Toronto Retail Accelerator Program
Toronto, ON, Canada
$10,000 micro grant to help Toronto's small retail businesses thrive and expand
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
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- grant_single|timelineUnspecified
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Grant and Funding
grant_single|eligibleIndustries
- Retail trade
grant_single|grantors
- Federal Economic Development Agency for Southern Ontario (FEDDEV)
- City of Toronto
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grant_card_status|closed
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The Retail Accelerator Program, funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario, aims to support small retail businesses in Toronto. It provides access to retail training, advisory services, mentoring opportunities, and a $10,000 micro grant to help businesses develop and expand. Eligible participants must operate an independent retail business with a physical location in Toronto and be majority owners of their venture.
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The Retail Accelerator Program aims to support small retail businesses with a $10,000 micro grant for their development and expansion.
- Access to retail training
- Advisory services
- Mentoring opportunities
grant_single_labels|admissibility
The eligibility criteria for the Retail Accelerator Program are designed to support independent retail business owners within the City of Toronto. Below are the specific requirements for eligibility:
- Sole proprietorship or corporation where the applicant is the majority shareholder; or Partnership where the applicant holds the majority share; if shared 50/50 only one partner may apply
- Operate an independent retail business in the City of Toronto
- Be 18 years of age or older
- Be full-time self-employed and be the majority owner in the business
- Have a current lease agreement or ownership documentation for the retail location
- Maintain a separate business bank account, following government rules and regulations for operating a business
- Prepared to commit to the business training components of the program
- Prepared to provide proof of expenses as requested by the City of Toronto
- Prepared to complete a survey at the end of the program
grant_eligibility_criteria|who_can_apply
Yes, there are eligible types of companies for the Retail Accelerator Program. The program is available to owners of retail businesses within the City of Toronto who meet specific criteria.
- Sole proprietorship or corporation where the applicant is the majority shareholder
- Partnership where the applicant holds the majority share; if shared 50/50 only one partner may apply
grant_eligibility_criteria|who_cannot_apply
The Retail Accelerator Program excludes certain types of businesses from eligibility. Below is a list of businesses that are not eligible to apply for or participate in the program:
- Franchises, commissioned sales and distributorships
- Online e-commerce retail operations (must have a physical location)
- Mobile retail operations of any kind
- Not-for-profits, social enterprises, co-operatives or charitable enterprises
- Multi-level marketing ventures
- Single events, musical bands, DJs or party event organizations
grant_eligibility_criteria|zone
The eligible geographic zone for this grant is within the City of Toronto.
- Operate within the City of Toronto
grant_single_labels|register
- Step 1: Subscribe to the BusinessTO newsletter to stay informed of business resources and supports.
- Step 2: Ensure your business meets the eligibility requirements: independent retail business in the City of Toronto, majority ownership, full-time self-employment, a physical retail location, separate business bank account, commitment to training, and ability to provide proof of expenses and complete a survey.
- Step 3: Monitor notifications from the City of Toronto for new funding availability.
- Step 4: Once applications reopen, gather necessary documentation such as proof of lease or ownership of the retail location and business bank account information.
- Step 5: Complete and submit the application form as instructed by the City of Toronto.
- Step 6: Await confirmation and further instructions from the program administrators.
grant_single_labels|otherInfo
The Retail Accelerator Program is designed to support small retail businesses in Toronto with access to training, advisory services, mentoring opportunities, and a $10,000 micro grant.
- Applications are currently closed as funding has been expended. New applications may be accepted if additional funding becomes available.
- Interested parties are advised to subscribe to the BusinessTO newsletter to stay informed about business resources and supports.
- For more information, contact Fariba Niroui at 416-392-1328 or Fariba.Niroui@toronto.ca.
grant_single_labels|contact
Fariba.Niroui@toronto.ca
416-392-1328
Apply to this program
Retail Accelerator Program Overview
The Retail Accelerator Program offers a $10,000 micro grant along with retail training, advisory services, and mentoring opportunities to help develop and expand small retail businesses in Toronto. Funded by the Government of Canada, the program aims to support the city's economic vitality by strengthening its retail sector.
Detailed Explanation of the Retail Accelerator Program
The Retail Accelerator Program is a comprehensive initiative designed to bolster the retail sector within the City of Toronto. Recognizing the pivotal role that small retail businesses play in the economic health and vibrancy of the city, this program delivers financial support, access to specialized training, and ongoing advisory services to qualified retail business owners. This article provides an in-depth look into the specifics of the Retail Accelerator Program, including its objectives, eligibility criteria, benefits, application process, and its significance in the broader economic landscape of Toronto.
Program Overview and Objectives
The primary objective of the Retail Accelerator Program is to foster the growth and development of small retail businesses within Toronto. Funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario, the program is an integral part of the city's strategy to enhance its main streets and local economies. Small retail businesses are not just commercial entities; they are community hubs, employers, and significant contributors to Toronto's overall prosperity. This program provides these businesses with the resources needed to thrive in a competitive market.
Funding Available
One of the key features of the Retail Accelerator Program is the micro grant of $10,000. This financial boost is intended to support various aspects of business development and expansion. Whether it is for upgrading technology, enhancing retail space, marketing efforts, or any other area that contributes to growth, this grant provides the much-needed financial leverage for small businesses to scale their operations.
Eligibility Criteria
The Retail Accelerator Program has specific eligibility criteria to ensure that the benefits reach the intended recipients—those small retail businesses that form the backbone of Toronto's commercial landscape. The eligible businesses must:
- Be located within the City of Toronto.
- Be independent ventures, including sole proprietorships, corporations where the applicant is the majority shareholder, or partnerships where the applicant holds the majority share. In cases of 50/50 partnerships, only one partner may apply.
- Operate a physical retail location; online e-commerce operations without a physical store are ineligible.
- Be full-time self-employed ventures with the majority owner actively involved in the business.
- Maintain a current lease agreement or ownership documentation for the retail location.
- Hold a separate business bank account that complies with government regulations for business operations.
- Commit to participating fully in the business training components of the program.
- Be prepared to provide proof of expenses as requested and complete a survey at the end of the program to provide feedback on its impact.
Additionally, applicants must be at least 18 years old to qualify for the program.
Ineligible Business Scenarios
Not all retail operations are eligible for this program. The following entities do not qualify for the Retail Accelerator Program:
- Franchises, commissioned sales activities, and distributorships.
- Online-only e-commerce retail operations.
- Mobile retail operations of any kind.
- Not-for-profits, social enterprises, co-operatives, or charitable enterprises.
- Multi-level marketing ventures.
- Single events, musical bands, DJs, or party event organizations.
Application Process
The application process for the Retail Accelerator Program is straightforward yet rigorous to ensure that the most deserving businesses are selected. Currently, the program is closed as the funding has been expended. However, potential applicants are encouraged to subscribe to the BusinessTO newsletter for updates on new funding availability.
When applications reopen, interested business owners will need to prepare a detailed application that includes:
- Proof of business ownership and operation within the City of Toronto.
- Documentation substantiating the physical retail location, such as a lease agreement or property ownership papers.
- Detailed business plans outlining how the $10,000 micro grant will be utilized for development and expansion.
Applicants should also be prepared to engage in a business training program, which is a core component of the Retail Accelerator Program. This training will cover various aspects of retail management, marketing, financial planning, and operational efficiency, providing participants with the skills needed to maximize their business potential.
Significance of the Retail Accelerator Program
The Retail Accelerator Program is more than just a financial aid initiative; it is a comprehensive support system aimed at empowering small retail business owners in Toronto. By providing a combination of funding, training, and advisory services, the program addresses the multifaceted challenges that small retailers face in today's competitive market. Here is a closer look at its significance:
Economic Impact
Small retail businesses are vital to the local economy. They generate employment, contribute to the city's tax base, and play a crucial role in the vitality of Toronto's main streets. By supporting these businesses, the Retail Accelerator Program helps sustain economic diversity and resilience.
Community Engagement
Retail businesses often serve as community hubs where local residents gather, interact, and engage in various activities. By strengthening these businesses, the program also enhances community cohesion and social capital.
Skill Development
The training and mentoring components of the program are designed to equip business owners with essential skills and knowledge. This not only helps in improving business operations but also fosters a culture of continuous learning and improvement within the retail sector.
Adaptation and Innovation
In a rapidly changing retail landscape, businesses need to adapt and innovate to stay competitive. The Retail Accelerator Program provides the resources and guidance needed for businesses to implement new technologies, adopt best practices, and explore innovative strategies for growth.
Conclusion
The Retail Accelerator Program is a significant initiative that underscores the importance of small retail businesses to Toronto's economy and community life. By offering a $10,000 micro grant, training, and advisory services, the program provides comprehensive support to help these businesses grow and succeed. Although applications are currently closed, potential applicants should stay tuned for updates and be prepared to take advantage of this valuable opportunity when funding becomes available again. For more information about the program, interested parties can contact Fariba Niroui at the City of Toronto.