Today’s guest blog post comes from Mentor Works, a business support enterprise specializing in accessing government funding. Author Jeff Shepherd describes hiring grants that may be of interest to your business.
Research by REAPontario and others indicates that many immigrant entrepreneurs work long hours, have little time to explore potential business supports, and often struggle to find capital to expand their businesses. They may be hesitant to utilize government supports and to take on debt. Mentor Works is one of many resources that may be of assistance.
Hiring grants are a popular option for businesses looking to reduce employment costs and improve the value of their team. Often underutilized by companies in Canada, hiring grants and wage subsidies can be a major influence on your ability, as an entrepreneur, to grow your team.
Rural and immigrant entrepreneurs in Ontario are often restricted when growing their business because of human resources limitations. If your business does not have the employees to expand production, it can become increasingly difficult to increase revenue or profitability. Yet hiring new employees can be an issue for many entrepreneurs because of limited cash flow.
To combat this obstacle to growth, the federal and provincial governments provide hiring grants to businesses on an annual basis. During the spring and summer months of each year, entrepreneurs have the ability to use hiring grants from the government to grow their workforce at a reduced cost.
In most cases, entrepreneurs can save 50% of a recent college or university graduate’s wages for a 3-12 month period. These wage subsidies often amount to $14,000 – $20,000 in non-repayable grant funding from the government.
Find Hiring Grants to Employ Recent Post-Secondary Graduates
Business hiring grants are typically provided for specific industries or sectors within the Canadian economy. This administration helps the federal and provincial governments ensure that priority sectors receive the most amount of assistance.
While there are a variety of hiring grants available to Ontario businesses this year, rural and immigrant agricultural entrepreneurs would be best aligned to the hiring grants for the following industries:
- Food processing
- Sustainable energy
Now is the Time to Capitalize on Hiring Grants
Hiring incentives are often aimed at providing employment to students and recent college or university graduates. During May – July each year, small businesses across Canada can access these recent graduates who have finished their education and are seeking their first career opportunity. In some cases, underemployed youth (under the age of 30) who have graduated and already found employment post-graduation can be hired at a reduced rate.
Skeptical about hiring a recent post-secondary graduate? Don’t be. Here’s why hiring a recent graduate makes sense for Canadian businesses.
At the time of this blog’s posting, the first of several wage subsidies are becoming available for application. Businesses are encouraged to apply early since these programs tend to become depleted quickly. If your business is interested in hiring a recent post-secondary graduate at reduced cost, please apply soon to avoid missing out.
How to Get Started and Receive Wage Subsidies
Entrepreneurs and small businesses often lack the resources to research and apply for hiring grants. Although it is possible to complete applications on your own, there is a significant time commitment that is required to gather documents, write the funding application, and submit to the government.
An alternative to this process is to use Mentor Works’ free Wage Subsidy Identifier tool. By providing some quick details about your company and candidate that you’re looking for, we can identify opportunities available to you and help you proceed with your funding application. Through this process, businesses can save up to 95% of the time required to submit government funding applications while also greatly improving their approval rates.
Jeff Shepherd obtained his Honours Bachelor of Business Administration from the University of Guelph-Humber. He has combined his passion for marketing and economic development in his role of Marketing Analyst at Mentor Works, a business support organization specializing in Canadian government funding. This Ontario-based business has helped hundreds of businesses build and execute their funding strategy through a mix of federal and provincial government grants, loans, and tax credits. Mentor Works offers free online resources, funding webinars, and news via www.mentorworks.ca.