Funding for the Forest Sector
The Forest Sector Investment and Innovation Program offers 30% 4-year interest-free loans towards projects costing $3 million or more. Up to 50% of the loan may be forgiven if project 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 the sector and Ontario. Loan repayment rate is 3% plus Ontario’s cost of borrowing. First deadline to submit a pre-proposal is June 19, 2020.
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