Up to $5 Million in Grants and Interest-Free Loans
Program Supports Economic Growth and Job Creation in Eastern Ontario
The Eastern Ontario Development Fund (EODF) offers up to $5 million in grants and interest-free loans for investments that lead to job creation, economic growth, innovation and collaboration. Eligible expenditures include equipment, labour, consulting services, facility retrofits and expansions, as well as employee training and other project-related costs incurred over a two to four-year period.
Businesses must have/plan to have a location in one of the following Eastern Ontario counties: Frontenac, Halliburton, Hastings, Kawartha Lakes, Lanark, Leeds, Grenville, Lennox, Addington, Muskoka, Northumberland, Ottawa, Peterborough, Prescott, Russell, Prince Edward, Renfrew, Stormont, Dundas or Glengarry. Companies are required to have at least 3 years of financial statements, as well as conduct business in manufacturing, processing, information and communication technologies, life sciences, tourism, or the cultural industries.
Investments under $10 million are eligible for grants of 15% up to $1.5 million. Investments over $10 million that lead to the creation of at least 50 jobs are eligible for grants of up to $1.5 million, plus interest free loans of up to $3.5 million for a maximum of 4 years.
Applicants located in Eastern Ontario municipalities with populations exceeding 20,000 or 100 persons per square kilometer, must have at least 10 employees, invest a minimum of $500,000, and commit to creating 10+ jobs. Companies located in smaller communities that have 5-10 employees are required to invest a minimum of $200,000, and increase their workforce by 50%.
Costs associated with business acquisitions, debt financing, ongoing operational costs, as well as vehicle and land purchases are not eligible for funding.
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