The Eastern Ontario Development Fund (EODF) is similar to the Southwestern Ontario Development Fund (SWODF) but focusing on developing communities in the Eastern region of the province.
Small Business Grants and Business Loans Ontario through EODF
Like SWODF Ontario government funding for business, this small business government grants and loans program is separated into two streams: a Business Stream and a Regional Stream. The Business Stream offers two different funding options depending on the size of the organization applying for Ontario government grants for small business.
EODF Small Business Grants and Business Loans Ontario Details
As per the details listed below, EODF small business loans and small business grants Ontario support organizations with 5 and more employees for up to $1.5 million in small business grants and/or up to $3.5 million in small business loans Ontario for a total of up to 15% of the total project costs. :
|EODF||Small Community Pilot||(Regular) Business Stream|
|Organization Size||● 5-10 full-time employees.||● 10+ full-time employees.|
|Location||● Municipalities in Eastern Ontario with population < 20K or less 100 persons/km2.||● Any municipality in Eastern Ontario.|
|Timeline||● Projects must be completed in 4 years.||● Projects must be completed in 4 years.|
|Funding Coverage||● Up to 15%.||● Up to 15%.|
|Funding Amount||● Up to $1.5 million grant, and $3.5 million loan||● Up to $1.5M grant and/or an additional $3.5M Loan.|
|Minimum Project Budget||● $200K in eligible expenses.||● $500K in eligible expenses.|
|Project Job Creation||● At least 50% increase in full-time staff.||● At least 50% increase in full-time staff; SMEs with 20+ employees must create at least 10 jobs.|
EODF Ontario Small Business Grants and Loans Success Story
A small business from Peterborough, Ontario received $276,681 in Ontario small business grants through EODF to help it expand its local facility which created 24 new high-skill jobs while retaining its existing 128 positions. The company does interior design for privately owned and corporate jets and with the help of EODF government small business grants funding recently completed a $5 million project for an overseas client that saw the company become the second in the world to install a stunning granite floor as a part of a luxurious renovation of a Bombardier aircraft.
“We couldn’t turn out enough people fast enough to handle the business we were going to get, so this deal gave us instant capacity,” -said John Gillespie
Learn More about EODF Government Funding Ontario
Choose from one of the following for more information, or to get started on your EODF application today!
Mentor Works Government Small Business Grants and Loans Experts
For Canadian government funding and strategic growth support services turn to a Mentor Works Ltd Canadian government funding expert. If you fit the criteria for this Ontario business grants and loans program or if you have a minimum of 10 employees and have been incorporated for at least 2 years contact us for a free consultation.
You can also choose to follow our regular updates on government grants and from small business in Ontario and small business loans Ontario by signing up for our Canadian government funding E-newsletter and/or by following us on LinkedIn or Twitter!