Up to $500,000 Grant for Rural Southwestern Ontario Businesses
16 Days Left to Apply!
The Southwestern Ontario Development Fund (SWODF) offers funding of up to 15% to a maximum of $5 million in grants and four-year interest-free loans towards investments that lead to job creation and economic growth. Eligible expenditures include equipment purchases, consulting services, facility retrofits and expansions, employee training, as well as other project-related costs incurred after receiving approval (i.e. November, 2020).
Businesses are required to have 3 years of financial statements and be located/plan to locate 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 or Wellington.
Applicants in rural communities (i.e. 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. Up to 30% of the loan is forgivable to a maximum of $500,000 if the applicant achieves its job creation and investment targets. These businesses must have 10 or more employees and plan to invest at least $500,000.
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%.
Strategic new investments to Ontario (companies without a presence in Ontario), or companies whose investment plans (such as new mandates, expansions, re-shoring or relocating) are subject to significant risk due to incentives offered from other jurisdictions, are eligible to receive a grant of 15% up to $1.5 million.
Next application intake deadline is August 28, 2020.
Please note that 50% up to $1.5 million grant funding is available for community economic development projects undertaken by municipalities, economic development organizations and/or sector organizations.
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