Lesser-known sources of funding

June 23, 2014 - Tags: Financing

You have probably heard a lot about the most common types of funding available to small businesses, like grants and loans. But you may be interested in some of the lesser-known types of financing, like tax refunds and credits or wage subsidies, which can help with your cash flow.

Tax refunds and credits

Tax refunds and credits serve to reduce the amount of tax that you have to pay, or act as reimbursement for some of your spending.  Refunds and credits are offered for many types of businesses and business activities, from conducting research to hiring a student. In some cases, you can even offer a personal income tax credit to others who invest in your business. 

Wage subsidies

Wage subsidies help you hire new employees or improve the salaries of current employees. You can sometimes get assistance for undertaking specific types of projects or for employing individuals who fall under a certain category (students, apprentices, recent graduates, and people with disabilities, for example).

Search for funding

You can look for the above-mentioned types of assistance, along with the more common types of funding, by using our financing search tool. The tool allows you to filter by region and by industry. For example, this means you can get a complete list of the federal and provincial/territorial funding options available for a restaurant in Calgary, or a software company in Ontario.

The search tool also allows you to select a purpose of financing if you wish, indicating what it is that you are hoping to use the money for. For example:

  • Start a business
  • Hire or train employees
  • Export products or services
  • Get a patent or a licence, or apply a new technology

Be sure to plan ahead so that you give yourself enough time to sort through all the information provided, and to meet any application deadlines. Keep in mind that you must meet all of the program's eligibility criteria to be considered for funding. If you take the time to investigate, you may be surprised at the opportunities that are available to you.

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