Up to $3 Million For Wood Manufacturers to Expand
Eligible Companies Include Pallet and Furniture Makers, Cardboard and Plywood Operations and Wood Bio-Products
Ontario’s Forest Sector Investment and Innovation Program: offers 30% 4-year interest-free loans up to $3 million towards projects costing $3 million or more. Up to 50% of the loan (i.e., maximum $1.5 million) may be forgiven (i.e., becomes a grant) if hiring and investment targets are reached. Funding is available for equipment, building retrofits, export marketing, R&D, training, and salaries. Available to Ontario wood product manufacturers and processors including pulp and paper mills, sawmills, secondary manufacturers (e.g., pallets, furniture, carboards, plywood, floor and staircase makers) and bio-economy projects. Projects are assessed on incremental increase in purchases of Ontario wood, number of jobs to be created plus overall benefits to the sector and to Ontario. Repayment loan rate is 3%. Next deadline to submit a pre-proposal is September 15, 2023. Deadline for full applications is October 23, 2023.
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