CAMBRIDGE, ONTARIO--(Marketwire - Nov. 14, 2012) - The Ministry of Economic Development & Innovation (MEDI) has released two new Ontario government grants & loans programs: (1) the Southwestern Ontario Development Fund and (2) the Eastern Ontario Development Fund. The goal of these funding programs are to provide financial assistance and incentives to promote regional economic development across Ontario, which in turn will enhance Ontario's overall economic competitiveness, innovation, and create employment opportunities.
Ontario Business Grants & Loans: SWODF Overview
The Southwestern Ontario Development Fund (SWODF), small business funding grants program has two different streams, one for established businesses and a regional stream for economic development organizations which includes municipalities. Under the business stream, the Ontario government funding program can provide business funding grants of up to 15% of eligible project costs to a maximum of $1.5M. For project investments >$10M that create a minimum of 50 jobs, the funding for small business can be in the form of a repayable loan ≤ $5 million in provincial support. Eligible companies must have a ≥ 3 years of operating experience and employ at ≥ 10 people. Various sectors that are supported includes, advanced manufacturing, life sciences, processing, tourism, cultural industries and information and communication technology. Types of projects that are eligible for these business funding grants includes the implementation of priorities identified in planning processes that impact the region, business attraction projects to attract investment and job creation, and implementation of provincial priorities within the region. These small business government programs focus heavily on expanding Ontario businesses, however there are many other business expansion funding programs available to SMEs.
Funding for Small Business via Eastern Ontario Development Fund (EODF)
The Eastern Ontario Development Fund Canadian business grants program helps support regional economic development by creating jobs, collaboration and cluster development in Eastern Ontario, and attracting private sector investments. This Ontario government funding program also has two funding streams, one for established businesses and a regional stream for economic development organizations including municipalities. With the business stream, this grant funding for business program will provide up to 15% of eligible project costs to a maximum of $1.5M. For any project investments of over $10M that create over 50 jobs, funding for small business may be in the form of a secured repayable loan to a maximum of $5M in provincial support. To be eligible for this funding stream, businesses must employ ≥ 10 people and meet minimum job creation, provide 3 years of financial statements, be part of an eligible sector, are located in Eastern Ontario and have a 2-4 year project that involves a minimum investment of $500,000 in eligible project cost. Sectors that are accepted include life sciences, advanced manufacturing, tourism, processing, information and communications technology and cultural industries.
Mentor Works Ltd.: Canadian Government Funding Expert
Mentor Works Ltd. is an Ontario-based company that specializes in offering support in finding appropriate Canadian government funding programs to solve strategic challenges in small businesses. Bernadeen McLeod is the principal behind the company and the Mentor Works Canadian Government Funding Experts have considerable expertise in government funding, both on a federal and provincial level. Mentor Works' value is to find, position, and secure grant funding and low interest loans for SMEs. Companies interested in learning more about Canadian business grants, loans, and tax credits for small businesses are encouraged to subscribe to Mentor Works Canadian Government Funding E-Newsletter or visit http://www.mentorworks.ca for more details.