This page was designed to help you both identify the best money sources for you and help you apply better and faster.
<aside> 💡 The best source of non-dilutive funding is of course customer revenues!! But sometimes startups need a little help to get funding (other than equity!) before they have customer revenues, and this is your guide to getting to the money faster and better.
*Below is our shortlist of the most interesting and most easily accessible non-dilutive funding for startups organized according to purpose— it can be your starting point ***for getting funding support. Your job is to identify the grants that you think you need and can get, and discuss with your coach and with Moe.
Tax deferral. The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.
Up to $40,000 in debt/subsidy financing if you haven't accessed federal financial assistance. Budget ~ 211 million for Quebec Act fast - Application via PME Mtl
Regional Relief and Recovery Fund
Up to $40,000 in debt financing from your primary financial institution (under Canada Emergency Business Act (CEBA), guaranteed by BDC & EDC). Contact your account manager at your financial institution or apply online. Many of our portfolio companies have been getting this debt financing! NEW CHANGES: If you are sole proprietor of a business, if your business relies on contractors or if you have a family-owned business and you pay employees through dividends, you will now qualify.
Canada Emergency Business Account: CEBA
Up to $50,000 in debt financing ****for working capital. Must demonstrate the causal link between its financial or operational issues and the COVID -19 pandemic. Rolling applications until capital is distributed
PME Mtl Aide d’urgence aux petites et moyennes entreprises (COVID-19)
$15K Grant For closing initial sales and validating initial target markets. Must have some revenue. Entrepreneurs must cover 10% of Project cost ($1,500). Deadline Summer, 2021
2020-07: (PME MTL) Fonds Accélérateurs et incubateurs universitaires
$10-$30K Grant For product development, working capital or marketing expenses. Must be combined with a loan from PME Mtl.
(PME MTL) Fonds Jeunes entreprises collectives
$5K to $30K Grant For product development, working capital or marketing expenses.
Investissement Quebec Programme Innovation: Soutien aux projets d’innovation
$20K Grant For product development, working capital or marketing expenses. Must have some revenue.
2020-02: Fondation Montréal Inc Grant
Up to $ 10,164 (75% wage subsidy) per employee for up to June 2021. Note Criteria for application changed: You can now apply if there is a 15% decrease from avg of Jan/Feb 2020 Revenues 2020 vs March 2020. UPDATE: Application opened on April 27th, UPDATE II: This Subsidy will be extended to cover till June of 2021. ****
Canada Emergency Wage Subsidy
Up to $10,164 per employee in grants. Cannot be combined with the Canada Emergency Wage Subsidy. Application open April 22, 2020 at 7 AM and closes April 29, 2020 11:59 PM. Additional 150 Mm in capital has been announced for companies that have already accessed the funding.
NRC IRAP: Innovative Assistance Program (IAP)
Up to 75% ($40K) Subsidy For hiring specific experts. To assist you in making your startup more attractive to potential investors or to improve your competitiveness. Next Deadline: Monday January 4, 2021, Rolling applications until Nov 2021
(MEI): Appui au démarrage d’entreprises – bons d’incubation
Up to 80% ($1Mm) Subsidy For R&D salaries. Must be close to commercialization. Rolling applications (funding cycle starts in January - apply early)
NRC IRAP - Technology and Innovation Projects
Up to 60% of Subsidy For R&D employee salaries. Used to lower your taxable income No later than 18 months after end of fiscal year
SR&ED: Tax Credits for Salaries and Wages
Up to 30% Tax Credits Must be used for IT employee salaries. When corporation files its income tax return with Revenu Quebec
CDAE: Tax Credits for Salaries and Wages
Up to 37.5% Tax Credits Must be used for Multimedia salaries. When corporation files its income tax return with Revenu Quebec
(IQ) Production of Multimedia Titles