Agriculture & Agri-Food, Manufacturing
ONTARIO FUNDING FOR BUSINESS EXPANSION
GRANT AND LOANS AVAILABLE FOR INVESTMENTS OVER $10 MILLION.
Ontario’s New Economy Stream initiatives will contribute up to 20% 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 project-related cost categories include facility modifications, equipment and machinery purchases, 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 that are deemed to have exceptional benefits for Ontario may receive support up to the 20% level, successful applicants will likely be offered grant support at the 5% – 15% level.
Leave a reply