Last month, the federal government has introduced a new funding program that aims to incentivize small and medium-sized Canadian enterprises to diversify their export markets and increase competitiveness on a global scale. This new five-year program, aptly named CanExport, promises to offer up to $50M in financing to Canadian SMEs to expand their business opportunities abroad, especially in high-growth economies.
This program will provide $10,000 to $100,000 in matching non-repayable contributions annually to help eligible SMEs undertake development activities in a new export market. In addition, the government funding will not exceed 50% of the total eligible project costs, which is fairly standard for federal grant programs.
To be eligible for this new funding initiative, companies must satisfy the following criteria:
- Number of full-time employees: 0-500
- Revenues : $100,000-$100M
- For-profit corporation
- Industry: All except Agriculture, Food and Alcohol related sectors
- Must target a country in which you have not done business in for the past 24 months
- Certain regions within Brazil, India, and China will be treated as separate markets.
Moreover, claimants must be conducting specific activities that aim to promote business development in a global setting and that must not be part of their core operational business activities.
- Business Travel
- Trade fair participation
- Market research and marketing tools
- Legal fees for international distribution and representation
How R&D Partners Can Help
If you have any further questions or comments about this new funding program, please do not hesitate to contact Sahar Ansary at R&D Partners at 1-800-500-7733 for assistance.