Communities in Eastern Ontario are growing rapidly, and it is important to back the growth of these communities with strong economic development. Growth and development require the right support from the government, whether that be funding or personnel support. The government of Ontario has an initiative called the Eastern Ontario Development Fund to help provide these supports.
The Eastern Ontario Development Fund provides support for projects and investments to business, municipalities, and not-for-profit organizations to help foster more economic development in eastern Ontario. This is an opportunity for businesses to not only get the funding that they need, but also support from partner ministries throughout the process of the project. Funding will be provided to support the purchase of equipment and facilities, as well as infrastructure investments and the implementation of new strategies.
Type of Funding available
This project will cover up to 15% of project costs to a maximum of $5M in the form of an interest free loan during the project period (up to 4 years). If a company achieves their investment and job targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
Grants are available only for specific circumstances, and are up to 15% maximum:
- Of $500,000 if your company has fewer than 100 employees and is based in rural Ontario (population of your community is less than 100,000 or population density is less than 100 people per square kilometer)
- Of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions (in limited circumstances)
Businesses need to:
- Have at least 3 years of operations/financial statements
- Employ at least 10 people (or 5 if you are in rural Ontario)
- Commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- Invest at least $500,000 in their project (or $200,000 if you are in rural Ontario)
- Be located in, or plan to locate in, an eligible community in eastern Ontario
The current Application period is open until November 17, 2022. Eligibility Checklists are to be submitted by November 3, 2022.