Southern Ontario Fund for Investment in Innovation (SOFII)

By mmuise
Description:

The Southern Ontario Fund for Investment in Innovation (SOFII) supports high-growth, innovative Small and Medium-sized Enterprises (SMEs) in Southern Ontario rural and urban communities by offering interest-bearing business loans of $150,000 to $500,000 to support all aspects of growth challenges facing them.
Financing is provided for:
- late stage commercialization;
- new product or service development;
- new applications or markets;
- development or implementation of new processes or technologies.


Comments on Funding:

Funding amount is between $150,000 and $500,000 (additional funding is available on an exception basis).

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • be a Small or Medium-sized Enterprises (SMEs);
  • employ 50 to 500 employees, or identify that there is a strong likelihood that they will reach 50 employees within a three-year period;
  • be unable to obtain adequate and reasonable financing from other lending sources;
  • operate in Southern Ontario;
  • demonstrate job creation/retention for Southern Ontario residents;
  • be suitable for public funding;
  • establish a reasonable expectation of economic viability;
  • demonstrate the ability to repay funds advanced by Community Futures Eastern Ontario;
  • have secured the required matching funding through private investment, financial or equity partnerships or working capital;
  • provide evidence of their ability or experience to operate the business.
Application Steps:

Applicants:

1. must submit a "Statement of Interest” which will be reviewed by SOFII staff for eligibility within 5 business days. Statement of Interest should be completed on-line or, scanned and emailed, to their office. Projects meeting the eligibility guidelines will be encouraged to, and counselled in how to, apply for support. 2. must submit full application including all requested attachments after completing all 4 sections of the online form: Applicant information, project information, financial information and authorization and application submission.

Documentation Needed:

Applicants must submit:
1. a high level Income Statement (P&L) for the past year and projections for 3 years;
2. any other documentation considered relevant for the project.

Other Things to Note:

This program has a continuous, open intake period.

About the author
mmuise