Up to $1.5 million in Grant Funding for Ontario Businesses in Southwestern Ontario
The Southwestern Ontario Development Fund (SODF) advertised 15% up to $5 million in grants and four-year interest-free loans towards investments that create jobs and lead to economic growth. Eligible expenditures include equipment, consulting services, facility retrofits and expansions, as well as employee training and other project-related costs incurred over 3 to 4 years. Businesses are required to have 3 years of financial statements and be (or plan to be) located in one of the following Southwestern Ontario counties: (Brant, Bruce, Chatham-Kent, Dufferin, Elgin, Essex, Grey, Haldimand, Huron, Lambton, Middlesex, Niagara, Norfolk, Oxford, Perth, Simcoe, Waterloo and Wellington)
Applicants in rural communities (populations under 100,000) must have at least 5 employees and may receive up to $500,000 as a grant. Rural businesses are required to make investments of no less than $200,000.
Applicants in communities with populations over 100,000 may receive 15% up to $5 million as an interest-free loan. These businesses must have 10 or more employees and plan to invest at least $500,000. Up to 30% of the loan is forgivable to a maximum of $500,000 if the applicant achieves its job creation and investment targets. Only expenses incurred after receiving approval (i.e. July 15, 2020) will be eligible for reimbursement
Strategic new investments to Ontario (companies without a presence in Ontario), or companies whose investment plans (including new mandates, expansions or re-shoring/relocation) are subject to significant risk due to incentives offered from other jurisdictions, are eligible to receive 15% up to $1.5 million as a grant.
Businesses with 15 or more employees must create 5 jobs by project completion. Companies with fewer employees are required to increase their workforce by 30%. Only costs incurred after approval are eligible for funding.
There is also 50% grants funding up to $1.5 million for community economic development.
Next application intake deadline is Friday, May 29, 2020.
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