intelligence.
IRAP Advisory Services is administered through NRC. The potential client must contact an NRC ITA’s who will assist them with their projects. Prince Edward County region is administered by:
Nancy Stonelake
Industrial Technology Advisor
Phone: 613 471-1498
Email: nancy.stonelake@nrc-cnrc.gc.ca
Launch Lab
http://www.launchlab.ca/
Launch Lab is a one-stop shop for technology based startups and growing companies. We are a team of entrepreneurs, investors, ex-CEO’s, and professional analysts who are here to help your company grow and bring innovative, technology based products to the marketplace. We support tech based companies in Eastern Ontario who are in four main industries; information technology, life sciences and healthcare, cleantech, and advanced manufacturing.
You are looking for some help, and you aren’t sure where to turn. Talk to our team of business advisors. We are here to help you, as a technology entrepreneur, understand your business, commercialize your products, and grow your business. You will be guided through a structured assessment specific to your defined needs. We work with first time entrepreneurs and serial entrepreneurs. Some companies are startups, some are well established. We help you get to the next step in your business, and overcome obstacles common to technology based organizations.
Our advice and service, offered at no charge to qualified clients, will be customized for your venture, technology, and stage of business.
To contact Launch Lab, visit:
http://www.launchlab.ca
The Eastern Ontario Economic Development Fund is a four year, $80 million fund designed to help businesses create new jobs, and invest in new technologies, equipment or skills training for workers. It will also support economic development projects that will attract or retain investment in Ontario-based industries and communities.
Who Qualifies?
Individual businesses – Your projects can qualify under the Business Stream. The criteria are:
- Your business in Eastern Ontario currently has at least 10 employees.
- The funding will be used for new business activity beyond what you are doing currently.
- The investment required to undertake the project is more than $500,000 over 5 years.
- The project will create 10 net new jobs over 5 years.
What is the benefit to your company?
Individual businesses can receive up to fifteen per cent (15%) of total eligible expenditures to a maximum grant of $1.5 million.
Also, up to 35% of total project costs may come from other public sector funding sources.
Examples of eligible items:
- new technologies
- equipment
- skills training
What is the other stream?
Economic development offices, business associations and non-government organizations (NGO’s) can apply under the Regional/Sectoral Stream.
Projects must be valued at $100,000 or more.
Fifty per cent (50%) of the project cost could be reimbursed to a maximum grant of $1.5 million.
Regional/Sectoral Stream Criteria:
- Projects must be focused on economic and business development or job creation initiatives in the community/regions and must be aligned with provincial and regional priorities.
- The project value is more than $100,000 over 5 years.
- The project has private sector support.
- The funding will be used for activities that are new or incremental to the applicant organization or any of the partners.
How do I apply?
Applications for both streams are accepted on a continuous intake basis.
You will be notified when EODF receives your complete application and within 45 days of confirmation you will know if your project has been accepted for funding.
Where can I find more information?
Eastern Ontario Development Fund website
Phone: 1-866-909-9951
Email: eodf@ontario.ca