The Eastern Ontario Development Fund Supports Belleville Manufacturer
Advanced manufacturer, Triangle Fluid Controls, has been awarded up to $186,000 in small business grants to expand production capacity. The investment will help the company build a 12,600 sq. ft. extension onto its existing facility, as well as purchase new production and laboratory testing equipment. These upgrades will help the company boost product quality to better compete on a global scale.
The contribution has been provided through the Eastern Ontario Development Fund (EODF), a government funding program supporting large-scale facility expansions and state-of-the-art equipment purchases. Eligible manufacturers may receive up to 10-15% of project costs to a maximum $5 million in Ontario small business funding.
The Government of Ontario’s investment will help Triangle Fluid Controls develop new project lines and expand company increase international brand awareness. In doing so, the company expects to create 10 new jobs and retain 25 existing positions.
Related Post: Eastern Ontario Development Fund Supports Over 200 Jobs
Triangle Fluid Controls Awarded $186k in Ontario Small Business Grants
Triangle Fluid Controls Ltd. manufacturers high-quality sealing gaskets and is a leading Canadian distributor for industrial control valves. To complete its current expansion, Triangle Fluid Controls will invest a total of $1.8 million over the next three years.
To offset a portion of project costs, the company applied for Ontario government grants through the Eastern Ontario Development Fund. EODF will provide up to $186,000 to help Triangle Fluid Controls invest in capital equipment and complete a large-scale facility expansion.
These upgrades will allow Triangle Fluid Controls to create 10 new jobs and retain 25 existing positions.
Upon successful completion of the project, the company will increase production, offer more competitive product pricing, and expand market reach into Asia.
Eastern Ontario Development Fund (EODF) Small Business Grants
The Eastern Ontario Development Fund supports large-scale business investments leading to improved productivity and the creation of sustainable jobs. Funding can be used to help businesses invest in new capital equipment, improve existing operations and processes, and increase export capabilities.
The amount of funding a business is eligible for depends on the size of project budgets:
- Projects Under $10 Million: Eligible applicants may receive up to 10-15% of eligible expenses to a maximum $1.5 million in Ontario small business grants.
- Projects Exceeding $10 Million: Eligible applicants may receive repayable funding support worth 10-15% of the total project costs to a maximum $5 million. If project performance targets are hit, up to $1.5 million of the repayable contribution will be forgiven (and effectively provided as a grant).
Related Post: Eligibility Requirements for the Eastern Ontario Development Fund
Access Ontario Government Funding Programs
Ontario small business leaders should consider accessing government grants and loans to reduce the cost of strategic projects. When used effectively, government funding programs can accelerate business growth exponentially.
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Recent Eastern Ontario Development Fund News:
- EODF Supports $4.1M Investment by All Season Fencing Inc.
- Application Deadline Approaching for SWODF and EODF Applications
- 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