As a small business owner or an entrepreneur looking to start a business in New Brunswick, you must be aware of the various New Brunswick small business grants available through the government.
This is a comprehensive guide to understanding all the available government grants for your small business in New Brunswick.
Small business grants in New Brunswick are specific, categorized, and well organized, ensuring that entrepreneurs can find and successfully apply for the right business grant. It’s crucial to know where to find information about these grants, how to utilize the funds effectively, the amounts available, and the application process.
The New Brunswick small business grants currently include options such as environmental grants, agricultural grants, economic growth grants, technology advancement grants, as well as grants for the arts industry, disabled entrepreneurs, and women-owned business grant options.
Download the 2024 New Brunswick Grants Guide
New Brunswick Small Business Grants
The New Brunswick government offers various small business grant programs.
These government grants typically come from local funding agencies focused on the economic development of New Brunswick, but many options are also available from the provincial government and the federal government of Canada, broadening the spectrum of potentially beneficial business grant options.
There are different types of small business grants available:
- One-time and renewable business grants
- Partial contribution grants
- Non-repayable government grants
Read this guide to learn more about the three different types of government grants your small business in New Brunswick may be eligible to apply for.
In addition to small business grants, other government funding options available to business owners in New Brunswick include government loans, tax breaks, and tax credits.
Learn the differences between government grants and loans.
One-Time and Renewable Business Grants
One-time, renewable, or direct business grants are provided to small business owners to cover various startup or expansion expenses. The costs of starting a small business in New Brunswick can be high, and securing additional funding can be crucial.
These grants are generally provided to cover a specific business expense in a lump sum, such as startup costs, renovations, or long-term purchases. Renewable business grants often fund ongoing expenses like training costs, wage support, and other recurring business needs.
Partial Contribution Government Grants
Partial contribution grants are similar to non-repayable grants, but they require the business owner to also contribute financially. For example, if you need $100,000, the government might provide $50,000 as a non-repayable grant, but you would need to supply the other $50,000.
The percentage of your contribution may vary, but it’s often a partnership in funding your business.
Non-Repayable Government Grants
Non-repayable government grants are among the most desirable for business owners in New Brunswick. These grants do not require repayment and are allocated based on specific business needs, provided you meet the eligibility criteria.
All available government grants in New Brunswick and across Canada can be accessed via the Funding Database, where you can see all grants, government loans, and tax breaks.
Applying for Small Business Grants in New Brunswick
To effectively apply for a small business grant from the New Brunswick government, or the federal government of Canada, ensure you have:
- A solid business plan
- Financial projections
- A PitchDeck presentation
- Knowledge of relevant funding programs
Creating a perfect business plan is essential before applying for government grants. This plan should detail your business model, growth plans, promotion strategies, and specific funding needs.
Financial projections, including a 3-year plan with balance sheets, cash flow statements, and profit/loss statements, are critical for demonstrating your business’s potential success.
A PitchDeck presentation, while not mandatory, can be a valuable tool in summarizing your business model to funding agencies or investors.
Knowing which funding programs to apply for can be challenging. In New Brunswick, there are over 1,500 different funding programs available. You can review all options in the Funding Database to narrow down and choose the best for your business.
For assistance with finding small business grants in New Brunswick, feel free to contact funding experts at 1-800-288-9691.
Before starting your applications, determine how much funding you need based on your business plan. This includes looking at startup or expansion costs and any expenses you can’t cover on your own.
Remember, there are funds available in all 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 and training, purchasing tools and equipment, improving cash flow, marketing, and more.
Need funding for your small business?
To determine if you are eligible for a government grant program in New Brunswick and to understand what you may qualify for, download the free grants guide PDF below.
