The Eastern Ontario Development Fund & Sourthwestern Ontario Development Fund provides support for projects and investments to businesses, municipalities and not-for-profit organizations for economic development in eastern Ontario through 3-4 year projects.
Overview
The Eastern Ontario Development Fund provides support for projects and investments to existing businesses, municipalities and not-for-profit organizations for economic development in eastern Ontario. The objective of the program is to provide financial support and services to help growing companies in eastern Ontario make investments to:
- grow their businesses
- improve productivity
- invest in innovation and skills development
- pursue new markets
- generate broad positive regional economic impact
- create new good, sustainable jobs
Eligibility
The fund supports business and community economic development projects. To be eligible, businesses need to:
- have at least 3 years of operations/financial statements
- employ at least 10 people (or 5 if you are in rural Ontario)
- commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- invest at least $500,000 in their project (or $200,000 if you are in rural Ontario)
- be located in, or plan to locate in, a community in Eastern Ontario
Ineligible projects include:
- ongoing operations including maintenance and capital replacement
- refinancing of existing business operations
- acquisitions and buyouts
- restructuring, or relocating to other jurisdictions within Ontario
- primary production
- retail
- construction (for example, residential development)
- personal services
- consulting
- electricity generation
- waste management/recycling
- information and communication services
- academic research
- stand-alone restaurants and hotels (unless transformative and considered a regional priority)
Application Open Date (Status)
Open
Application End Date (Deadline)
June 15, 2023
Funding Limits
Up to 15% funding to a maximum of $5 million, interest free during the project period (up to 4 years)
Funding rules are strictly bound to the terms of the successful Grant Application.
Purpose & Commonly Used For
- Grow your business
- Improve Productivity
- Invest in innovation and skills development
- Pursue new markets
- Create new and sustainable jobs
- Attract and encourage private sector investment
- Lead to business growth and broad positive economic impacts
More Information
The Eastern Ontario Development fund is organized by the Government of Ontario, making local investments in electric vehicles, tech, life sciences, food and manufacturing to create jobs and help build the economy in communities across Ontario.
These investments will help companies expand operations and place Ontario — and companies throughout the province — in a competitive global position.
