Client Receives $1.7 Million to Build New Technology
Grants and Loans Available for Investments Over $10 Million
Ontario’s Jobs and Prosperity Fund: New Economy Stream will contribute up to 40% in grants and interest-free subordinate loans to businesses wanting to build innovation capacity, improve productivity, performance and competitiveness, exploit export and trade opportunities and/or create/retain jobs. Project expenses must be $10 million or more. Eligible costs include facility modifications, equipment and machinery, materials, one-time labour expenses, research and development, training, and new market access. Ineligible cost categories include ongoing production and labour costs, land and buildings, overhead, and business plan preparation. Applicants must be in advanced manufacturing, life science, or information and communication technology, and/or wanting to undertake a project which will draw additional investments key to increasing Ontario’s next generation of talent, innovation and productivity. Additionally, applicants are required and will be evaluated on having a proven record of business success, generally for 3 years or more, as well as having sufficient financing, resources and expertise to undertake the project. While projects deemed to have exceptional benefits for Ontario may receive funding of up to 40%, successful applicants will likely be offered a significantly lower level of support.
Comments are closed