Up To $500,000 Grant For Eastern Ontario Processors
Eligibility Check Lists Due by April 7, 2022
The Eastern Ontario Development Fund (EODF) advertises 15% funding up to $5 million in four-year interest-free loans, of which, 30% to a maximum of $500,000 is forgivable (i.e., becomes a grant) if the applicant achieves job creation and investment targets, 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 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.
Strategic new investments to Ontario (companies without a presence in Ontario), or companies whose investment plans (including new mandates, expansion or re-shoring/relocation) are subject to significant risk due to incentives offered from other jurisdictions, are eligible to receive 15% up to $1.5 million as a grant.
Next application deadline is April 21, 2022 (eligibility checklist to be submitted by April 7, 2022)
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