Canadian Government Grants Update: CME SMART Prosperity Now Program Expected to Close Soon
Launched this previous summer, the CME SMART Prosperity Now Program is still accepting applications but expected to stop by March 31, 2013. These small business funding grants are for manufacturers with an export focus on commercializing new technologies, investing in sustainable and green technology, entering new domestic and foreign markets, and purchasing new or upgraded equipment to improve operational efficiency.
Who is Eligible for these government grants for small business?
Firms eligible for Canadian government funding will have been incorporated for 2 years, have a minimum of 15 employees (up to a maximum of 1000 employees), and have a manufacturing operation in Ontario. It is also worth noting that it is not necessary to be a member of Canadian Manufacturers & Exporters (CME) to be eligible for small business grants. Companies predominantly engaged in trading, exporting, or distribution are not eligible.
Additional Business Grants Ontario Details:
- Amount: Projects selected for government funding for business will receive 33.3% of eligible project costs, up to a maximum of $75,000.
- Funding for small business is only available for one project per corporation.
- Time line: The application window is open now until March 31, 2013 or until all $18.9M of funding is allocated. Project must be completed by September 30, 2013.
- SMART will only consider granting Canadian government funding to applicants whose projects did NOT start before October 31st, 2011 and have less than 50% incurred costs at date of application submission.
- Companies previously supported through this program are eligible, however, cumulative program funding between previous SMART programs and new Prosperity Now cannot exceed $100,000
Ontario Business Grants Eligible Costs
This Canadian government grants can go towards the following costs:
- External prototyping
- Patent searches/filing
- Capital investments that will support the export market
- External quality testing
- Certifications for facility
Additionally, this government funding for business can go towards the following marketing project costs:
- External website development for new export markets
- External consultant studies related to an export market (market feasibility studies, marketing plans, focus groups, test marketing)
- Trades show specific advertising
- Trade show registration
Further Business Funding Grants Support
Those interested in business grants Ontario opportunities should contact a Mentor Works Canadian Government Funding Expert. For current updates on the type of government funding mechanisms available to your business, please sign up for a Free 60 Minute Workshop on Government Funding. Also, please sign up for our Government Funding Weekly E-Newsletter for up to date information on federal and provincial government funding programs.