thriveFORWARD
Highlights
This program is designed for businesses like yours to accelerate growth and innovation. By participating, you can receive non-repayable performance-based funding. For startups, this means up to $25,000 in matching funds for private investments. For SMEs, you can get up to $100,000 reimbursed for eligible project costs.
Key Benefits:
- Future-proof your business by investing in advanced technologies.
- Build resilience and prepare for long-term growth.
- Enhance competitiveness and create jobs in Southern Ontario.
The funding is easier to qualify for than many other programs, and the application process is straightforward. Approval can significantly boost your business by providing the capital needed to innovate and grow.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable grant, meaning you do not need to pay back the funds received.
Eligible Expenses:
- Expertise: Costs related to hiring or contracting expert services.
- Capital: Investments in physical assets such as equipment and technology.
- Non-Capital: Operational costs directly related to the project activities.
Ineligible Expenses:
- Regular maintenance and ongoing operational costs.
- Costs incurred before the eligibility date or after December 31, 2023.
- Purchase of land, buildings, or vehicles.
- Refinancing existing debts.
- Costs of intangible assets like goodwill.
- Depreciation or amortization expenses.
- Interest on invested capital, bonds, debentures, or mortgages.
- Fines, penalties, and litigation costs.
- Wages and fees for administrators or board members.
- Hospitality, entertainment, and individual membership fees in professional bodies.
- Lobbyist fees.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a registered for-profit incorporated business, partnership, or cooperative.
- Must be located in southern Ontario.
Must be either a startup or an SME.
For Startups:
- Must be an early-stage technology-driven company.
- Must be formed on or after January 1, 2020.
- Must be at the pre-revenue/prototype stage to early commercialization stage.
For SMEs:
- Must have fewer than 500 full-time equivalent (FTE) employees.
- Must have $100,000 to $100 million in annual revenue declared in Canada during its last complete tax reporting year (or during the last 12 months for monthly and quarterly filers).
Disqualifications:
- Businesses not located in southern Ontario.
- Startups formed before January 1, 2020.
- SMEs with 500 or more full-time equivalent (FTE) employees.
- SMEs with annual revenue less than $100,000 or more than $100 million.
Description
This program offers your business a chance to receive funding to support innovation and growth. You can get up to $25,000 in non-repayable funds if you are a startup, or up to $100,000 if you are a small or medium-sized enterprise (SME).
For startups:
- You can use the funds to commercialize new innovations or adopt advanced technologies.
- The funding is performance-based and released upon achieving key milestones.
For SMEs:
- You can receive 50% reimbursement of eligible costs related to innovation projects, up to $100,000.
- This includes investments in talent, technology, and other project activities that drive growth and competitiveness.
Key benefits:
- Non-repayable funding: You don't have to pay back the money, making it a great opportunity to invest in your business without financial strain.
- Support for innovation: The funds can be used for adopting new technologies, enhancing operations, and preparing for long-term growth.
- Focus on critical sectors: The program prioritizes projects in sectors like clean technology, digital adoption, and other strategic areas.
This program is designed to help your business future-proof itself, build resilience, and create jobs, all while contributing to a green and inclusive economy.
Program Steps
Create an Account: Visit the program's website and create an account to access the application portal.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business information (articles, registrations, business number, and other key documentation)
- Financial information (historical financial statements for the last 2 fiscal years and the most recent interim financial statement—YTD Profit & Loss and Consolidated Balance Sheet)
- Project summary and rationale
- Key personnel details
- Any other documentation or substantiation you may wish to include (project proposal, company backgrounder, pitch deck, business plan, links to websites and social media)
- List of any government funding currently received or anticipated
- Additional relevant business documentation as required
Complete the Online Application: Log in to your account and fill out the full online application form. Ensure all sections are completed accurately.
Submit Proof of Private Investment (Startups Only): If you are a startup, provide proof of non-government-sourced private investment of at least $25,000. This includes:
- Copy of associated term sheet(s)
- Copy of your bank statement showing the deposit of the private investment proceeds
Review and Submit Application: Double-check all the information and documentation for accuracy and completeness. Submit your application through the appropriate portal.
Await Review and Decision: Your application will be reviewed by the program administrators. Funding decisions are typically made within 30 days from submission of a complete application.
Respond to Additional Requests: Be prepared to provide any additional information or documentation if requested by the review team.
Receive Notification: You will be notified in writing of the funding decision (Approve, Decline, or On Hold).
Finalize Agreement: If approved, discuss and finalize the terms of the funding agreement, including any conditions or requirements.
Funding Disbursement: Once the agreement is finalized, the funds will be disbursed according to the agreed terms, allowing you to proceed with your project.