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
This loan initiative is aimed at fostering growth in SMEs located in various rural communities in southeastern Ontario. Companies in these identified regions can apply for the program to aid their expansion and development projects.
- 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|admissibleProjectsExample
$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
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
The SOFII program's eligible expenses include costs related to furthering innovation and growth within SMEs in Southern Ontario.
- Late stage commercialization expenses.
- Costs for new product or service development.
- Expenses for exploring new applications or markets.
- Investments in the development or implementation of new processes or technologies.
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
Here are the steps to submit an application for this grant:
- Step 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.
- Step 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.
- Step 3: Prepare Application
- Compile all necessary information and documents into a complete application package.
- Ensure compliance with all guidelines and criteria outlined by SOFII.
- Step 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.
- Step 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.
- Step 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.
grant_single_labels|otherInfo
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.
Apply to this program
Empowering Innovation in Southern Ontario
The Southern Ontario Fund for Investment in Innovation (SOFII) provides pivotal financial assistance to high-growth Small and Medium-sized Enterprises (SMEs) in Southern Ontario, promoting advancements and commercialization. With loans ranging from $150,000 to $500,000, this program is a cornerstone of Canada's economic development strategy aimed at fostering innovation and sustainable growth in both rural and urban communities.
In-depth Understanding of the SOFII Financial Support Program
The Southern Ontario Fund for Investment in Innovation (SOFII) stands as a significant initiative introduced by the Government of Canada, aimed at bolstering the economic landscape by supporting SMEs through strategic financial intervention. Specifically catering to the dynamic requirements and challenges faced by small to medium enterprises, particularly those characterized by innovation and rapid growth, SOFII plays a crucial role in nurturing the economic fabric of Southern Ontario. This region, marked by both urban prosperity and rural challenges, finds in SOFII a reliable partner in driving technological advancement and economic diversification.
By providing loans between $150,000 and $500,000, SOFII ensures that SMEs have the necessary capital to transition from the innovation stage to commercial success. These interest-bearing loans do not entail application fees and allow for flexible repayment plans, thus providing businesses the fiscal space they need to grow without the burdensome constraints typical of traditional financing routes. The absence of penalties for early repayment further underscores SOFII's commitment to creating an entrepreneur-friendly ecosystem where businesses can thrive at their own pace.
SOFII’s impact is predominantly evident in late-stage commercialization efforts, where the financial support aids in bridging the gap between development and market readiness. This funding is also pivotal for the creation of new products and services, aiding enterprises in exploring new markets and implementing cutting-edge processes and technologies. The program not only supports the scaling up of individual businesses but also contributes to the broader goal of enhancing the region's competitive advantage on both national and international levels.
For rural businesses, SOFII Rural is an initiative that extends the program's reach by offering specialized incentives to SMEs in less urbanized areas of southeastern Ontario. This targeted assistance acknowledges the unique challenges faced by rural enterprises and provides a tailored economic stimulus that aims to alleviate regional disparities in business success and innovation uptake. Regions like Kawartha Lakes, Haliburton, Greater Peterborough, and others benefit from these specific provisions, empowering local enterprises to draw on their inherent advantages while receiving the support necessary to overcome geographical and infrastructural challenges.
Applicants seeking SOFII funding must present a clear statement of interest and follow the outlined application process, which is aimed at identifying projects with the highest potential for innovation and economic impact. The meticulous selection procedure ensures that the funds are allocated to enterprises capable of significant contributions to the economic vitality of the region. Furthermore, by celebrating a decade of impactful interventions, SOFII has established a legacy of fostering entrepreneurial growth and innovation, reflected in numerous success stories that underscore the transformative potential of strategic financial backing.
In conclusion, the Southern Ontario Fund for Investment in Innovation stands as a beacon of support for SMEs poised on the cusp of significant growth. By aligning with regional and national economic priorities, it exemplifies a strategic public investment approach to fostering innovation, supporting community development, and driving competitive advantage in a rapidly evolving economic landscape. Through SOFII, Southern Ontario continues to cultivate a robust, resilient, and innovative business environment ready to meet the challenges of tomorrow.
