Tariffs can present challenges for businesses, but Niagara Economic Development is committed to supporting local companies. Below is a compilation of essential resources from industry associations, federal and provincial programs, and funding opportunities to help your business adapt and thrive.
- Key Financial Support
- Educational Resources
- Key Partners
- Diversifying Markets
- Foreign Trade Zone
- Trade Accelerator Program
Key Financial Support
Key Financial Support Programs for Tariff Challenges
Businesses affected by international tariffs can access several government-backed financial support programs:
- Ontario Together Trade Fund: This fund provides support to businesses impacted by tariffs through grants and resources aimed at enhancing the competitiveness of Ontario’s economy. Learn more about how this fund can help your business adjust to tariff-related challenges and access new opportunities.
- Landmark Economic Trade Legislation (LETL): Access information on programs and resources designed to support Canadian businesses impacted by trade policies.
- Trade Impact Program (EDC): Export Development Canada offers the Trade Impact Program, deploying $5 billion over two years to help exporters access new markets and address challenges caused by tariffs, including losses from non-payment, currency fluctuations, and barriers to expansion.
- BDC Tariff Support and Advisory Services: The Business Development Bank of Canada provides $500 million in favourably priced loans to businesses impacted by tariffs, along with advisory services in financial management and market diversification.
- Farm Credit Canada Financing: Farm Credit Canada offers $1 billion in new financing to the agriculture and food industries to reduce financial barriers and address cash flow challenges, helping businesses adjust to new operating environments.
Educational Resources
Educational Resources:
CLICK HERE to download our tariff quick reference sheet.
Webinars, Seminars and Workshops:
To help businesses navigate tariff challenges and enhance their operational strategies, several organizations in the Niagara region offer educational events, including webinars, seminars, and workshops:
- Strengthening Cross-Border Partnerships – Hosted by the South Niagara Chamber of Commerce, this event focuses on building stronger trade connections between Niagara and the U.S., addressing cross-border trade challenges, and exploring new collaboration opportunities.
- St. Catharines Enterprise Centre – Offers training seminars and webinars for new entrepreneurs and small business owners, covering topics such as business planning, market research, and marketing strategies.
- Greater Niagara Chamber of Commerce (GNCC) – Hosts various events, including the Niagara Business Leadership Series, Business After 5 networking events, and Lunch & Learn sessions focused on diverse business topics.
- Niagara Falls Small Business Enterprise Centre – Provides events geared towards both new start-up businesses and existing businesses, covering topics like digital advertising and social media strategies.
- Innovate Niagara – Connects innovative entrepreneurs with industry professionals through events designed to encourage growth and collaboration.
- Niagara County Center for Economic Development – Offers virtual workshops on topics such as workforce development, job training programs, and energy efficiency incentives.
Key Partners
Key Partners for Exporters and Importers
Businesses in Niagara can leverage various government programs to access vital support and opportunities. Key partners include:
- Global Affairs Canada & Trade Commissioner Service
- Innovation, Science and Economic Development Canada
- Ministry of Economic Development, Job Creation and Trade
- Export Development Canada (EDC)
- Business Development Bank of Canada (BDC)
These agencies offer programs and services designed to reduce barriers and help businesses succeed on the international stage.
Diversifying Markets
Diversifying Markets for Growth
In 2023, 72% of Niagara’s exports and 54% of its imports were with the United States, representing $6 billion and $2 billion in trade, respectively. However, diversifying markets is critical for mitigating risks associated with trade disruptions. Niagara businesses have access to Canada’s 14 trade agreements with 51 countries, including with major trading partners such as:
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): This agreement opens up opportunities with 10 Indo-Pacific countries.
- Canada-European Union Comprehensive Economic and Trade Agreement (CETA): Provides access to significant growth opportunities within the European Union.
- Indo-Pacific Strategy by Global Affairs Canada: This strategy focuses on expanding trade and investment in the fastest-growing region, with over 4 billion people and a $47.2 trillion economic activity base.
Foreign Trade Zone
Niagara’s Foreign Trade Zone (FTZ) Benefits
Niagara has been a designated Foreign Trade Zone (FTZ) for over a decade, providing local businesses with access to essential programs that help them save time and capital. Exporting businesses can take advantage of the following FTZ programs:
- Duties Relief Program
- Drawback Program
- Custom Bonded Warehouse Program
- Export Distribution Centre Program
- Exporters of Processing Services Program
These programs ensure that businesses engaged in international trade can operate more efficiently, cutting down costs and enhancing competitiveness.
Trade Accelerator Program
The Trade Accelerator Program (TAP)
The Trade Accelerator Program (TAP) offers free workshops and resources to accelerate the global growth of Niagara businesses. The program covers key topics such as market insights, marketing strategies, finance, funding, and legal considerations. TAP helps businesses develop a strong export strategy and equips them with the tools needed to expand into new markets successfully.