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As a small business owner or an entrepreneur looking to start a business in Newfoundland and Labrador, it’s vital to be aware of the various small business grants available through the government.

This is a comprehensive guide to understanding all the available government grants for small businesses in Newfoundland and Labrador.

Small business grants in this region are specific, well-categorized, and organized, making it easier to find and successfully apply for the right business grant. It’s important to know how to access information about these grants, how to use the funds effectively, the amounts you can receive, and the application process.

Currently available small business grants in Newfoundland and Labrador include options such as environmental grants, agricultural grants, economic growth grants, technology advancement grants, arts industry grants, as well as grants for disabled entrepreneurs and women-owned businesses.

Recieve the 2024 Newfoundland and Labrador Grants Guide

Newfoundland and Labrador Small Business Grants

The Newfoundland and Labrador government offers a variety of small business grant programs.

These grants typically come from local funding agencies focused on economic growth within the province. However, many options are also available from the provincial government and the federal government of Canada, broadening the scope of available business grant options.

Types of small business grants available include:

  • One-time and renewable business grants
  • Partial contribution grants
  • Non-repayable government grants

Explore our guide to learn more about these three types of government grants and how your small business in Newfoundland and Labrador may be eligible to apply.

In addition to small business grants, other government funding options available for business owners in Newfoundland and Labrador include government loans, tax breaks, and tax credits.

Understand the differences between government grants and loans.

One-Time and Renewable Business Grants

These grants are provided to cover various startup or expansion expenses. The cost of starting a small business in Newfoundland and Labrador can be significant, and securing additional funding is often essential.

One-time business grants are essentially free money provided by government agencies to cover specific business expenses in a lump sum. These expenses often include startup costs, renovations, and long-term purchases. Renewable business grants help fund ongoing costs such as training, wage support, and other repeated expenses.

Partial Contribution Government Grants

Partial contribution grants are similar to non-repayable grants but require the business owner to also contribute financially. This is like a funding partnership where the government may cover a portion of the funding needs, and the business owner provides the rest.

Non-Repayable Government Grants

Non-repayable government grants are particularly beneficial as they do not require repayment. These grants are allocated for specific business needs and are based on eligibility. Misuse of funds can result in the government asking for repayment.

Access all available government grants in Newfoundland and Labrador and across Canada through the Funding Database, where you can see all grants, government loans, and tax breaks.

Applying for Small Business Grants

Effective application for a small business grant from the Newfoundland and Labrador government or the federal government of Canada requires:

  • A comprehensive business plan
  • Detailed financial projections
  • A PitchDeck presentation
  • Knowledge of relevant funding programs

Creating a perfect business plan is the first step. This plan should detail your business model, growth strategy, marketing plans, and specific funding needs.

Financial projections, including a 3-year plan with balance sheets, cash flow statements, and profit/loss statements, are crucial for demonstrating your business’s potential.

A PitchDeck presentation, while not mandatory, can effectively summarize your business model to funding agencies or investors.

Knowing which funding programs to apply to can be challenging. Newfoundland and Labrador offer over 1,500 different funding programs. The Funding Database helps you review all options to find the best fit for your business.

For assistance with finding small business grants in Newfoundland and Labrador, contact our funding experts at 1-800-288-9691.

Determine how much funding you need based on your business plan. Look at your startup or expansion costs and identify the funds you can’t cover independently.

There are funds available in various industries, including mining, agriculture, energy, manufacturing, biotechnology, creative services, professional services, consumer products, recreation, tourism, and IT and telecom.

Small business grants can cover costs like hiring, training, equipment purchases, improving cash flow, marketing, and more.

To find out if you are eligible for a government grant program in Newfoundland and Labrador and what you may qualify for, download our free grants guide.

Need funding for your small business?

    Get Your 2024 Newfoundland and Labrador Grants Guide

    This guide will help you navigate the process of determining your eligibility for government grants and what you may be eligible for.

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