Over $1 Million Available for Ontario Wood Processors
Last Application Intake Closes Soon
The Forest Sector Investment and Innovation Program offers 4-year interest-free loans of 30% towards projects with expenditures of $3 million or more. Up to 50% of the loan may be forgiven if job creation and investment targets are reached. Supported costs include equipment purchases, building retrofits, export marketing, R&D, training and project-related wages. Funding is available for Ontario wood product manufacturers and processors such as pulp & paper mills, saw mills, secondary manufacturers (e.g. furniture, cupboard and stair case makers) and bio-economy projects. Projects are assessed on number of jobs to be created as well as overall benefits to Ontario and the forest sector. After the project completion date, loan repayment rate is 3% plus Ontario’s cost of borrowing. Next deadline to submit a pre-proposal is September 18, 2020.
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