Business grants can be a good option to consider for some small businesses.
But when you’re thinking about taking one, there are some considerations you should make.
Read moreBusiness grants are grants that go towards specific business-related needs.
The funds are usually offered to businesses who have been awarded one by the Canada Revenue Agency (CRA).
Businesses may apply for grants from the CRA through the Business Grant Appeal Program, or by calling 1-800-829-2866.
They can also apply online through the CRA’s website.
Business grants generally provide a small percentage of the funds for specific projects or activities, like training or equipment purchase.
The CRA also offers grants to help small businesses meet the needs of their customers and employees.
A business grant may be awarded if the company meets all of the following requirements:The CRA says that the grants should be available for at least three years from the start of the business’s business activities.
A business grant cannot be given in a later year.
The grant is a lump sum of $1,000.
The grant must be paid out in full within 90 days of the grant award.
The business must have at least 100 employees at the time the grant is granted.
For more information on business grants, visit:CRA website (Canada).