Southern Ontario Fund for Investment in Innovation (SOFII)
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New federal government funding that will support the growth of knowledge-based industry SMEs through loans addressing all aspects of innovative business challenges. Objectives are to foster creation of jobs, increase market penetration, improve competitiveness and ensure stability in participating organizations.
- Amount: Loans from $150,000-$500,000 at an interest rate ranging approximately from 8%-12%.
- Timeline: Open and accepting applications.
- Eligibility: Employ 50-500 employees, operate in Southern Ontario, ability to repay loan, project demonstrates job creation and will provide either late stage commercialization, new product or service development, development or implementation of new processes or technologies, or new applications or markets.
Top SOFII Resources:
- SOFII Overview Blog: An overview of this business loans program includes basic eligibility factors, the type of loan and what to expect.
- SOFII Eligibility Criteria Blog: How to qualify for SOFII small business loans Ontario. This is a very popular article that we wrote detailing eligibility factors as well as the step by step application process.
- SOFII Update: Contact a Canadian Government Funding Expert for updates.
Recent Southern Ontario Fund for Investment in Innovation News:
- Small Business Loans Ontario: CSBFP and BDC Financing
- How to Qualify for SOFII Ontario Small Business Loans
- SOFII Government Funding for Investment in Innovation Release
- Southern Ontario Fund for Investment in Innovation (SOFII) Released
- New Government Funding for Investment in Innovation – SOFII Jobs Growth
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