The CanExport SMEs funding program provides Canadian government grants to support Canadian businesses seeking to develop new export opportunities and markets, particularly high-growth priority markets and sectors, by covering a portion of eligible sales and marketing activities.
As businesses contemplate expansion, the federal government remains steadfast in its commitment to facilitating their growth by optimizing funding opportunities.
In the fiscal year 2021-22, the CanExport SMEs program allocated nearly $30 million to support 1134 export projects across the expanse of Canada.
In this detailed exploration, we delve into the intricate criteria determining business eligibility for the CanExport SMEs program and provide insights into upcoming program details.
Funding Snapshot: CanExport SMEs Program
The CanExport SMEs funding initiative extends Canadian government grants to bolster businesses in their pursuit of cultivating new export prospects and entering diverse markets.
Funding Amount
Successful applicants can access up to 50% to a maximum of $50K per application.
Eligible Applicants
To be eligible for the CanExport program, Canadian businesses must:
- Maintain 1 to <500 full-time employees;
- Earn annual revenues ranging from $100K to $100M;
- Be federally incorporated federally or classified as a limited liability partnership (LLP);
- Create eligible project expenses of $20K to $100K; and
- Be financially stable and able to pay all project expenses not covered by the program.
Eligible Activities
To access CanExport funding for upcoming international expansion initiatives, ensure the project revolves around:
- Attending Virtual Trade Shows: Event fees and other associated networking functions;
- Adapting Marketing Tools and SEO: Third-party design, translation, and printing of marketing collateral;
- Applying for IP/Product Certifications: Intellectual property, certification, and adaptation of contracts;
- Gathering Market Research: Third-party market research and custom studies or reports; and
- Engaging Expert Advice: Third-party advice on digital and e-commerce marketing, intellectual property, trademarks, patents, certifications, consulting services, and sales agents.
Projects Ineligible for CanExport SMEs Export Marketing Grants
Alternately, some of the project activities not eligible to receive CanExport small business grants include:
- Activities in a foreign country where more than 10% or $100,000 of total sales has been generated in the last 24 months;
- Ongoing or operational activities not associated with market expansion;
- Language training and other educational services; and
- Promoting Canadian investment or seeking economic immigrants.
Program Deadline
CanExport SMEs has officially resumed its intake, accepting applications no later than May 31, 2024 for projects beginning on or after April 1, 2024.
Apply for Business Expansion Funding Programs
As we delve into the CanExport SMEs program and its pivotal role in supporting businesses as they enter international markets, it’s essential to recognize the competitive advantage this initiative provides. In a landscape where breaking into global markets is paramount, the CanExport SMEs emerges as a beacon for companies aiming to establish a strong presence in international markets.
CanExport SMEs is renowned within the export-focused business sphere, and we urge potential applicants to connect with us promptly to navigate the intricacies of the program and prepare for the urgent May 31, 2024 deadline. Given the competitiveness of this program, swift and strategic action is crucial, underscoring the significance of precise timing and meticulous planning for a successful application.
If your business is not eligible for the CanExport SMEs, you might find an appropriate grant match by exploring our Business Expansion Funding Directory. You can also stay ahead in the landscape of automotive funding by joining our newsletter.
With our historic 86% approval rate and an average of 95% time savings, we can help your business achieve its maximum funding potential.