Enterprise Toronto is launching a micro-grant program for businesses across the GTA.
Beginning today, ventures can apply for the Starter Company General Business Program, which will award 50 companies the opportunity to access $2,500 in micro-grant funds and six months of valuable training, mentorship and expert advice.
New program stream being introduced after high demand
Enterprise Toronto decided to introduce this new general business stream to meet increased interest from the Toronto entrepreneurial community. It builds on successful programs run by the City of Toronto, such as a retail accelerator and women-focused program for founders.
“The Starter Company program is an important part of Toronto's entrepreneurial ecosystem and has been a valuable resource for hundreds of small businesses,” says Susana Vaz, acting manager of Entrepreneurial Services at the City of Toronto. “Grant funds, combined with training and advisory services have given entrepreneurs the tools they need to grow and expand.”
Qualified applicants need to meet a range of basic requirements, including being over the age of 18, residing in Toronto and dedicating a minimum of 35 hours per week to their small business.
Setting up early-stage businesses for success
Getting help from the right people in the early stages of setting up a business can make for a smoother growth process with far less risk. Past participants say the support they received from the mentors along with the grant funding, changed the trajectory of their early-stage business.
“The Starter Company program is an incredible resource for new businesses in our city and an amazing opportunity for young entrepreneurs to get their ideas off the ground,” says Sarah Davies, founder of Toronto-based More Granola.
Enterprise Toronto advisors helped her form a business plan and develop realistic cash-flow projections. Following their guidance, Davies has been able to put structures in place that will help to sustain the startup. “Not only did the grant program help me launch a digital marketing campaign that would have otherwise been out of reach as a new, bootstrapped business, but the training provided really helped set More Granola up for success,” Davies says.
Applications for the program are open until 11:59 PM EST on July 30, 2021. Check full eligibility and business requirements on the City of Toronto website.
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