Mastercard Small Business Fund (Canada)
Eligibility & Details
What this program funds and who can apply
Program Description
Annual grant program by Mastercard Canada and Pier Five awarding $10,000 each to 10 women small business owners in Canada, totaling $100,000. Now in its 4th year (launched 2022). Winners receive a Priceless experience in Toronto with expert mentorship, networking with fellow recipients, and connections to Mastercard partners. Business must be 51%+ women-owned (cis or transgender), have 1-99 employees, generate under $1M in gross revenue, and have been operating for at least 1 year. Applications through Pier Five platform, typically open September-November.
Eligibility Requirements
- Business must be 51%+ owned and controlled by one or more cis or transgender women
- Must have a Canadian or provincial business registration number
- Minimum 1 employee, maximum 99 employees
- Under $1,000,000 CAD in yearly gross revenue
- Business must have been in operation in Canada for at least 1 calendar year
- Owner must be 19 years of age or older
- Owner must be Canadian citizen, permanent resident, or hold valid immigration authorization
- Open to all industries
Quick Assessment
Funding Details
- Amount
- $10,000 per winner (10 grants = $100,000 total annually) + Priceless mentorship experience in Toronto
- Type
- Grant
- Level
- Private
- Co-Funding
- Up to 100% of eligible costs
- Deadline
- Annual (applications typically Sept-Nov; winners announced Feb-Mar)
Program Scorecard
Competition, effort, and approval at a glance
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How to Win
Insider tips, common pitfalls, and what successful applicants look like
Insider TipMastercard's brand is built on digital payments and financial inclusion, so applications emphasizing digital transformation, e-commerce adoption, or technology-driven growth resonate strongly with the selection committee. The Pier Five partnership extends value well beyond the $10,000 — the Toronto Priceless experience provides direct access to Mastercard executives, mentors, and a cohort of fellow women entrepreneurs. Past recipients include sustainable food (Boco Boco), upcycled snacks (Bruized), healthcare innovation (Folds Wear, ImaginAble Solutions), showing the fund values both commercial innovation and social impact. Apply through pier-five.com early in the cycle. The 1-year operating requirement and $1M revenue cap mean this targets established small businesses, not large companies or pre-launch ideas.
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Rejection Pitfalls 10
- Business not 51%+ owned and controlled by cis or transgender women
- Business not registered in Canada (no Canadian or provincial registration number)
- Business operating for less than 1 calendar year
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Success Profile
Women entrepreneurs (51%+ ownership) running established small businesses (1-99 employees, under $1M revenue, 1+ year operating). 2025 recipients included: Boco Boco (Montreal, eco-friendly online grocery), Bruized (Toronto, sustainable upcycled snacks), Folds Wear (Calgary, innovative healthcare uniforms), ImaginAble Solutions (Hamilton, assistive technology). Winners demonstrate clear growth trajectories, community or environmental impact, and openness to digital transformation. Businesses leveraging technology for growth — e-commerce, digital services, tech-enabled products — align well with Mastercard's brand positioning.
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Evaluation Criteria
Applications evaluated on: (1) business story and growth trajectory, (2) specific plan for how $10,000 will be used, (3) community or environmental impact, (4) innovation and digital transformation focus (aligns with Mastercard's brand positioning), (5) demonstrated business viability (1+ year operating, under $1M revenue, 1-99 employees). Selection by panel from Mastercard Canada and Pier Five. Applications emphasizing digital payments, e-commerce, or technology-driven growth resonate strongly with the selection committee.
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Application Playbook
Step-by-step process, required documents, and expenses
Application Steps
Required Documents 9
Eligible Expenses 2
- No restrictions on use of funds — grant recipients have full discretion
- Commonly used for: digital transformation, technology adoption, e-commerce development, marketing, inventory, equipment, hiring, product development
Ineligible Expenses 1
- No formal restrictions specified — funds are unrestricted once awarded
Intake Periods
Annual cycle. Applications typically open September and close early November. 2024 cycle: opened September 2024, closed November 3, 2024; recipients announced February 2025. 2025/2026 cycle dates not yet announced as of March 2026. Follow pier-five.com and Mastercard Canada channels for updates.
Deadline Notes
Annual program, now in its 4th year (2022, 2023, 2024, 2025 cycles). The 2024 cycle: applications opened September 2024, closed November 3, 2024; recipients announced February 2025. Applications submitted through Pier Five platform. Follow Mastercard Canada social channels and pier-five.com for next cycle announcements. The 2025/2026 cycle dates have not yet been announced as of March 2026.
Open Application Portal →Ineligible Organizations
- Businesses not 51%+ owned and controlled by cis or transgender women
- Businesses not registered in Canada (no Canadian or provincial registration number)
- Businesses operating for less than 1 calendar year
- Businesses with gross annual revenue exceeding $1,000,000 CAD
- Businesses with fewer than 1 or more than 99 employees
- Owners under 19 years of age
- Owners who are not Canadian citizens, permanent residents, or holding valid immigration authorization
- Businesses not operational at time of application
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Funding Stack Strategy
Compatible programs, clawback risk, and combined funding potential
Compatible Programs
Clawback Risk
Low RiskSee which programs combine with this one — and how much more you could get. Unlock with Premium →
How Mastercard Small Business F... Compares
Side-by-side with similar programs
| Program | Amount | Difficulty | Payment | Deadline |
|---|---|---|---|---|
| Mastercard Small Business Fund (Canada) | $10,000 per winner | Easy | Lump Sum | Annual (applications... |
| Visa She's Next Grant Program (Canada) | $10,000 per winner | Easy | Lump Sum | Annual (applications... |
| Futurpreneur Canada Startup Program | Up to $75,000 | Moderate | Loan | Ongoing |
| CanExport SMEs | Up to $50,000 | Moderate | Mixed (Advance + Reimb.) | Annual intake window.... |
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