Southwestern Ontario Development Fund — Business project loans
ON, Canada
Loans to grow or expand in southwestern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateDecember 07, 2023
- grant_single|closingDateFebruary 08, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Administrative and support, waste management and remediation services
grant_single|grantors
- Government of Ontario
grant_single|status
grant_card_status|open
grant_single_labels|preview
Loans of up to $5 million for large investments that create jobs in southwestern Ontario.
grant_single_labels|projects
This grant is available to businesses located in the southwestern Ontario region. It aims to support economic and community development in designated areas.
- Brant
- Bruce
- Chatham-Kent
- Dufferin
- Elgin
- Essex
- Grey
- Haldimand
- Huron
- Lambton
- Middlesex
- Niagara
- Norfolk
- Oxford
- Perth
- Simcoe
- Waterloo
- Wellington
grant_single|admissibleProjectsExample
$3,000,000
Kitchener
Upgrade of transportation infrastructure to support local businesses and reduce traffic congestion
$3,000,000
Windsor
Development of a high-tech incubator to support local startups and create high-skilled jobs
$2,000,000
Toronto
Construction of a community-based cultural center to promote local arts and culture
$2,500,000
London
Expansion of a renewable energy facility to increase production capacity and generate new jobs
$2,000,000
Hamilton
Implementation of an advanced manufacturing line to produce electric vehicle components
$2,000,000
Ottawa
Launch of a new organic food production line to meet growing demand
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant company's operations and commitments.
- The business must have at least 3 years of operations/financial statements.
- The business must employ at least 10 people, or 5 if located in rural Ontario.
- The business must commit to creating at least 5 new jobs, or a 30% increase for companies with fewer than 15 employees.
- The business must invest at least $500,000 in their project, or $200,000 if located in rural Ontario.
- The business must be located in, or plan to locate in, a community in southwestern Ontario.
grant_eligibility_criteria|who_can_apply
The Southwestern Ontario Development Fund provides support for both business projects and community economic development projects. Eligible applicants include existing businesses, municipalities, and not-for-profit organizations located in or planning to locate in southwestern Ontario. For business projects, companies must have at least three years of operations, a minimum of 10 employees (or 5 in rural Ontario), and must commit to creating new jobs and significant financial investment. For community projects, initiatives must be led by municipalities or sector organizations focusing on economic development and job creation with a private sector investment component. Ineligible applicants include those involved in ongoing operations like maintenance, certain types of businesses such as retail, primary production, and others specified in the fund's restrictions.
grant_eligibility_criteria|who_cannot_apply
Certain companies and industries cannot apply for this grant based on their primary activities or the nature of their operations. These restrictions ensure alignment with the grant's focus on transformative economic development initiatives.
- Projects involving ongoing operations like maintenance and capital replacement.
- Refinancing of existing business operations.
- Acquisitions and buyouts.
- Restructuring or relocating to other jurisdictions within Ontario.
- Primary production industries.
- Retail operations.
- Construction projects, specifically residential development.
- Personal services businesses.
- Consulting services.
- Electricity generation businesses.
- Waste management or recycling operations.
- Information and communication services.
- Academic research initiatives.
- Stand-alone restaurants and hotels, unless they are transformative and considered a regional priority.
grant_eligibility_criteria|eligible_expenses
The Southwestern Ontario Development Fund supports projects that drive economic development in the region, aiming to enhance business growth and create job opportunities. Eligible projects focus on innovation, productivity improvement, and new market pursuits.
- Investments in business growth through expansion projects.
- Initiatives aimed at improving productivity and operational efficiency.
- Research and implementation of innovative technologies and practices.
- Projects that focus on skills development and workforce training.
- Strategies to explore and enter new markets for regional businesses.
- Community-led economic development projects fostering infrastructure improvements.
- Collaborative projects involving private sector support to encourage regional economic impacts.
grant_eligibility_criteria|zone
The Southwestern Ontario Development Fund covers expenses that are directly tied to the growth and strategic advancement of the business or community project.
- Costs associated with purchasing and installing new, specialized equipment.
- Expenses for training and development programs to enhance workforce skills.
- Investments in new technology or innovative processes.
- Expenses related to accessing new markets or increasing productivity.
- Infrastructure improvements necessary for project execution.
- Project management and administration costs.
grant_single_labels|criteria
- Alignment with the fund’s goals of investment attraction and job creation in the regions
- Providing economic benefits such as job creation, contribution to the region, or sector development
- Achievability of the project, including having the necessary financing, project management structure, and experience to implement the project
grant_single_labels|register
- Step 1: Complete Online Self-Assessment Tool
- Access and complete the online self-assessment tool available for both Business Stream and Community Stream projects.
- Step 2: Contact a Regional Advisor
- Reach out to a regional advisor for assistance and guidance on your application.
- Step 3: Register for Transfer Payment Ontario (TPON)
- Register your organization on the TPON system.
- Ensure all necessary business information and documents are ready and accurately entered.
- Contact TPON Customer Service for technical support if needed.
- Step 4: Prepare and Submit Application
- Collaborate with your regional advisor to complete the application form.
- Gather all required supplemental information for submission.
- Submit the complete application on TPON before the deadline.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Loans are interest-free during the project period of up to 4 years.
- If investment and job targets are achieved, up to 30% of the loan may be forgiven, up to a maximum of $500,000.
- There are four application intake periods per year.
- Consulting with a regional advisor is recommended two weeks in advance of the application deadline.
- Registration on Transfer Payment Ontario (TPON) is required for application submission.
- Complementary services and support may be available regardless of funding outcome.
Apply to this program
Boost Your Business Growth in Southwestern Ontario
The Southwestern Ontario Development Fund offers unparalleled support for expanding and attracting businesses within the region, enhancing economic development through strategic investments. This initiative opens doors for companies and municipalities to innovate, expand their markets, and contribute significantly to regional prosperity by creating sustainable jobs.
Explore the Potential of the Southwestern Ontario Development Fund
The Southwestern Ontario Development Fund is a key driver for economic growth and development in southwestern Ontario. This fund is specifically tailored to support businesses and community projects that aim to stimulate regional economies through strategic investments. By providing financial aid, this program helps entities invest in business growth, productivity improvements, innovation, skills development, and market expansion. The fund targets businesses that have been operating for at least three years and have a workforce ready to expand, along with community organizations that aim to spearhead economic development in their regions.
This financial support is integral for projects that might otherwise face financial hurdles, enabling businesses to not only keep pace with industry changes but to pioneer new innovations and practices that can shape the market landscape. The transformative aspect of the fund is particularly vital in sectors where technological advancements and skill enrichments are crucial for competitiveness. By encouraging such developments, the fund aims to create a ripple effect of benefits that extend from individual businesses to the broader community, fostering an ecosystem of innovation and economic growth.
The fund also empowers municipalities and economic development organizations to realize projects that may result in private sector investments and job creation, enhancing the overall socioeconomic fabric of the region. These projects often involve infrastructure development or strategies that align with broader regional economic priorities, ensuring that the initiatives have a long-lasting impact. Initiatives that align with these goals not only contribute to economic revitalization but also improve community resilience against economic fluctuations.
The support structure of the fund includes comprehensive advisory services that guide applicants throughout their project’s lifecycle. This ensures that projects are well-managed and aligned with both organizational goals and regional development strategies. The program’s structured approach requires applicants to demonstrate clear investment, job creation goals, and a viable plan to achieve these targets, ensuring that the funds are allocated to worthy projects that have a substantial community or economic impact.
Furthermore, the flexibility of the program allows businesses to use the funds strategically to meet evolving challenges and opportunities. This adaptability not only aids in the successful implementation of projects but also supports continuous improvement and growth, allowing businesses to sustain their competitiveness and innovation over time.
The fund’s cyclical application process provides ample opportunity for potential applicants to prepare their proposals, with several application periods each year. This allows for meticulous planning and alignment with strategic regional development goals. It is advised that potential applicants engage with a regional advisor early in the process to ensure their project aligns well with the fund’s criteria and priorities, enhancing their chances for successful funding.
In summary, the Southwestern Ontario Development Fund is a catalyst for economic advancement and capacity building within the region. By supporting businesses and community-driven projects, it not only amplifies growth and innovation but also fosters a sustainable economic environment that benefits all stakeholders involved. For those looking to invest in the future of their businesses and communities, this fund presents a significant opportunity to drive impactful change and long-term prosperity.
