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Funding Alert: The Eastern Ontario Development Fund

Canadian Government Funding and SR&ED Tax Credits > Insights > Funding Alerts > Funding Alert: The Eastern Ontario Development Fund
Funding Alerts
June 24, 2024
skill development fund

Funding Alert: The Eastern Ontario Development Fund

The Eastern Ontario Development Fund provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in Eastern Ontario.

The Eastern Ontario Development Fund provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in Eastern Ontario.

The Eastern Ontario Development Fund opens: July 2, 2024 – September 17, 2024. Assessment period of 60 business days. Projects must be between 3 – 4 years in length.

Program Funding Amount

Business Projects:

  • Loan: 15% to a maximum of $5 million; interest-free for project period (up to 4 years)
  • Grant: 30% of the 15% loan, to a maximum of $500K, may be forgiven if targets are met

Rural Ontario:

  • Grants of 15% to a maximum of $500,000

Foreign Direct Investment:

  • $1,500,000 grants available for strategic projects

Eligible Applicants

Businesses located in one of the 15 Eastern Ontario geographic areas that meet the following criteria:

  • 3 years of operations and financial statements (audited or reviewed)
  • 10 employees
  • Create 5 new jobs (or 30% increase for those with fewer than 15 employees)
  • Invest $500K

For businesses in rural communities (population of less than 100,000):

  • 3 years of operations and financial statements (audited or reviewed)
  • 5 – 100 employees
  • Create 5 new jobs (or 30% increase for those with fewer than 15 employees)
  • Invest $200K in rural Ontario

Program Objectives

Support to help growing companies in Eastern Ontario make investments to:

  • Create jobs and build talent
  • Attract private sector investment
  • Business growth & economic impact
  • Innovation, cluster development

Eligible Projects

  • Equipment and new technologies
  • Investment in new operations in Eastern Ontario
  • Talent and training
  • Investment in expansion, new products or services, new markets

Ineligible Expenses

Purchase of land or buildings; equipment leasing; training costs supported by Ministry of Labour, Training and Skills Development; operating costs

 


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