Virtually every business owner wants to see their business grow, but even if your enterprise is doing well, it may prove challenging to find the necessary capital to move forward with your plans. Fortunately, there are funding opportunities that may provide you with the means of expanding your team and operations.
Here are some of the best bc grants for small business that may prove helpful in growing your business:
List of BC Grants For Small Business in 2022
Digital Skills For Youth (DS4Y)
The Digital Skills for Youth program, also known as DS4Y, is part of the Canadian government’s Youth Employment Strategy and serves to connect post-secondary graduates with small businesses and not-for-profit organizations. The program aligns with the Innovation and Skills Plan, which is designed to create employment opportunities for youth and help them develop the digital skills they will need to advance in an ever-evolving digital economy. As they gain experience, they will be able to focus more on their long-term career goals.
Each internship has maximum funding of $30,000, providing 100% of wages, mandatory employment-related costs such as vacation pay, Employment Insurance, Canadian Pension Plan, and Workers’ Compensation. This funding also includes a bursary of up to $4,000 for upskilling.
Project Learning Tree Canada
Project Learning Tree Canada offers a grant that matches 50% or 80% of wages for businesses anywhere in Canada, to a maximum of $32,000. Its goal is to promote environmental education while growing a diverse Green Jobs workforce. The grant applies to employers who hire youth between the ages of 15 and 30 for green jobs which support nature-based solutions.
Innovator Skills Initiative
This grant provides up to $10,000 to employers to assist with hiring a business or tech student as a new employee. It is designed to help underrepresented groups obtain their first job in British Columbia’s tech sector and is helpful for businesses seeking to expand or those experiencing a skills shortage.
BIO Talent—Science Horizons Youth Internship Program
If you are seeking out a recent STEM graduate for a full-time internship, this wage subsidy will help by offering 80%, to a maximum of $25,000, for Canadian businesses. The program assists youth in acquiring experience in fields linked to the green economy. Additionally, the employer may be eligible for as much as $5,000 in training, skill development, and wrap-around services.
ICTC WIL Digital Work Integrated Learning Program
The Work Integrated Learning Program assists business owners in growing their businesses by providing them with the financial support they may need to hire post-secondary students. It is funded by the Canadian Government’s Student Work Placement Program (SWPP) and offers the employer up to 50% of the student’s salary, with a maximum of $5,000. For students falling into an underrepresented category, such as women in STEM or indigenous students, it covers up to 75% or a maximum of $7,500. The position for which the student is hired must include a digital or technological component.
Digital Lift—Tech Internships
This is a grant which allows individuals to participate in paid, four-month virtual internships at technology companies across British Columbia. Preference is given to women, rural youth, indigenous peoples, and transitioning workers.
Canadian Film or Video Production Tax Credit
A tax credit is an amount that can be subtracted from taxes owed, reducing the amount to be paid on taxable income. They are a great way to grow a small business by using governmental refunds. The Canadian Film or Video Production Tax Credit is available to Canadian film or video production businesses. If your business is eligible, you could receive a 25% refundable tax credit or hiring and labour expenditures, with no limit on the amount of credit that each production may receive.
The Experience Matters!
This grant is usable by B.C. businesses for paid work experience, employment counselling, job entry skills, certificate training, mentoring, and post-job placement support, up to $2,800.
Each of these programs can be an excellent way for your small business to expand your business. You benefit from not only financial assistance but also from eager workers desiring to prove themselves and make a worthwhile contribution to your business.
Some, like the Digital Skills For Youth program, are focused on helping students gain valuable work-related experience that will help them in all of their future career pursuits. GrantFinders are experts in assisting businesses to apply for the DS4Y program and others like it.
For more information on grants that can help your business or assistance in applying, contact us today!