FedDev Ontario Provides $2.2M in Funding for Businesses in the GTA
Three medical companies located in the Greater Toronto Area (GTA) will receive up to $2.2 million in investments in the year 2015. In an effort to continually advance and develop southern Ontario’s innovation sector, the Investing in Business Innovation (IBI) Initiative provides new entrepreneurs with a 0% interest business loan to support commercialization projects for innovative new technologies. These funds will ultimately be used to create permanent positions within the companies, while also expanding their product innovation.
Building with Investment: Developing Businesses with Ontario Government Funding
7D Surgical Inc.
7D Surgical Inc. builds and develops equipment that is used during spinal surgery procedures. With FedDev’s contribution, the 7D Surgical Inc. will introduce their newest surgical navigation system to the medical industry. The advent of such a device yields the potential for the creation of up to 19 full-time positions within the company throughout the launch of the product. It is estimated that a minimum of 20 permanent positions will appear in 7D Surgical Inc. by the year 2018. This repayable contribution through the Investing in Business Innovation initiative may be up to $997,000.
MediResource Inc. will receive an estimated $964,450 in contributions from FedDev Ontario. The company develops electronic health management systems that cater to both web and mobile-based modalities. These systems are utilized throughout the Canadian healthcare industry, including but not limited to pharmacies, the provincial health ministry, medical labs, and employee health care providers. Their bilingual (English and French) and easily customizable health platform has enabled practitioners to provide disease management at a lower cost with less required resources, while continuing to advance and better its internal interoperability. The funding MediResource Inc. will receive from FedDev Ontario will enable the company to broaden its current Toronto location and integrate their current platform into the American healthcare market, including a new translation component to integrate the Spanish language. Pending project completion, the MediResource Inc. hopes to create 11 permanent positions within the company.
Darcor Ltd. has also been selected as a recipient of up to $250,000 in financial contributions from FedDev Ontario. The company manufactures industrial strength casters and wheels used largely throughout the medical community. With the funding from FedDev, Darcor Ltd will install and purchase equipment that will enable the company to expand their current production and enhance efficiency, while also targeting a broader consumer market through increasing product offerings and inventories. Darcor Ltd anticipates the creation of 4 permanent positions within the company by 2018.
How Mentor Works Can Connect You to Ontario Business Grants & Loans
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