If you’re an entrepreneur based in Atlantic Canada, you may be eligible for ACOA business grants.
ACOA (Atlantic Canada Opportunities Agency) offers various funding programs to help entrepreneurs start, grow, and expand their businesses, and they provide funding for a variety of expenses, including research and development, marketing, equipment and technology purchase, and training and education.
Besides grants, ACOA also offers loans, equity investments, and in-kind support to eligible businesses.
ACOA Funding Overview
What are ACOA Business Grants?
ACOA is a federal government agency that offers funding to businesses in Atlantic Canada through a variety of programs, including funding to help businesses start, expand, or modernize.
Who is eligible to apply?
To be eligible for ACOA business grants, you must meet certain criteria. These criteria vary depending on the specific grant you’re applying for. However, some common eligibility requirements include:
- Being a Canadian citizen or permanent resident
- Operating a business in Atlantic Canada (or operating a project that will help Atlantic Canada)
- Having a viable business plan
- Being able to contribute some of your own funds to the project
How much funding is available?
The amount of funding available through ACOA Business Grants varies depending on the specific grant you’re applying for. Some grants provide up to $100,000, while others provide up to $1 million.
The amount of funding you receive will depend on factors such as the size of your business, the nature of your project, and the amount of funding available. Also, businesses can apply to multiple ACOA programs.
It’s important to note that ACOA grants are not intended to cover all of the costs associated with your project. You most likely will need to contribute some of your own funds as well.
ACOA Application Process
How to apply?
To apply for ACOA business grants, start with the “How can ACOA help me?” section of their website. On that web page, you’ll find links to support for various stages of business and business activities:
- ACOA Resources for Starting a Business
- ACOA Resources for Growing an Existing Business
- ACOA Resources for Exporting
- ACOA Resources for Hiring
- ACOA Support for Communities
- ACOA Support for Non-Profits
ACOA Grants – Current Programs
Here are the current ACOA grant programs:
- Atlantic Innovation Fund
- Business Development Program
- Community Futures
- Innovative Communities Fund
- Regional Economic Growth through Innovation
Impact of ACOA Grants
Success Stories of Entrepreneurs who Received ACOA Grants
Since 2021, ACOA has provided over $314 million in support to more than 1,000 organizations and businesses, creating over 1,000 new jobs in Atlantic Canada.
If you’re an entrepreneur in Atlantic Canada, you may be wondering how ACOA grants can help you. One of the best ways to understand the impact of these grants is to look at ACOA success stories:
In 2020, ACOA provided a $500,000 contribution to a New Brunswick-based company called Soricimed Biopharma Inc. The company used the funds to develop a new cancer treatment, which is now in clinical trials. This is just one example of how ACOA grants can help entrepreneurs bring innovative products and services to market.
Another success story comes from Newfoundland and Labrador-based company C-Core. In 2019, the company received a $2.7 million ACOA grant to develop innovative ground station technology. The technology has the potential to save lives and reduce costs for the offshore oil and gas industry.