Starting or growing a small business in Markham requires capital, and one of the smartest moves you can make is taking advantage of the government grants, loans, and funding programs that are available to you. From provincial grants for student entrepreneurs to federal loan programs that cover up to $1 million, there's more financial support available than most business owners realize.
This guide breaks down the most relevant funding programs for Markham small businesses in 2026, including eligibility requirements, funding amounts, and how to apply.
Summer Company — $3,000 for Student Entrepreneurs (Ages 15-29)
The Summer Company program is one of Ontario's most accessible grants for young entrepreneurs. Funded by the Ontario government and delivered locally through YSpace at York University's Markham campus, the program provides up to $3,000 in funding to help students start and run a summer business.
Key details:
- Funding: Up to $3,000 total — $1,500 upon starting the business and $1,500 upon successful completion of the program.
- Eligibility: Ontario residents aged 15-29 who are returning to school in the fall. Must be Canadian citizens or permanent residents. The business must operate for a minimum of 8 consecutive weeks over the summer.
- Deadline: Applications are open now until April 27, 2026.
- What's included: Beyond the grant, participants receive hands-on mentorship from experienced business advisors at YSpace, business skills training workshops, and networking opportunities with other young entrepreneurs.
- How to apply: Submit a business plan, cash flow projections, and application form through the Ontario Summer Company portal. The YSpace team in Markham can help with the application process.
Summer Company is particularly valuable because it's a grant, not a loan — you don't have to pay it back. For students with a business idea, this is essentially free money combined with expert guidance.
Starter Company Plus — Up to $5,000 for New Businesses
Starter Company Plus is another Ontario government program that provides grants of up to $5,000 to entrepreneurs who are starting or expanding a business. Unlike Summer Company, there's no age restriction — it's open to anyone 18 and older.
Key details:
- Funding: Up to $5,000 grant (non-repayable).
- Eligibility: Ontario residents aged 18+, Canadian citizens or permanent residents. The business must be a new startup or an existing business less than five years old. Applicants must not be enrolled in full-time post-secondary education.
- Requirements: Participants must complete an entrepreneurship training program and develop a business plan. The training is provided at no cost through local Small Business Enterprise Centres.
- How to apply: Contact the Markham Small Business Enterprise Centre or visit the Ontario government's Starter Company Plus page. Intake periods vary by region, so check current availability.
Starter Company Plus is ideal for early-stage businesses that need seed capital for inventory, equipment, marketing, or other startup costs. The mandatory training component is also genuinely useful — many participants say the business plan development process was as valuable as the grant itself.
Canada Small Business Financing Program (CSBFP) — Loans Up to $1 Million
For businesses that need more substantial capital, the Canada Small Business Financing Program (CSBFP) offers government-backed loans of up to $1,000,000. These loans are provided through participating financial institutions (banks and credit unions), with the federal government sharing the risk with the lender.
Key details:
- Maximum loan: Up to $1,000,000 total, including up to $500,000 for real property and up to $150,000 for intangible assets and working capital.
- Eligibility: Canadian small businesses with annual revenues under $10 million. Applicable to most industries except farming, charitable, and religious organizations.
- Terms: Competitive interest rates (prime + up to 3%), repayment terms up to 15 years for real property and up to 10 years for other assets.
- What it covers: Purchase or improvement of land and buildings, leasehold improvements, equipment purchases, intangible assets, and working capital.
- How to apply: Apply directly through any participating bank or credit union. You'll need a business plan, financial statements, and details about the specific assets or improvements you plan to finance.
The CSBFP is one of the most underutilized programs available. Because the government guarantees a portion of the loan, lenders are more willing to approve financing for small businesses that might not qualify for conventional loans.
BDC (Business Development Bank of Canada) Loans
The Business Development Bank of Canada (BDC) is a federal Crown corporation that exists specifically to support small and medium-sized businesses. BDC offers loans, advisory services, and capital for businesses at every stage of growth.
Key offerings:
- Small Business Loan: Up to $100,000 with flexible terms and competitive rates. Available online with a quick application process.
- Growth & Transition Capital: Larger loans for established businesses looking to expand, acquire, or transition ownership.
- Advisory Services: BDC offers consulting services on strategy, operations, and financial management — often at subsidized rates for qualifying businesses.
BDC is particularly useful for businesses that have been turned down by traditional lenders. They take a longer-term view and are more willing to work with early-stage or growing businesses that carry more risk. They have offices across the GTA and offer services in multiple languages.
Digital Main Street — Grants for Digital Transformation
The Digital Main Street program helps small businesses build or improve their online presence. Funded by the federal and provincial governments, the program has provided grants of $2,500 to help businesses create websites, set up e-commerce platforms, and adopt digital tools.
Key details:
- Funding: Grants typically up to $2,500 (amounts vary by program intake).
- Eligibility: Small businesses with a physical location ("main street" businesses), typically with fewer than 50 employees.
- What it covers: Website development, e-commerce setup, digital marketing, point-of-sale systems, and other digital tools.
- How to apply: Check the Digital Main Street website for current intake periods. Applications are submitted online and typically require a digital transformation plan.
For Markham businesses that still rely primarily on walk-in traffic or word of mouth, this program can fund the jump to a professional online presence.
IRAP — Innovation Funding for Tech Businesses
The Industrial Research Assistance Program (IRAP), delivered by the National Research Council of Canada, provides funding and advisory support to innovative small and medium-sized businesses. If your Markham business is developing new technology, products, or processes, IRAP can be a significant source of funding.
Key details:
- Funding: Varies by project — can cover a significant portion of eligible R&D costs, including salaries for research staff.
- Eligibility: Incorporated Canadian businesses with 500 or fewer employees, engaged in technology-driven innovation.
- How to apply: Contact a local IRAP Industrial Technology Advisor. The process begins with a conversation about your innovation project, followed by a formal application.
Ontario Innovation Tax Credit
Ontario businesses that invest in research and development may be eligible for the Ontario Innovation Tax Credit (OITC). This refundable tax credit covers 8% of eligible R&D expenditures, up to $3 million per year.
The credit is available to Canadian-controlled private corporations carrying out scientific research or experimental development in Ontario. It's claimed through your annual corporate tax filing, so work with your accountant to identify eligible expenditures.
How to Maximize Your Chances of Getting Funded
Regardless of which program you apply to, here are tips that will strengthen your application:
- Start early. Many programs have limited funding and accept applications on a first-come, first-served basis. Don't wait until the deadline.
- Get your business plan in order. Every grant and loan program requires some form of business plan. Invest the time to make yours clear, realistic, and well-researched.
- Use local resources. The Markham Small Business Enterprise Centre, YSpace, and the Markham Board of Trade all offer free or subsidized support for grant applications.
- Apply to multiple programs. You're not limited to one program. Many businesses successfully stack multiple grants and loans to fund different aspects of their operations.
Funding is available — the challenge is knowing where to look and taking the time to apply. If you're a small business owner in Markham, these programs are designed specifically to help you succeed.
Explore more business resources and list your business at markhambusiness.com.