Eastern Ontario Development Fund Awards $1M to Peterborough Airport
The Government of Ontario has dedicated up to $1,000,000 in Ontario government grants to aid the City of Peterborough. This Ontario government funding will be part of the $4,153,700 airport expansion project, which will invest in infrastructure, facility upgrades, and facility expansions for Peterborough Airport. This Ontario government grant investment aims to strengthen the aerospace sector in Ontario, and stimulating the local economy.
Peterborough Airport received the $1M in Ontario government funding through the Eastern Ontario Development Fund (EODF), which is a complementary program to the Southwestern Ontario Development Fund (SWODF). Together, these funds have helped to create 37,500 new jobs in Ontario, and have generated $1.5 billion in combined new public and private-sector investments in the province. These programs represent the largest investment in public-sector infrastructure in Ontario’s history.
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Ontario Government Funding for Infrastructure & Regional Growth
This project will result in site preparation and utilities servicing of the east side of the airport grounds, making the land construction-ready for future expansions, including new hangars, a new taxiway, a sewer for sanitation purposes, and a new water & fire main to connect with existing services.
- Aerospace manufacturing is a major sector in Ontario, employing 17,000 people. In the Peterborough region, 400 people work in the aerospace manufacturing industry.
- The Province of Ontario is providing a $1 million, 24% grant towards the project ($4.1 million project budget overall)
- Since 2008, Ontario has committed over $70 million in grants through EODF, stimulating total investment of over $700 million into the Province ($630 million by private businesses). EODF has helped create over 3,000 new jobs and retain over 13,500 positions throughout Eastern Ontario.
- The Province of Ontario continues to accept applications for the EODF and SWODF programs from qualifying businesses. For application details, view our government funding program pages for both EODF & SWODF.
Related Blog: The State of Canada’s Aerospace Industry – Canada’s aerospace industry is responsible for 170,000 jobs, directly employs 73,000 high-skilled employees, and contributes $28 billion to Canada’s economy annually. Learn more about what makes this industry one of Canada’s most important.
Ontario and Municipal Feedback on EODF Ontario Government Grants for Peterborough
Speaking about the investment, Minister of Economic Development, Employment and Infrastructure Brad Duguid highlighted the ability of the EODF to grow Peterborough’s aerospace sector:
“The infrastructure upgrades at the Peterborough Airport will help strengthen the aerospace sector and lead to new opportunities for the people who live and work here. The Eastern Ontario Development Fund is an important partner in this growth opportunity for the airport and for the regional economy.”
– Brad Duguid, Minister of Economic Development, Employment and Infrastructure
Jeff Leal, Minister of Agriculture, Food and Rural Affairs, and MPP for Peterborough, highlighted the importance of investing in modern infrastructure in building the economy:
“Today’s announcement supports our government’s economic plan in building a skilled workforce and investing in modern infrastructure, so that job creators have the conditions they need to invest in our province.”
– Jeff Leal, Minister of Agriculture, Food and Rural Affairs (OMAFRA)
Daryl Bennett, Mayor of Peterborough, was predictably enthusiastic about this major investment in the local economy:
“Through this expansion, we will be well-positioned to accommodate the site requirements for large-scale aviation investment while enhancing the airport’s potential as a driver of job creation and regional economic development. We will continue our efforts to promote it as a centre of aerospace excellence, meeting the expansion requirements of our valued employers who already know the business advantages of the Peterborough Airport and new employers seeking growth opportunities.”
– Daryl Bennett, Mayor of Peterborough
Recent Eastern Ontario Development Fund (EODF) News:
- New Intake in Response to COVID-19: SWODF/EODF Funding Streams
- New Deadline March 4, 2021: SWODF/EODF Business Stream
- Next Intake Open October 19, 2020: SWODF/EODF Community Economic Development Stream
- Eastern Ontario Development Fund (EODF): Business Investment Grants
- Ontario Provincial Election 2018: Impacts on Business and Funding