SMALL BUSINESS GRANTS IN NEWFOUNDLAND AND LABRADOR

Grants are non-repayable funds or products disbursed by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual. In order to receive a grant, some form of “Grant Writing” often referred to as either a proposal or an application is required. Most grants are made to fund a specific project and require some level of compliance and reporting. The grant writing process involves an applicant submitting a proposal (or submission) to a potential funder, either on the applicant’s own initiative or in response to a Request for Proposal from the funder.

NEWFOUNDLAND AND LABRADOROther grants can be given to individuals, such as victims of natural disasters or individuals who seek to open a small business. Sometimes grant makers require grant seekers to have some form of tax-exempt status, be a registered nonprofit organization or a local government. For example, tiered funding for a freeway are very large grants negotiated at government policy level. However smaller grants may be provided by a government agency (e.g. municipal government). Project-related funding involving business, communities, and individuals is often arranged by application either in writing or online.

Federal financing for small businesses in Newfoundland is facilitated via a number of programs and agencies. Financing is available in the form of grants (sometimes called “non-repayable contributions”), loans, loan guarantees, income support and subsidized hiring and/or training programs. The government also provides funding for no-cost or subsidized services to small businesses, including workshops, business plan consulting, education, and federally sponsored trade missions. Financing, and federally funded or subsidized services are available both to established businesses looking to grow or expand into new markets and to entrepreneurs seeking to launch a new business.

Did you know that 17 percent of Newfoundland entrepreneurs indicate “obtain financing” as an obstacle to growth? The challenge facing most businesses is how to find and take advantage of what is out there. Most business owners receive financing through banking institutions. However, funding resources are available to small businesses from both the provincial and federal levels of government.

NEWFOUNDLAND AND LABRADOR small businessNewfoundland small business grants and other government programs and resources are increasing their penetration in Southern Ontario, since the formation of the Economic Action Plan – all to the advantage of businesses. – See more at: http://www.mentorworks.ca/what-we-offer/government-funding/#Government funding programs can help small companies tackle financing barriers so they can achieve growth and prosper. Whether the requirement is working capital, expanding the business, software or hardware investment or purchasing equipment, there are many creative ways to approach financing to solve innovation challenges.

For Start-ups and Entrepreneurs (less than 15 employees and or not incorporated for at least 3 years), find out more here.

A Leadership Grant is an award of financial assistance to a recipient in support of starting or growing a small business. Leadership Grants are not loans and do not need to be repaid. Leadership Grants are not Government grants, benefits or entitlements.

The Leadership Grants Organization is a newly registered non-profit funding organization (Registration No.: 4537467) that provides cash awards and in-kind resources to small business owners and entrepreneurs to start or grow a small business in Newfoundland.

Proceeds are allocated on a discretionary basis contingent upon the applicant demonstrating confidence, initiative, preparedness and a reasonable likelihood of future success. Grant funds allow small business operators to procure needed resources such as goods, services, equipment, inventory, advice, training and professional assistance.

Any individual that wishes to start or grow a small business in Newfoundland may benefit from a Leadership Grant.

The following Applicants may apply:

*Small Business owners that wish to grow their existing enterprise.

*Employed persons that wish to increase their income by owning a small business.

*Employed persons that wish to own a small business to gain independence from an employer.

*Unemployed persons that wish to gain income by owning a small business.

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*New, or stay at home parents that wish to increase their household income by owning a home-based business.

*New immigrants or minorities that wish to provide products or services to their respective communities.

*Students over the age of 18 that wish to start a small business to fund their education.

*Retired persons that wish to increase their income and gain independence by owning a small business.

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