Southern Ontario Fund for Investment in Innovation
Last Update: January 24, 2025
ON, Canada
Funds for innovative SMEs in southern Ontario
Southern Ontario Fund for Investment in Innovation at a glance
Eligible Funding
- From 150,000 to 500,000
Timeline
- Open Date : November 14, 2019
Financing Type
Loans and Capital investments
Eligible Industries
- All industries
Grant Providers
- Community Futures Eastern Ontario (CFEO)
Status
Open
Overview of the Southern Ontario Fund for Investment in Innovation program
Access interest-bearing loans between $150,000 and $500,000 to support the scale-up of your high-growth, innovative SME.
Financing terms and conditions
The Southern Ontario Fund for Investment in Innovation provides flexible interest-bearing loan financing to support the growth of innovative SMEs. The financing conditions are structured to facilitate investment in late-stage commercialization and technological advancements.
- Loans are available in amounts ranging from $150,000 to $500,000, with additional funding available on an exception basis.
- The loans are interest-bearing, designed to assist in the scale-up phase of SMEs.
- There are no application fees associated with obtaining a loan.
- Loans can be repaid anytime without penalties, providing flexibility to enterprises.
Eligible projects & activities
This grant is designed to support high-growth Small and Medium-sized Enterprises (SMEs) in Southern Ontario by providing financial investment for innovation-related endeavors. The eligible projects and activities focus on commercializing innovations, developing new products or services, expanding into new markets, and implementing advanced processes or technologies.
- Late stage commercialization of products or services.
- Development of new products or services to enhance market offerings.
- Exploration and penetration of new applications or markets.
- Implementation and development of new processes or technologies to increase efficiency and innovation.
Examples of admissible projects:
$ 400,000
Commercialize a new digital health platform for remote patient monitoring
$ 320,000
Expand a social enterprise to provide job training for at-risk youth
$ 390,000
Improve manufacturing productivity by implementing advanced robotics systems
$ 450,000
Develop a new AI-driven cybersecurity software for small and medium businesses
$ 500,000
Develop an innovative battery technology for zero-emission vehicles
$ 350,000
Expand organic food production to meet increasing market demand
Eligibility criteria of the Southern Ontario Fund for Investment in Innovation program
Eligibility for the SOFII loan program is determined by specific criteria related to the applicant's size, location, and growth potential.
- The applicant must be a high-growth, innovative Small or Medium-sized Enterprise (SME).
- The SME must be located in rural or urban communities in Southern Ontario.
- The enterprise should be involved in late-stage commercialization, new product or service development, new applications or markets, or development/implementation of new processes or technologies.
Who is eligible?
The Southern Ontario Fund for Investment in Innovation (SOFII) loan program targets high-growth, innovative Small and Medium-sized Enterprises (SMEs) located in both rural and urban communities across southeastern Ontario. Specifically, both late-stage commercialization projects and new product or service developments are supported under this program, making it ideal for companies looking to expand or innovate their offerings.
Eligible expenses
The Southern Ontario Fund for Investment in Innovation (SOFII) supports high-growth SMEs in rural and urban communities by offering loans to boost innovation and expansion. Eligible projects for this funding focus on various stages of development and technology enhancement in businesses.
- Late stage commercialization of products or services.
- Development of new products or services.
- Exploration of new applications or markets for existing products.
- Development or implementation of new processes or technologies.
Eligible geographic areas
The Southern Ontario Fund for Investment in Innovation (SOFII) is available for high-growth SMEs in both rural and urban centers of southeastern Ontario. Companies operating in the following regions are eligible to apply.
- South Lake
- Kawartha Lakes
- Haliburton
- Greater Peterborough
- Northumberland
- North & Central Hastings & South Algonquin
- Trenval
- Prince Edward/Lennox & Addington
- Renfrew
- Frontenac
- Valley Heartland
- 1000 Islands
- Grenville
- Prescott-Russell
- Cornwall & the Counties
Eligibility criteria of the Southern Ontario Fund for Investment in Innovation program
Yes, there are evaluation and selection criteria for this grant.
- Focus on clean economic growth projects that support the greening of the economy, contribute to emissions reductions, and create sustainable and green jobs.
- Projects that accelerate business development and growth of companies.
- Projects in cutting-edge technology sectors such as artificial intelligence, cybersecurity, medical technologies, digital health, and agri-tech.
- Industrial transition projects that support changes in traditional sectors to adopt new technologies and innovations for improved competitiveness and new opportunities.
- Priority may be given to projects supporting the transition to zero-emission vehicles and housing manufacturing innovation.
How to apply to the Southern Ontario Fund for Investment in Innovation program
1
Complete Statement of Interest
- Access the online platform through the provided link to complete the statement of interest form.
- Enter all required preliminary information about your SME and its innovative project.
2
Gather Necessary Documents
- Prepare a comprehensive business plan outlining your project details, objectives, and anticipated outcomes.
- Gather financial statements, projections, and any supporting documentation required by SOFII.
3
Prepare Application
- Compile all necessary information and documents into a complete application package.
- Ensure compliance with all guidelines and criteria outlined by SOFII.
4
Contact SOFII Regional Office
- Reach out to the SOFII regional office in your area for specific guidance on submitting your application.
- Ask for any region-specific requirements or additional steps necessary for submission.
5
Submit Application
- Finalize your application documents following the instructions from the SOFII guidelines.
- Submit the application either electronically or through the method prescribed by your regional office.
6
Confirmation and Follow-up
- Receive confirmation from the SOFII office acknowledging receipt of your application.
- Monitor communications for any requests for additional information or clarification.
Additional information
Here are additional relevant details for this grant:
- The SOFII program operates as an interest-bearing loan fund rather than a non-repayable grant.
- The loans are structured to be repayable at any time without penalties, offering flexibility to businesses.
- The SOFII Rural initiative offers special incentive terms to rural communities within southeastern Ontario to encourage economic growth.
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