FUNDING APPLICATION FOR EASTERN ONTARIO BUSINESSES OPEN NEXT WEEK
Receive Up to $1.5 million in Grants
The Eastern Ontario Development Fund (EODF) advertises 15% up to $5 million in grants and four-year interest-free loans towards investments that create jobs and lead to economic growth. Eligible expenditures include equipment, consulting services, facility retrofits and expansions, as well as employee training and other project-related costs. Projects must be between 3 and 4 years in length to be undertaken by businesses located or plan to be located 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. Applicants are required to have 3 years of financial statements and represent one of the following sectors: manufacturing, processing, information or communication technology, life sciences, tourism, or the cultural industry.
Applicants in rural communities with populations less than 100,000 can receive the first 15% funding up to $500,000 as a grant, are required to make an investment of no less than $200,000 and create 5 jobs. Applicants in communities with populations more than 100,000 are required to invest $500,000 and create 10 jobs to be eligible for a 15% interest-free loans of up to $5 million, of which, 30% to a maximum of $500,000 is forgivable if the applicant achieves job creation and investment targets. Strategic new investments to Ontario (companies without a presence in Ontario), or companies whose investment plans (including new mandates, expansions or re-shoring or location/relocation) are subject to significant/substantive risk due to incentives offered from other jurisdictions are eligible to receive the first $1.5 million in funding as a grant.. Next intake for application opens March 5, 2020 with a deadline of April 20, 2020. Only eligible costs incurred after project approval (July 15, 2020) will be funded.
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