Fueling Canadian Businesses Toward Global Expansion
As global markets continue to expand and diversify, Canadian businesses, especially small and medium-sized enterprises (SMEs), are increasingly looking beyond domestic borders to scale and grow. The CanExport Program, spearheaded by Global Affairs Canada in collaboration with the National Research Council Industrial Research Assistance Program (NRC-IRAP), is designed to help Canadian businesses unlock their potential by supporting export growth and market diversification.
Whether you’re a company new to exporting or an established exporter looking to tap into new markets, CanExport provides vital financial assistance and resources to help navigate the complexities of international trade.
What is the CanExport Program?
The CanExport Program is a key initiative of the Canadian government aimed at helping companies develop new export opportunities and expand into international markets. The program is structured to cater to various types of organizations, from SMEs seeking to enter new markets to industry associations promoting entire sectors abroad.
The overarching goal of CanExport is to help Canadian businesses mitigate the financial risks associated with international trade, while also guiding them through the challenges of market entry, compliance, and competition. The program is designed to encourage market diversification, particularly outside of the well-established U.S. market, helping Canadian companies grow their global footprint.
Who Can Benefit from CanExport?
The CanExport program is particularly geared towards small and medium-sized enterprises (SMEs) but also offers streams for industry associations and innovation-driven projects. Here’s an overview of the different streams:
CanExport SMEs: Tailored for Canadian SMEs with 1 to 500 employees and annual revenue between CAD 100,000 and CAD 100 million. This stream provides financial support to companies seeking to explore new international markets or expand in existing ones.
CanExport Innovation: Supports organizations collaborating with foreign partners on research and development projects with the goal of commercializing innovative products, services, or technologies.
CanExport Associations: This stream is designed for national trade and industry associations that promote export activities and help create opportunities for entire industries to access international markets.
CanExport Community Investments: Targets municipalities, communities, and regional organizations looking to attract foreign direct investment into Canada, helping them promote their regions on the international stage.
Key Benefits of CanExport for Future Exporters
For Canadian companies, entering international markets can be both exciting and daunting. The CanExport program helps mitigate some of the financial and logistical challenges associated with market expansion, providing a comprehensive set of benefits:
Financial Assistance: CanExport covers up to 50% of eligible expenses for export activities such as market research, travel, promotional activities, and legal or regulatory assessments. The maximum contribution is CAD 50,000 per project for SMEs.
Market Diversification: While many Canadian companies have long depended on the U.S. market, CanExport encourages businesses to diversify into other regions, including emerging and high-growth markets, by supporting projects targeting new countries.
Increased Export Readiness: The program helps businesses prepare for international growth by offering assistance with documentation, regulatory compliance, and market research—essential steps for understanding market demands, consumer behavior, and legal barriers.
Access to Foreign Markets: The program facilitates entry into foreign markets by covering costs related to travel, setting up meetings with potential foreign partners, and organizing trade missions. This can be particularly beneficial for the food industry, where compliance with local regulations (e.g., FDA, EFSA, CFIA) is critical.
Risk Reduction: Exporting can be risky, especially for smaller companies. By covering part of the costs of market entry and providing access to expert advice, CanExport helps mitigate these risks and makes it easier for Canadian companies to compete globally.
Eligible Activities for CanExport Funding
To ensure companies are well-prepared to enter new markets, CanExport offers funding for a range of activities:
Market Research and Feasibility Studies: Identifying potential markets, conducting feasibility studies, and analyzing market entry strategies.
Legal and Consulting Fees: Obtaining expert advice on local regulations, intellectual property rights, and compliance with international standards.
Product Certification and Registration: Assistance with product certifications, especially important for industries like food, where meeting local safety and quality standards is critical for market entry.
Travel and B2B Engagement: Funding for travel to meet foreign buyers, attend trade shows, or participate in business-to-business (B2B) meetings to establish partnerships and distribution channels.
Marketing and Promotion: Support for marketing activities including the development of promotional materials, advertising campaigns, and participation in international trade fairs.
Success Stories: Canadian Exporters in Action
Canadian businesses across a wide range of sectors have leveraged CanExport to achieve international success. For example, companies in the food industry have used CanExport funding to explore new markets in Europe and Asia, helping them meet strict food safety regulations, secure certifications, and build relationships with international buyers.
By using CanExport to enter these new markets, these companies not only increased their sales but also enhanced their global reputation, gaining access to previously untapped customer bases.
How to Apply for CanExport
Applying for CanExport is straightforward. The program operates through an online portal where applicants can submit their project proposals, financial details, and export strategies. The application process typically takes a few weeks, and businesses can expect to receive a decision within several months, depending on the complexity of the project.
Projects must be completed within 12 to 24 months, allowing sufficient time for companies to conduct market research, explore new opportunities, and establish a presence in their target market.
Conclusion
For Canadian SMEs, industry associations, and innovation-driven businesses, CanExport offers the support needed to expand internationally, diversify export markets, and reduce the risks associated with global trade. With access to financial assistance, expert guidance, and market research, CanExport helps businesses take the leap into new markets with confidence.
If you’re a Canadian company looking to expand globally, the CanExport program is an invaluable tool to help you succeed.
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