Eastern Ontario Development Fund (EODF) — Business project loans

Who is eligible?

The Eastern Ontario Development Fund is open to existing businesses, municipalities, and not-for-profit organizations located in or planning to locate within Eastern Ontario. Eligible business applicants must meet specific criteria including having at least 3 years of operations, a minimum staff size, and commitments to job creation and investment thresholds. Not-for-profit organizations and municipal projects aimed at community economic development may also qualify.

Who is not eligible

This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to ensure that funds are directed toward strategic sectors aligned with the grant's objectives.

• Companies involved in ongoing operations including maintenance and capital replacement.
• Businesses looking to refinance existing operations.
• Entities involved in acquisitions, buyouts, restructurings, or relocation within Ontario.
• Industries focused on primary production, retail, and construction, such as residential development.
• Companies providing personal services, consulting, electricity generation and waste management/recycling.
• Firms engaged in information and communication services or academic research.
• Stand-alone restaurants and hotels, unless they are transformative and a regional priority.
• Businesses in sectors that are not considered strategic or have low economic multiplier effects.

Eligible expenses

Eligible expenses for the Eastern Ontario Development Fund are those directly related to the expansion and growth of businesses through project investments.

• Investments in equipment to enhance business productivity.
• Purchase and implementation of new technologies.
• Talent acquisition and skills training for workforce development.
• Costs related to entering new markets or expanding existing operations.

Eligible geographic areas

This grant is available to companies located in specific geographical areas of Eastern Ontario. The eligible locations are aimed at promoting economic development throughout the region.

• 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

Here are additional relevant details for this grant:

• Registration on TPON and consulting with a regional advisor regarding your application is recommended two weeks in advance of the application deadline for smoother processing.
• Financial statements submitted with the application should adhere to specific accounting standards, and additional standards may apply if the company is applying for a grant and has revenues under $5 million.
• Applicants can work with an external firm for application preparation, but all costs related to consultants are not eligible project costs, and the submission must be made by the applicant or an employee thereof.
• If your application is incomplete at the time of submission, the review may be deferred to the next application intake period, subject to eligibility requirements.
• Applicants are subject to compliance checks across various provincial ministries and may need to ensure ongoing compliance with laws and regulations as part of the funding agreement.
• Confidentiality and public reporting measures are part of the process, with mandatory public announcements for approved projects.
• It requires clear documentation, such as a corporate family tree and cash flow details, indicating financial stability and repayment capacity.