Southern Ontario Fund for Investment in Innovation
ON, Canada
Funds for innovative SMEs in southern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Community Futures Eastern Ontario (CFEO)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access interest-bearing loans between $150,000 and $500,000 to support the scale-up of your high-growth, innovative SME.
grant_single_labels|projects
Eligible projects or activities for this grant include developing and commercializing innovative products, improving productivity and competitiveness, and expanding businesses into new markets.
- Develop, commercialize, or produce innovative products, processes, and services
- Improve productivity, capacity, and competitiveness
- Scale-up and expand to develop new business opportunities
- Enter new markets or reach new customers
- Projects that support clean economic growth
- Projects that accelerate business development and growth
- Projects in cutting-edge sectors like artificial intelligence, cybersecurity, medical technologies, digital health, and agri-tech
- Projects that support industrial transition by adopting new technologies
- Projects supporting zero-emission vehicles and housing manufacturing innovation
- Projects promoting inclusive growth and regional coverage
grant_single|admissibleProjectsExample
$400,000
Calgary
Commercialize a new digital health platform for remote patient monitoring
$320,000
Edmonton
Expand a social enterprise to provide job training for at-risk youth
$390,000
Montreal
Improve manufacturing productivity by implementing advanced robotics systems
$450,000
Toronto
Develop a new AI-driven cybersecurity software for small and medium businesses
$500,000
Ottawa
Develop an innovative battery technology for zero-emission vehicles
$350,000
Vancouver
Expand organic food production to meet increasing market demand
grant_single_labels|admissibility
To be eligible for the SOFII loan program, businesses must meet specific criteria that ensure their capacity for innovation and growth.
- Late stage commercialization
- New product or service development
- New applications or markets
- Development or implementation of new processes or technologies
grant_eligibility_criteria|who_can_apply
Eligible types of companies for the Southern Ontario Fund for Investment in Innovation (SOFII) program include high-growth, innovative Small and Medium-sized Enterprises (SMEs) in rural and urban communities. Specific focus is on businesses at late-stage commercialization, developing new products or services, and implementing new processes or technologies.
- Late-stage commercialization
- New product or service development
- New applications or markets
- Development or implementation of new processes or technologies
grant_eligibility_criteria|zone
Eligible geographic zones for the SOFII Rural initiative include various rural regions in southeastern Ontario.
- South Lake
- Kawartha Lakes
- Haliburton
- Greater Peterborough
- Northumberland
- N&C Hastings & South Algonquin
- Trenval
- Prince Edward/Lennox & Addington
- Renfrew
- Frontenac
- Valley Heartland
- 1000 Islands
- Grenville
- Prescott-Russell
- Cornwall & the Counties
grant_single_labels|criteria
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.
grant_single_labels|register
- Step 1: Review Funding Opportunity
- See if this funding opportunity is right for your business by reviewing the detailed program information and eligibility criteria.
- Step 2: Prepare Statement of Interest
- Complete the statement of interest to initiate the application process. This may include providing basic information about your business and project.
- Step 3: Contact FedDev Ontario
- You are encouraged to contact FedDev Ontario at any time if you have questions or need guidance during the application process.
- Step 4: Submit Application
- Applications must be submitted before the intake closes. For the current period, applications must be received and acknowledged by June 24, 2024, at 4:59 pm ET.
- Step 5: Application Assessment
- FedDev Ontario will assess applications received and acknowledged by the intake deadline.
grant_single_labels|otherInfo
- SOFII offers special incentive terms to high-growth, small to medium-sized businesses in rural communities of southeastern Ontario through the SOFII Rural initiative. - The loan terms range from $150,000 to $500,000 and are interest-bearing term loans with no application fees. - Repayment can be made anytime without penalties. - Funding is available for late-stage commercialization, new product or service development, new applications or markets, and the implementation of new processes or technologies. - The application process involves completing a statement of interest to access additional information and start the application process.
Apply to this program
Summary of the Southern Ontario Fund for Investment in Innovation (SOFII)
The Southern Ontario Fund for Investment in Innovation (SOFII) offers interest-bearing loans ranging from $150,000 to $500,000 to support high-growth, innovative Small and Medium-sized Enterprises (SMEs) in Southern Ontario. This funding assists in the late-stage commercialization, new product development, and the implementation of new technologies or processes to drive business growth.
Detailed Overview of the Southern Ontario Fund for Investment in Innovation (SOFII)
The Southern Ontario Fund for Investment in Innovation (SOFII) is a crucial financial initiative designed to support and accelerate the growth of Small and Medium-sized Enterprises (SMEs) in Southern Ontario. This program, which provides loans ranging from $150,000 to $500,000, is specifically aimed at businesses that are involved in late-stage commercialization, development of new products or services, entering new markets, or implementing new technologies and processes.
Launched by the Government of Canada in July 2012, SOFII is supported through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and is delivered in southeastern Ontario by Community Futures Eastern Ontario. With a $30 million fund available, the program seeks to act as a catalyst for increased investment in and support for innovation within the region.
Financing Offered by SOFII
SOFII provides interest-bearing business loans, which are a crucial source of financing for high-growth SMEs looking to scale up their operations. These loans can be utilized for a variety of purposes, including:
- Late-stage commercialization: Assisting businesses in the final stages of bringing their innovative products or services to market.
- New product or service development: Enabling the creation and launch of new offerings in response to market demands.
- New applications or markets: Supporting businesses in exploring and entering new markets or developing new applications for their existing products and services.
- Development or implementation of new processes or technologies: Facilitating the adoption of innovative processes or technologies to improve efficiency, productivity, and competitiveness.
Loan Terms and Conditions
The terms of the SOFII loans are designed to be favorable to SMEs, providing them with essential financial support without overwhelming financial burdens. Key terms include:
- Loan amounts: Ranging from $150,000 to $500,000, with additional funding available on an exceptional basis.
- Interest-bearing: All loans are interest-bearing, providing a structured repayment plan that SMEs can incorporate into their financial planning.
- No application fees: Businesses can apply without incurring upfront costs, making the process accessible to a broader range of SMEs.
- Repayment: Loans are repayable at any time without penalties, giving businesses the flexibility to repay the funds as soon as they are able.
SOFII Rural Initiative
Recognizing the unique challenges faced by businesses in rural communities, the SOFII program includes a specially designed initiative known as SOFII Rural. This initiative provides special incentive terms to high-growth SMEs in rural areas of southeastern Ontario. Eligible regions for the SOFII Rural initiative include:
- South Lake
- Kawartha Lakes
- Haliburton
- Greater Peterborough
- Northumberland
- N&C Hastings & South Algonquin
- Trenval
- Prince Edward/Lennox & Addington
- Renfrew
- Frontenac
- Valley Heartland
- 1000 Islands
- Grenville
- Prescott-Russell
- Cornwall & the Counties
Application Process
The application process for SOFII is straightforward, encouraging businesses to apply and take advantage of this funding opportunity. To initiate the process, businesses need to submit a statement of interest and can find additional information on the application requirements and procedures through the SOFII website.
Applications for the current intake period must be received by FedDev Ontario by 4:59 pm ET on June 24, 2024. Those applications that meet the requirements and are acknowledged before the deadline will be assessed accordingly. There are also planned intake periods for the fall of 2024 and winter of 2025.
Investment Priorities and Project Focus
SOFII is particularly interested in projects that align with its strategic investment priorities. For the spring 2024 intake, these priorities include:
- Clean economic growth: Projects that support the greening of the economy, contribute to emissions reductions, and create sustainable, green jobs.
- Growth companies: Initiatives that accelerate business development and growth, fostering overall economic development.
- Technology: Projects in cutting-edge sectors such as artificial intelligence, cybersecurity, medical technologies, digital health, and agri-tech.
- Industrial transition: Efforts to support traditional sectors in adopting new technologies and innovations to improve competitiveness and seize new opportunities, such as the adoption of automation in manufacturing.
Inclusive Growth and Regional Coverage
While SOFII aims to drive business growth, the program also emphasizes inclusive growth and regional coverage. This involves creating new opportunities for underrepresented groups and promoting growth across both urban centers and rural communities. By doing so, SOFII seeks to ensure that the benefits of innovation and economic development are widely distributed and accessible to a diverse array of businesses and communities.
Success Stories and Impact
Over the years, SOFII has made a significant impact on the economic landscape of Southern Ontario. Numerous businesses have benefited from the loans provided by the program, enabling them to scale up their operations, enter new markets, and implement innovative technologies. These success stories highlight the transformative potential of SOFII funding in driving business growth and fostering innovation.
Next Steps
If you believe that your business aligns with the objectives and priorities of the SOFII program, the next step is to prepare your application for the upcoming intake period. Detailed information and guidance on the application process are available on the SOFII website, where you can also contact the program administrators for additional support and clarification.
By taking advantage of the SOFII program, your business can access the financial resources needed to innovate, grow, and compete in the dynamic economic environment of Southern Ontario. Don't miss the opportunity to leverage this valuable funding to achieve your business goals and contribute to the region's economic prosperity.
