Investing in Business Growth & Productivity is offered through The Federal Economic Development Agency for Southern Ontario (FedDev) as a part of their suite of Ontario business grants and loans called Southern Ontario Prosperity Initiatives (SOPIs). This collection of funding programs has been allotted a total of $530 million and applications are now being accepted on a continual basis.
Ontario Small Business Loans – Funding Details
This Ontario small business loans program provides up to $20 million per project to cover as much as 25% of eligible expenses to eligible southern Ontario businesses. This government funding for southern Ontario small businesses has been established to:
- Help scale-up by expanding markets and facilities;
- Increase adoption of new technologies and processes to improve productivity; and,
- Increase business capacity to participate in global markets through market diversification or expanding markets and integration in global value chains.
Investing in Business Growth & Productivity – Company Eligibility
In order to qualify for small business loans through the Investing in Business Growth & Productivity businesses must meet the following criteria:
- Canadian incorporated Businesses, located in Southern Ontario
- Evidence of a minimum of 75 percent cash funding available for the project;
- A sustainable business model and a track record of profitability;
- Potential to become strong global player;
- Appropriate organization and project management and technical skills;
- Evidence of the project’s cost estimates; and
- Capacity to account for and execute the project successfully in a timely manner.
Note: projects must be completed by December 2018. May show preference to certain priority sectors or projects that diversify a regional economy. Projects that are targeted primarily at retail consumer markets will not be considered under this initiative.
Learn More about IBGP Ontario Business Loans
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Connect with Small Business Grants and Loans Experts