Funding Guide
A Guide to Funding for Entrepreneurs in Newfoundland & Labrador
A Guide to Funding for Entrepreneurs in Newfoundland & Labrador
Welcome to Atlantic Startup, your go-to resource for navigating the exhilarating yet challenging world of entrepreneurship!
Welcome to Atlantic Startup, your go-to resource for navigating the exhilarating yet challenging world of entrepreneurship!
Here is our latest guide to business funding available to entrepreneurs based on Newfoundland and Labrador. Whether you're on the verge of launching a new business, embarking on an exciting project, or seeking investment opportunities, our curated advice will serve as your guiding light, providing the necessary guidance and inspiration to help you thrive in your entrepreneurial journey.
Here is our latest guide to business funding available to entrepreneurs based on Newfoundland and Labrador. Whether you're on the verge of launching a new business, embarking on an exciting project, or seeking investment opportunities, our curated advice will serve as your guiding light, providing the necessary guidance and inspiration to help you thrive in your entrepreneurial journey.
Starting a business is both challenging and rewarding, but one of the first major obstacles entrepreneurs face is securing capital. Fortunately, there are several funding programs available to support new ventures in Atlantic Canada, providing crucial financial assistance to help businesses get off the ground. This article explores key funding programs offered by the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), the Newfoundland and Labrador Department of Industry, Energy, and Technology (IET), and the Community Business Development Corporations (CBDCs).
Starting a business is both challenging and rewarding, but one of the first major obstacles entrepreneurs face is securing capital. Fortunately, there are several funding programs available to support new ventures in Atlantic Canada, providing crucial financial assistance to help businesses get off the ground. This article explores key funding programs offered by the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), the Newfoundland and Labrador Department of Industry, Energy, and Technology (IET), and the Community Business Development Corporations (CBDCs).
Atlantic Startup: Your Partner in Success
Atlantic Startup: Your Partner in Success
Atlantic Startup, a division of EnTec Consulting, specializes in helping entrepreneurs navigate the complex funding landscape. Our team has extensive knowledge of eligibility criteria and application processes for various funding programs and we can assist with drafting compelling proposals that increase approval chances. Additionally, Atlantic Startup offers comprehensive business development services, including business plans, marketing plans, technical writing, and workshops. These services can often be funded through the very programs discussed here, making it easier for entrepreneurs to invest in strategic business planning.
Atlantic Startup, a division of EnTec Consulting, specializes in helping entrepreneurs navigate the complex funding landscape. Our team has extensive knowledge of eligibility criteria and application processes for various funding programs and we can assist with drafting compelling proposals that increase approval chances. Additionally, Atlantic Startup offers comprehensive business development services, including business plans, marketing plans, technical writing, and workshops. These services can often be funded through the very programs discussed here, making it easier for entrepreneurs to invest in strategic business planning.
Government of Newfoundland and Labrador: IET Business Growth Program
Government of Newfoundland and Labrador: IET Business Growth Program
The Newfoundland and Labrador Department of Industry, Energy, and Technology (IET) offers the Business Growth Program (BGP) to support businesses within the province. The BGP provides non-repayable contributions for businesses looking to start, innovate, scale, or increase sales. With funding covering up to 50% of eligible project costs (up to $200,000 per project over 24 months), this program helps growth-focused businesses, including sole proprietors, partnerships, and corporations, bring new ideas to life. Eligible activities include research and development, productivity improvement, knowledge acquisition, and expansion into international markets. For R&D projects, the program offers higher funding of up to $750,000, supporting advanced innovation efforts within Newfoundland and Labrador.
The Newfoundland and Labrador Department of Industry, Energy, and Technology (IET) offers the Business Growth Program (BGP) to support businesses within the province. The BGP provides non-repayable contributions for businesses looking to start, innovate, scale, or increase sales. With funding covering up to 50% of eligible project costs (up to $200,000 per project over 24 months), this program helps growth-focused businesses, including sole proprietors, partnerships, and corporations, bring new ideas to life. Eligible activities include research and development, productivity improvement, knowledge acquisition, and expansion into international markets. For R&D projects, the program offers higher funding of up to $750,000, supporting advanced innovation efforts within Newfoundland and Labrador.
CBDC Consultant Advisory Services (CAS) Program
CBDC Consultant Advisory Services (CAS) Program
Community Business Development Corporations (CBDCs) are non-profit organizations that support small and medium enterprises (SMEs) in rural Atlantic Canada. One of their key offerings, the Consultant Advisory Services (CAS) Program, provides non-repayable funding to help SMEs access technical and financial assistance. Through CAS, businesses can receive up to 75% of consulting costs, with a maximum contribution of $5,000. Eligible activities range from operational assessments and capital access to market readiness evaluations and business planning. This program is an excellent resource for rural businesses looking to improve operations and prepare for growth.
Community Business Development Corporations (CBDCs) are non-profit organizations that support small and medium enterprises (SMEs) in rural Atlantic Canada. One of their key offerings, the Consultant Advisory Services (CAS) Program, provides non-repayable funding to help SMEs access technical and financial assistance. Through CAS, businesses can receive up to 75% of consulting costs, with a maximum contribution of $5,000. Eligible activities range from operational assessments and capital access to market readiness evaluations and business planning. This program is an excellent resource for rural businesses looking to improve operations and prepare for growth.
Ineligible applicants for the CAS Program include businesses in the real estate and retail/wholesale industries, services of a personal or social nature (such as salons or daycare centers), government departments and agencies, consultants seeking to assess their own services, and organizations with mandates considered unsuitable for government funding.
Ineligible applicants for the CAS Program include businesses in the real estate and retail/wholesale industries, services of a personal or social nature (such as salons or daycare centers), government departments and agencies, consultants seeking to assess their own services, and organizations with mandates considered unsuitable for government funding.
National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)
National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)
The NRC IRAP is a federal program focused on supporting innovation in Canadian businesses. Although specific details can vary, NRC IRAP generally provides financial assistance, technical advice, and networking opportunities to help companies advance their R&D initiatives. This support can be invaluable for businesses involved in technology development, offering guidance on commercialization and connections to potential partners and investors. For more detailed eligibility criteria and funding information, the NRC IRAP website is a helpful resource.
The NRC IRAP is a federal program focused on supporting innovation in Canadian businesses. Although specific details can vary, NRC IRAP generally provides financial assistance, technical advice, and networking opportunities to help companies advance their R&D initiatives. This support can be invaluable for businesses involved in technology development, offering guidance on commercialization and connections to potential partners and investors. For more detailed eligibility criteria and funding information, the NRC IRAP website is a helpful resource.
Atlantic Canada Opportunities Agency (ACOA)
Atlantic Canada Opportunities Agency (ACOA)
The Atlantic Canada Opportunities Agency (ACOA) supports economic growth in Atlantic Canada through various funding options, including non-repayable contributions, repayable loans, and equity investments. ACOA’s programs are available to businesses of all sizes and stages, covering activities such as business planning, marketing, research and development, and export development. By reviewing the specific guidelines of each ACOA program, entrepreneurs can find suitable funding avenues tailored to their unique business goals.
The Atlantic Canada Opportunities Agency (ACOA) supports economic growth in Atlantic Canada through various funding options, including non-repayable contributions, repayable loans, and equity investments. ACOA’s programs are available to businesses of all sizes and stages, covering activities such as business planning, marketing, research and development, and export development. By reviewing the specific guidelines of each ACOA program, entrepreneurs can find suitable funding avenues tailored to their unique business goals.
Strategic Growth Sectors in Newfoundland and Labrador
Strategic Growth Sectors in Newfoundland and Labrador
The Government of Newfoundland and Labrador is committed to supporting key sectors with significant potential for economic growth and diversification. These sectors include mining, forestry, oil and gas, tourism, agriculture, aquaculture, and technology. Each of these sectors presents unique opportunities for entrepreneurs seeking funding and support, whether in mineral exploration, sustainable forest management, food production, or technology innovation. Understanding these growth sectors can help entrepreneurs align their business ventures with provincial priorities, making it easier to access funding and resources.
The Government of Newfoundland and Labrador is committed to supporting key sectors with significant potential for economic growth and diversification. These sectors include mining, forestry, oil and gas, tourism, agriculture, aquaculture, and technology. Each of these sectors presents unique opportunities for entrepreneurs seeking funding and support, whether in mineral exploration, sustainable forest management, food production, or technology innovation. Understanding these growth sectors can help entrepreneurs align their business ventures with provincial priorities, making it easier to access funding and resources.
By familiarizing themselves with available funding programs and understanding the strategic growth sectors, entrepreneurs in Atlantic Canada can make informed decisions about leveraging resources to successfully launch and expand their businesses.
By familiarizing themselves with available funding programs and understanding the strategic growth sectors, entrepreneurs in Atlantic Canada can make informed decisions about leveraging resources to successfully launch and expand their businesses.
Navigating funding options can feel overwhelming. Atlantic Startup is here to simplify the process and help you get the support you need to grow. Reach out to us to learn more about the funding programs and business support available in Atlantic Canada.
Navigating funding options can feel overwhelming. Atlantic Startup is here to simplify the process and help you get the support you need to grow. Reach out to us to learn more about the funding programs and business support available in Atlantic Canada.
Feel free to reach out to us! We would love to hear from you.
🗓️ Book a Free Appointment with our Business Advisor for personalized guidance on available funding options.
🗓️ Book a Free Appointment with our Business Advisor for personalized guidance on available funding options.
Committing to your Business for the Long Term
Committing to your Business for the Long Term
As you embark on your startup journey, keep in mind these invaluable funding programs available to you. With the combined wisdom of Atlantic Startup and other local support organizations, there are no limits to what you can accomplish. Your entrepreneurial destiny awaits, so embrace the journey and set forth with unwavering determination towards unparalleled success. Remember, every step you take brings you closer to realizing your entrepreneurial dreams.
As you embark on your startup journey, keep in mind these invaluable funding programs available to you. With the combined wisdom of Atlantic Startup and other local support organizations, there are no limits to what you can accomplish. Your entrepreneurial destiny awaits, so embrace the journey and set forth with unwavering determination towards unparalleled success. Remember, every step you take brings you closer to realizing your entrepreneurial dreams.