The Eastern Ontario Development Fund (EODF), a Canadian Government funding program that was originally set to expire in March 2013, has received permanent status from a new piece of legislation passed by the Government of Canada. This announcement was previewed by our previous article on the Creating Jobs Act, which also outlined the new release of a similar program for the Southwestern region, called the Southwestern Ontario Development Fund (SWODF). The act was designed to accelerate innovation, promote investment, and create jobs in Ontario.
Canadian Business Funding Grants for Eastern Ontario SMEs
The Eastern Ontario Development Fund is designed to create and retain jobs in high demand industries by funding small business expansion and investment opportunities in Eastern Ontario. The program provides up to $500K in non-repayable business funding grants or up to 15% of the eligible project costs for approved projects. In order to be considered eligible, projects must create at least 10 or more full-time employment opportunities in one of the 14 eligible Census districts in Eastern Ontario:
- Kawartha Lakes
- Leeds and Grenville
- Lennox and Addington
- Prescott and Russell
- Prince Edward
- Renfrew and Stormont
- Dundas and Glengarry.
Eligible Projects for the EODF Small Business Funding Grant
Approved projects may be eligible to receive Canadian Government funding support for the following expenditures as they relate to the success of the project:
- Facility Expansion, including equipment retrofits and upgrades associated with the expansion
- Capital Equipment and Machinery
- Materials and Supplies
- Sub-Contractor Fees
- Skills Training
- Project-related permits and fees.
Expenses considered ineligible for funding support may include but are not limited to:
- Equipment & Facility Lease Costs
- Overhead Costs
- Marketing & Distribution Costs
- Purchase of New Land or Buildings
- Costs incurred outside of Ontario
EODF Small Business Grants and Small Business Loans Ontario: Find Out More
Learn More About Canadian Government Grants for Small Business
Mentor Works Ltd. provides funding advice and support to Canadian small-medium sized enterprises regarding Canadian Government Funding Programs for Business Development Projects. To learn about additional support on Canadian Government funding programs available to you, be sure to contact one of our Canadian Government Funding Experts. You can also receive updates on various funding programs available by following us on Twitter or Facebook.