Deadline: 6-Nov-22
Do you want to start your own business or get help to grow your existing business? Be your own boss? If you’ve got a great idea for starting a new business or have a great business running and need assistance to grow it, you should consider applying to the Starter Company Plus Program.
Starter Company Plus is a great opportunity for enterprising people aged over 18 who want to start, grow or buy a small business. The program provides hands-on business training, as well as mentoring from local business leaders who will help make your Starter Company Plus a reality.
The duration of the program is a minimum of 4 months in which you will receive:
- Assistance with developing your business plan
- Seminars, workshops and training on all aspects of running a small business
- Ongoing support for running your business
- Coaching and mentoring
- Networking opportunities
- A opportunity to compete for a grant of up to $5000 to run your business
What type of business can I start?
- Almost any type of business is eligible, as long as it is:
- A sole proprietorship or a corporation where the applicant will be the majority shareholder
- A partnership
- An independent business venture
- Social enterprise
- Fits the Canada Revenue Agency definition of being self-employed
- Operates at arm’s length from family business ventures
- Operates in Ontario
- Operates full-time as defined in the business plan
- Maintains its own books and records
- Maintains a separate business bank account
- Follows government rules and regulations for operating a business
- Businesses not eligible for Starter Company Plus include:
- Distributorships
- Incorporated businesses that are controlled directly or indirectly by a person who would not be eligible for a Starter Company Plus Award
- Commissioned sales
- Not-for-profit or charitable enterprises
- Multi-level marketing ventures
- Single events such as a theatrical production, a DJ gig, a music concert, a dance/party event, a fundraiser, a sporting tournament, etc.
- Businesses that are strictly pay per click
Funding Information
- If your application is approved, you will be eligible to receive up to $5000 in funding, provided that you can match the funding with a 25% contribution.
- The matching contribution may include cash or in-kind assets, assessed at fair market value, such as equipment or machinery required to run the business.
Eligibility Criteria
- You are eligible for Starter Company Plus if you are:
- Over 18 years of age as of program intake date;
- Proposing a new company, expansion of an existing company that is less than two years in operation or buying an existing business;
- Not a full time student and not returning to school full time;
- A resident of Ontario;
- A Canadian citizen or a permanent resident;
- Prepared to complete the business training components of the Starter Company Plus Program as prescribed by your Small Business Enterprise Centre Program Provider;
- Prepared to commit to a minimum average of 35 hours a week running the business;
- Can demonstrate 25% matching funds in cash or in-kind assets
- Demonstrate a viable and sales ready business plan at the time of funding;
- Prepared to attend monthly meetings for at least three months after funding;
- Have not received a Starter Company Plus grant in the past; and
- Not currently enrolled in the Self Employment Benefits (SEB) Program.
For more information, visit https://niagarafalls.ca/business/small-business/starter-company-plus.aspx