Regional Development Program: Eastern Ontario and Southwestern Ontario Development Fund – Business Projects

By mmuise
Description:

The Regional Development Program - Business Projects provides support for projects and investments to businesses and not-for-profit organizations for economic development in eastern and southwestern Ontario.


Comments on Funding:

Funding is up to 15% of eligible project costs to a maximum of $5M for loans and interest free during the project period (up to 4 years). If the applicant achieves his investment and job targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.

Funding for grants is up to 15% to a maximum:
1. of $500,000 if the applicant's company has fewer than 100 employees and is based in rural Ontario (population of the community is less than 100,000 or population density is less than 100 people per square kilometer) and
2. of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.

Applicants are not allowed to combine (or “stack”) Eastern and Southwestern Ontario Development funding with other provincial programs.

Deadline: May 16, 2024
Eligibility:

Applicants must:

  • be businesses,
  • located in, or planning to locate in, a community in eastern or southwestern Ontario,
  • have at least three years of operating experience and financial statements,
  • invest at least $500,000 in their project (or $200,000 if they are in rural Ontario),
  • employ at least 10 people (or 5 if they are in rural Ontario),
  • commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees).
Application Steps:

The applicant must:

1. contact a regional advisor for help with the application,

2. register for Transfer Payment Ontario and submit an eligibility checklist,

3. work with a regional advisor, complete the application forms and submit along with the required information, if eligible.

Documentation Needed:

The applicant must be able to provide 3 years of operations/financial statements.

Other Things to Note:

Application opening:
March 28, 2024 – May 16, 2024 Updated: October 04, 2023
Published: June 04, 2013

About the author
mmuise