If you are looking to begin or expand your exporting capabilities, the CanExport grant can provide between $10,000 and $50,000 for small and medium-sized businesses.
The CanExport SMEs program (CanExport) is a Canadian Federal Government grant initiative designed to assist small and medium-sized enterprises (SMEs) in expanding their market presence internationally. This communication gives a brief outline of what business owners need to know before applying, including the benefits of the program and eligibility criteria. Applications for the current Federal government fiscal year (April 1, 2024 – March 31, 2025) close on May 31, 2024. If you feel this grant may be beneficial for your company, consider seeking professional support in completing this application. Learn more about the grant and begin the application process here and, contact us for a discussion about applying for this grant.
Program Overview
CanExport is delivered by the Canadian Trade Commissioner Service in partnership with the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). It offers financial support to Canadian companies aiming to develop new export opportunities and markets abroad, specifically where they have minimal or no sales. The program, which is competitive amongst applicants and subject to funding availability, covers up to five international markets per project, allowing for significant flexibility and customization based on your business needs.
Benefits to Your Business
- Financial Support: Access to funding from $10,000 to $50,000, covering up to 50% of eligible export marketing activities. For example, a project with total costs of $100,000 would receive support up to $50,000.
- Market Diversification: Assistance in exploring up to 5 new international markets.
- Customized Projects: Freedom to choose from 8 different activity categories for a project that best fits your international expansion strategy.
Eligible Companies
Your business may be eligible if it meets the following criteria:
- For-profit entity incorporated in Canada (or a limited liability partnership/cooperative).
- Active Canada Revenue Agency (CRA) business number.
- Fewer than 500 full-time equivalent employees.
- Annual revenue between $100,000 and $100 million declared in Canada in the last complete taxation year.
Next Steps
- Review Eligibility: Assess your company's eligibility based on the outlined criteria.
- Gather Documentation: Prepare necessary financial documents and a comprehensive project proposal, including primary objectives and strategies, an outlined budget and target expansion countries.
- Apply: Submit your application via the CanExport SMEs online portal.
The challenges of international expansion for small and medium-sized businesses can be tremendous and this grant aims to help overcome some initial hurdles. Once involved in export, Export Development Canada (EDC) can further assist businesses with their exporting goals. For more details on applying for the CanExport SME grant or to discuss how professional advisory services can further enhance your application, please contact us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
