Funding Alert: The Southwestern Ontario Development Fund
The Southwestern Ontario Development Fund (SWODF) provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in Southwestern Ontario.
The Southwestern Ontario Development Fund opens April 11th 2024 to May 30th 2024.
This Program provides up to $5 million in grant funding per organization over the program period.
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
For businesses located in Southwestern Ontario 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
Funding Process
- Register for Transfer Payment Ontario (TPON)
- Complete eligibility checklist questionnaire (due 10 business days prior to deadline)
- Complete full application form
Program Objectives
Support to help growing companies in southwestern 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 Southwest 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!
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