August 18th, 2015
Are you hoping to expand your business in eastern Ontario? Then look no further than the Eastern Ontario Development Fund. This fund provides government funding for businesses, municipalities, and a variety of not-for-profit organizations in this area. The end goal is to stimulate economic development and growth for any business, whether large or small.
This fund creates jobs while encouraging innovation, collaboration, and the development of clusters. If you are looking for some good business plan advice to encourage growth, consider the Eastern Ontario Development Fund to also help your business attract investments from the private sector.
What is the Eligibility by Region?
This development fund defines Eastern Ontario under fifteen geographic areas:
- Kawartha Lakes
- Leeds and Grenville
- Lennox and Addington
- Prescott and Russell
- Prince Edward
- Stormont, Dundas, and Glengarry
Eastern Ontario is home to some of the most beautiful natural scenes in all of Canada. What better place is there to develop and grow your business?
The fund is broken down into two separate categories: the business stream and the regional stream.
Eligible companies need to employ a minimum of ten people, and use the received funds for the creation of ten additional jobs. Eligible businesses provide operations or financial statements for their previous three years of operation upon application.
While this is an excellent opportunity to receive government funding for businesses of various sizes, businesses are required to invest a minimum of $500,000 to match the government funding.
There is also a Small Community Pilot Project for small communities in the rural areas of Eastern Ontario. Smaller businesses with five to ten employees are also eligible for funding. The Ontario government defines these “small communities” as municipalities with populations below 20,000 people, or with a population density below 100 persons in a square kilometer.
The investment is not as high for smaller projects, but the expectation remains for them to at least double their current number of employees. They need to invest at least $200,000 over a four-year period into their proposed project.
The regional stream has a larger focus than that of the business stream. Regional streams focus on job creation and the economic development of businesses at the community or regional level.
These sorts of initiatives often align with wider provincial or regional priorities, such as innovations, or any other Ontario specific provincially sponsored or endorsed economic development programs.
Organizations should plan to incorporate new or additional activities to their organization. With private sector support, the fund calls for an investment of at least $100,000.
Who Can Benefit?
There are wide ranges of businesses that benefit from this government funding. This fund accepts applications from businesses involved in advanced manufacturing, food processing (whether primary or secondary), life sciences, information and communication technology, and cultural industries. Tourism is also an important element of this equation. Anyone who has travelled to the Muskokas can attest to this fact!
How Much Funding is Available?
The funding amounts differ by stream, but both provide attractive total amounts.
For the business stream, funding is available for up to 15% of eligible products up to a total grant of $1.5 million. For investments over $10 million that will bring in over fifty additional jobs, businesses might be eligible for a loan of up to $5 million.
Those in the business stream have to provide at least half of the total costs using their own resources, or through private sector investments.
For the regional stream, funding covers up to 50% of eligible product costs up to a total grant of $1.5 million. Successful applicants need to provide at least 35% of overall costs from their own resources, or through private sector investments.
Successful applicants need to demonstrate an ability to match the fund’s goals, generate economic benefits, and most importantly be achievable. Any granted government funding that is available for businesses does not come easily. You need to produce an effective application that will win over those who read it over. Let our proven track record of success as Canada’s oldest grant-writing agency help you make the difference in your business. Get in touch with us today so we can help you create a winning application.