2024 Manitoba Budget: Business Funding Opportunities

The 2024 Manitoba budget introduces a variety of lucrative funding opportunities across several industries aiming to accelerate economic growth.

The 2024 Manitoba Budget: Business Funding Opportunities

There are a variety of lucrative funding opportunities in the 2024 Manitoba Budget, across several industries, aiming to accelerate economic growth despite anticipated challenges and slower growth in the private sector. Substantial investments in agriculture, infrastructure, and skills training have been allocated in this year’s budget to support this goal. Here’s a closer look at the government funding initiatives pushing Manitoba forward.

Risk Management Programs

The sustainable Canadian Agricultural Partnership offers a comprehensive range of business risk management programs to help manage income declines caused by production losses, low prices, and increased input costs. A total of $146.9 million has been allocated to these programs:

• AgriStability: $33.8 million to protect producers against significant farm income declines due to production loss, increased costs, and adverse market conditions.
• AgriInsurance: $91.9 million for affordable insurance protecting producers from production and quality losses due to extreme weather and natural hazards.
• Investing in Canadian Infrastructure: $32.9 million towards supporting Canadian infrastructure projects.
• AgriInvest: $16 million to help producers manage small income declines and make risk management investments.
• Livestock Price Insurance: Protection for livestock producers against unexpected market price declines.

Additional Support for Agriculture in the 2024 Manitoba Budget

Contributing to 7.2% of the GDP and supporting a significant portion of the workforce, the agricultural industry is crucial to Manitoba’s economy. Government support in this sector is extensive, as it not only provides essential food supplies but also drives innovation and sustainability initiatives, furthering Manitoba’s reputation as a low-carbon leader. Programs supporting the agriculture industry include:

• Young Farmer Rebate: Assisting farmers under the age of 40 with cash flow during critical start-up phases, offering a loan amount of $300,000 and a lifetime maximum rebate of $30,000.
• Manitoba AgriInsurance Program: Providing close to $5 billion in coverage for an estimated 9.55 million acres for the 2024 crop year.
• Wildlife Damage Compensation: $5.2 million to compensate producers for losses due to crop damage and livestock predation.
• Capital Infrastructure and Investments Program: $12.1 million to support 68 projects that scale up production, create new jobs, support employee skill development, and increase the value and volume of Manitoba’s processed foods.

Partner with Ayming for Growth

At Ayming, we provide strategic support to maximize government funding opportunities and accelerate your company’s growth. Contact our team today to unlock opportunities to enhance your operations and profitability.

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