Starting a business is exciting. In the first few months, it can also feel overwhelming. You have forms to file, accounts to open and decisions to make. And you are trying to launch your business at the same time.
New entrepreneurs in New Brunswick ask us two questions again and again: Is there funding to help me? and What do I need to do to get set up properly? Here is a practical starting point for both.
Where to look for funding in New Brunswick
New Brunswick offers more support for businesses than most people realize. The challenge is that it is spread across several organizations. Here are a few reliable places to begin your search.
Opportunities NB (ONB) is the province’s economic development agency. It is a central hub for programs that support business growth, expansion and job creation.
The Atlantic Canada Opportunities Agency (ACOA) is the federal agency for economic development in Atlantic Canada. It offers funding and support aimed at our region.
Community Business Development Corporations (CBDCs) are non-profit organizations. They provide financing, advice and training to small businesses in rural Atlantic Canada. They are often a great fit for businesses that fall outside traditional bank lending.
Futurpreneur Canada supports entrepreneurs aged 18 to 39 with financing and mentorship. This can be valuable if you are a younger founder.
The Government of New Brunswick’s funding and grants page (gnb.ca) lists provincial programs across many industries. Browse it to see what applies to your sector.
A word of realism: grant programs open, close and change their criteria often. Many of them target specific industries, regions or stages of growth. Start with the stable institutions above. Then always confirm current eligibility and deadlines before you build a plan around any one program.
Grants versus other kinds of support
It helps to set your expectations early. Pure “free money” grants for general operating costs are rare, and the competition for them is high.
Most real support comes in other forms:
- Repayable loans on favourable terms
- Wage subsidies for hiring
- Funding for specific activities, such as exporting or adopting new technology
- Mentorship and advisory programs
All of these have real value. They just are not always a cheque with no strings attached. When you know the difference, you can spend your time on the opportunities that fit your business.
The startup admin checklist
While you research funding, put the groundwork in place. Every new New Brunswick business needs these basics, and handling them early prevents headaches later.
Choose and register your business structure. Decide whether you will operate as a sole proprietorship, a partnership or a corporation. Then register a sole proprietorship or incorporate your business. Your structure affects your taxes and your legal liability, so it is worth getting right from the start.
Secure your business name. If you plan to incorporate with a named company, you will likely need a NUANS report. It confirms that nobody else is already using the name.
Register for the right tax accounts. Depending on your revenue and activities, you may need an HST/GST account with the Canada Revenue Agency. If you plan to hire, you will also need a payroll account.
Open a dedicated business bank account. Keep business and personal money separate from day one. It makes bookkeeping, tax filing and future funding applications much easier.
Set up your bookkeeping system. Configure a tool like QuickBooks properly (see our QuickBooks Online setup service) before the transactions start piling up. Clean books from the beginning are far easier than untangling a year of mixed records. Lenders and grant programs also often want to see organized financials.
Keep your records and filings current. Make a note of ongoing obligations, such as annual returns for corporations. That way, nothing slips through the cracks in your busy first year.
You don’t have to figure it all out alone
Paperwork is not the fun part of starting a business. But it is the foundation that everything else sits on. When your structure, registrations and books are right, you can chase opportunities, including funding, from a position of strength.
At Accounting Moncton, we help New Brunswick entrepreneurs get set up the right way. We handle business registration and incorporation, NUANS name searches, and QuickBooks and bookkeeping setup. See all of our bookkeeping and accounting services. We can also point you toward the grant and funding programs worth exploring for your situation. Think of us as your behind-the-scenes partner. We handle the admin so you can focus on your business.
Getting a new business off the ground? Call us at (506) 854-6490 or email accounting@startupsupportplus.com, or contact us online, and let’s map out your setup together.
