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

Thinking of applying for financing? These funds are highly competitive, contact us today to get started!