Eastern Ontario Development Fund — Business project loans
ON, Canada
Loans to grow or expand in eastern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateDecember 07, 2023
- grant_single|closingDateFebruary 08, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Wholesale trade
- Professional, scientific and technical services
grant_single|grantors
- Government of Ontario
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Access loans of up to $5 million to cover up to 15% of eligible costs for projects that encourage innovation, collaboration, cluster development, job creation and private sector investment in eastern Ontario.
grant_single_labels|projects
The grant is designed for businesses and projects located within the specific geographical zones of eastern Ontario. The focus is on regions strategically identified for regional economic development.
- Frontenac
- Haliburton
- Hastings
- Kawartha Lakes
- Lanark
- Leeds and Grenville
- Lennox and Addington
- Muskoka
- Northumberland
- Ottawa
- Peterborough
- Prescott and Russell
- Prince Edward
- Renfrew
- Stormont, Dundas and Glengarry
grant_single|admissibleProjectsExample
$465,000
Launching an agritech innovation hub to drive advancements in sustainable farming practices
$180,000
Development of a new co-working space to support startups and entrepreneurs
$675,000
Construction of a new renewable energy plant to increase productivity and create jobs
$450,000
Launch a tech incubator to support local startups and drive innovation
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the company's profile, location, and project commitment.
- The business must have at least 3 years of operations/financial statements.
- The business must employ at least 10 people, or 5 if located in rural Ontario.
- The business must commit to creating at least 5 new jobs, or a 30% increase for companies with fewer than 15 employees.
- The business must invest at least $500,000 in their project, or $200,000 if located in rural Ontario.
- The business must be located in, or plan to locate in, a community within one of the 15 geographic areas of eastern Ontario.
grant_eligibility_criteria|who_can_apply
The Eastern Ontario Development Fund is available to existing businesses, municipalities, and not-for-profit organizations in eastern Ontario. To apply, businesses must have at least 3 years of operational financial statements, employ at least 10 people (or 5 in rural areas), commit to creating at least 5 new jobs (or a 30% increase for companies with fewer than 15 employees), and invest a minimum of $500,000 in their project (or $200,000 in rural areas). Community economic development projects must be led by municipalities, economic development, or sector organizations and focus on regional development and job creation, investing more than $100,000 with private sector support.
grant_eligibility_criteria|who_cannot_apply
The Eastern Ontario Development Fund specifies certain projects and industries that are not eligible for funding. These exclusions ensure that the focus remains on sectors that align with the grant's strategic economic development goals.
- Ongoing operations including maintenance and capital replacement.
- Refinancing of existing business operations.
- Acquisitions and buyouts.
- Restructuring, or relocating to other jurisdictions within Ontario.
- Primary production sector activities.
- Retail businesses.
- Construction projects, such as residential development.
- Personal services.
- Consulting firms.
- Electricity generation enterprises.
- Waste management and recycling operations.
- Information and communication services providers.
- Academic research projects.
- Standalone restaurants and hotels, unless they are considered transformative and a regional priority.
grant_eligibility_criteria|eligible_expenses
This grant supports projects aimed at economic growth and job creation in Eastern Ontario by aiding businesses and community organizations. Eligible projects focus on innovation, business expansion, and developing new markets.
- Investments in business projects that involve growth and job creation.
- Community economic development initiatives that lead to new infrastructure or strategies advancing regional economic priorities.
- Projects requiring substantial investment that result in measurable outcomes such as private sector growth.
grant_eligibility_criteria|zone
The eligible expenses for the Eastern Ontario Development Fund cover costs directly associated with business growth, market access, productivity improvement, innovation, and skills development.
- Acquisition of new technology and equipment for productivity improvement.
- Workforce training and skills development expenses.
- Market development and export activities.
- Site development and infrastructure upgrades necessary for business expansion.
- Project management and consulting services related to project execution.
- Research and development activities associated with innovation.
grant_single_labels|criteria
The evaluation and selection of projects for this grant are based on alignment with the fund's underlying goals and potential economic impact, although specific point scores are not provided in the context.
- Alignment with the fund’s goals of investment attraction and job creation.
- Provision of economic benefits such as job creation, contribution to the regional economy, or development of the sector.
- Demonstrated achievability, including necessary financing and project management structure.
grant_single_labels|register
- Step 1: Complete the Online Self-Assessment Tool
- Choose the appropriate stream: Business Stream or Community Stream.
- Complete the self-assessment tool to evaluate your eligibility.
- Step 2: Contact a Regional Advisor
- Reach out to a regional advisor to discuss your project.
- Seek advice on how to best prepare your application.
- Step 3: Register for Transfer Payment Ontario (TPON)
- Create an account on TPON, Ontario’s online application system.
- Ensure you have your organization’s key information, such as legal business name and CRA Business Number, ready for the registration process.
- Complete the registration by following a three-step process as specified on TPON.
- Contact TPON Customer Service for any technical support needed during registration.
- Step 4: Work with Regional Advisor to Complete the Application
- Collaborate with your regional advisor to fill out the application form accurately.
- Gather and prepare all required supplemental documentation.
- Consult program guidelines and sample application forms for both business and community economic development projects.
- Step 5: Submit Application on TPON
- Submit the completed application and all supplementary documentation through the TPON portal.
- Ensure submission is completed before the specified deadline.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Complementary services and support are available for the duration of the project regardless of the funding outcome.
- Applicants are advised to register on TPON and consult with a regional advisor at least two weeks in advance of the application deadline.
- Notified of decisions typically within approximately 60 business days of the application deadline.
- The grants cannot be "stacked" with other provincial program funding.
- An assessment tool is available online for initial self-assessment.
- Contact for more information is available via toll-free number or email for potential applicants to discuss project compatibility with grant criteria.
grant_single_labels|contact
easternregionbas@ontario.ca
1 800 267-6592
Apply to this program
Boost Your Business with the Eastern Ontario Development Fund
The Eastern Ontario Development Fund (EODF) offers financial and strategic support to businesses, municipalities, and non-profit organizations aiming to expand their operations or introduce new business activities in eastern Ontario. This program, tailored for business growth and community economic development, invests in innovation, job creation, and market expansion to stimulate regional economic prosperity.
Unlocking Growth and Innovation through the Eastern Ontario Development Fund
The Eastern Ontario Development Fund serves as a pivotal mechanism for fostering economic growth and development throughout the eastern regions of Ontario. By targeting established businesses, municipalities, and not-for-profits, the EODF aims to enhance business productivity, promote innovation, and tap into new markets, thereby significantly contributing to the local economy’s vitality.
At its core, the EODF assists projects that are distinct and result in demonstrable benefits such as increased business growth, productivity enhancements, and market reach. The initiative offers a detailed framework for financial support, with funding options for business projects and community economic development projects. For businesses, the fund can cover up to 15% of eligible project costs through loans—interest-free during the initial project period—which can be partially forgiven upon meeting specified investment and employment objectives. Strategic grants are available under certain conditions, providing targeted financial boosts for specific sectors.
Community economic development projects, on the other hand, benefit from grants covering up to 50% of eligible project expenses, encouraging community-led initiatives that create jobs and stimulate private sector investment. Projects must demonstrate a clear potential for measurable outcomes in economic development, aligning with broader regional priorities and strategies. The fund encourages involvement from various community actors, such as municipalities, economic development organizations, and sectoral groups.
Strategically, the EODF not only offers financial aid but also complementary services, including advisory engagements, assistance with planning and development processes, and support in accessing skilled talent pools. These supplementary resources aim to bolster the success of applicants, providing comprehensive guidance and practical tools for maximizing project impact.
The geographic purview of the EODF spans 15 key areas within eastern Ontario, including but not limited to Ottawa, Kingston, and Peterborough. These areas are encouraged to leverage the fund’s offerings to drive local development projects that address regional economic challenges, contribute to workforce development, and enhance infrastructural capabilities.
Applications to the EODF are managed through scheduled intake periods, demanding thorough preparation and coordination with regional advisors. The pre-application requirements encourage potential applicants to assess their project’s alignment with the fund’s goals and seek tailored advice on application submission procedures.
Ultimately, the Eastern Ontario Development Fund represents an invaluable opportunity for promoting economic resilience and competitive advantage within the region. By aligning eligible projects with strategic, economic, and developmental objectives, the EODF empowers communities and businesses to innovate, expand, and thrive, thereby helping to secure a prosperous future for Eastern Ontario.
