Southern Ontario Fund for Investment in Innovation (SOFII)

Who is eligible?

• Incorporated, revenue-generating SMEs.
• High-growth, innovative SMEs.
• Businesses located in Southern Ontario.

Who is not eligible

• Early-stage start-ups.
• Government ministries, agencies, boards, corporations, and commissions.
• Colleges, polytechnics, universities, and other post-secondary institutions.
• Non-profit organizations.
• Municipal governments.

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

• Durham
• Frontenac
• Haliburton
• Hastings
• Kawartha Lakes
• Lanark
• Leeds and Grenville
• Lennox and Addington
• Northumberland
• Ottawa
• Peterborough
• Prescott and Russell
• Prince Edward
• Renfrew
• Stormont-Dundas-Glengarry
• Toronto
• York

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.

• Step 1: Submit a Statement of Interest
  • Complete the statement of interest online or as a scanned copy.
  • Send it by email to the program office.
• Step 2: Await initial review
  • The program reviews the Statement of Interest within five business days.
  • If eligible, you are invited to submit a full application.
• Step 3: Submit the full application
  • Provide the full application and all required attachments.
  • Additional information may be requested during review.
• Step 4: Final decision and loan setup
  • You receive a written decision.
  • If approved, an offer letter is issued and loan documents and security are completed before funds are released.

• Applications are first submitted as a Statement of Interest.
• The program reviews the Statement of Interest within five business days.
• Eligible applicants are invited to submit a full application and may be asked for additional information or meetings.
• Applications are reviewed, then a decision is made by the investment review committee and approved by the board.
• Applicants receive a written decision, and approved loans are finalized and disbursed after loan documents and security are completed.

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.