Eastern Ontario Development Fund
Up to $5 Million in Government Funding for Businesses!
The Eastern Ontario Development Fund: Business Stream (EODF) will contribute 15% up to $5 million in grants and four-year interest-free loans against investments that will create jobs and economic growth. Eligible purchases include but are not limited to equipment, consulting, retrofits and expansions, as well as employee training and other project-related costs.
To be eligible, businesses must be or plan to be located in Frontenac, Halliburton, Hastings, Kawartha Lakes, Lanark, Leeds, Grenville, Lennox, Addington, Muskoka, Northumberland, Ottawa, Peterborough, Prescott, Russell, Prince Edward, Renfrew, Stormont, Dundas or Glengarry counties. Additionally, applicants are required to have three years of financial statements and represent one of the following sectors: manufacturing, processing, information and communication technology, life sciences, tourism and/or cultural industries.
Investments under $10 million are eligible for 15% grant subsidies of up to $1.5 million. Investments over $10 million that create 50 jobs or more are eligible for 15% grant subsidies of up to $1.5 million plus interest free loans of up to $3.5 million for a maximum of 4 years (total funding amount from grants/loans cannot exceed $5 million).
Applicants located in Eastern Ontario municipalities with populations exceeding 20,000 or in areas having more than 100 persons per square kilometer must invest a minimum of $500,000, have at least 10 employees, and create at least 10 jobs. Companies located in smaller communities with between 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, construction as well as vehicle and land purchases are not eligible for funding.
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