Business & Policy
Agricultural innovation, technology loans available
June 4, 2013, Cambridge, ON - Since the release of Growing Forward 2, Mentor Works has helped Canadian agriculture and agri-food businesses select and access small business grants and loans programs that fit their unique set of challenges and growth opportunities. Projects that received funding have brought forth more efficient processes and strengthened competitive advantages, helping companies achieve greater success domestically and internationally.
Top small business grants and loans for Canadian agricultural and agri-food businesses:
1. Agri-Processing Initiative Small Business Loans: Technology Adoption Projects
The Agri-Processing Initiative (API) was designed to help food processing companies become more competitive through the adoption of new technology. This interest-free, unsecured government business loans program offers up to $2M per project and can be used for costs such as equipment, training, installation, and environmental assessments and is available until March 31, 2014.
2. AgriInnovation Program - Enabling Commercialization and Adoption Stream: Commercialization Projects Only Until April 2014
The AgriInnovation Program (AIP) Enabling Commercialization and Adoption Stream offers repayable loans of up to $10 million at 0% interest. AIP small business loans cover a variety of expenditures helping to improve a firm's productivity and innovation. AgriProcessing will cover technology adoption programs until March 31, 2014. Consequently, the AgriInnovation Program's Enabling Commercialization and Adoption Stream will support pre-commercialization product demonstration and commercialization projects until API's funding is depleted, at which point, AIP will accept adoption projects as well.
3. AgriInnovation Program - Industry-Led Research and Development Stream: Industry-Wide Growth & Improvement Projects
The AgriInnovation Program also offers opportunities for industry-wide improvement initiatives and collaborative R&D, aimed at evolving the agricultural industry and Canadian landscape. The program's Industry-led Research and Development Stream provides funding through Canadian small business grants through two separate categories: the Agri-Science Cluster offers contributions of up to $20M while the Agri-Science Project stream provides up to $5M in business funding grants support for smaller projects.
4. Graduate Enterprise Internships (GEI): R&D Hiring Grants
Companies looking to bolster their project talent through the hiring of recent graduates, should consider the Graduate Enterprise Internship (GEI)/iSTEM, a 50% wage subsidy for a 6-month internship within Ontario. Grant funding is available for all incorporated businesses, up to $10K for Bachelor's graduates hired and $15K for Master's/PhD graduates.
Contact a Canadian Government Funding Expert for more information about how we can help your business select and access Canadian small business grants and loans programs, or visit us at www.mentorworks.ca.