Qualify for Investing in Business Growth and Productivity Ontario Small Business Loans
Investing in Business Growth and Productivity (IBGP) is issued by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). IBGP is a part of the $530 million suite of programs called Southern Ontario Prosperity Initiatives (SOPIs).
Small Business Loans Ontario –Funding Details
IBGP small business loans offer up to $20 million of funding per project to cover as much as 25% of eligible project expenses. Project should be aimed at expanding facilities, adopting new technology, and participating in global markets.
Additional IBGP Small Business Loans Information:
- 75% of project expenses must be provided as cash by the applicant,
- The total amount of funding received via government sources must not exceed 75% of eligible, non-capital costs, and 50% of eligible capital costs,
- Application intake is continuous.
IBGP Small Business Loans Ontario –Company Eligibility
In order to qualify for the Investing in Business Growth and Productivity small business loans program, companies must:
- Be a Canadian incorporated Business, located in Southern Ontario
- Have between 15 and 1000 employees
- Have a stable business model and a profitable track record with the potential to become a 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.
Investing in Business Growth and Productivity –Project Eligibility
The following project types are eligible for funding through IBGP business loans Ontario:
- Adapting or adopting new technologies, processes, and related skills development;
- Business opportunity development, growth and integration in global value chains;
- Facilities improvement or expansion;
- Market development and expansion; and
- Business expansion to support greater economic diversification.
Expenses Eligible for IBGP Ontario Small Business Loans
Eligible expenses include the following:
- Labour expenses
- Expertise (consulting)
- Capital Expense
Investing in Business Growth and Productivity Application Process
The application process for Investing in Business Growth and Productivity involves 2 stages:
1. Statement of Intent
2. Full Proposal
Note: Projects that support certain priority sectors and help diversify the regional economy may be given special consideration.
Learn More about IBGP Small Business Loans Ontario
Find out more by choosing from one of the following:
Stay Connected with Mentor Works for Information on Canadian Business Grants and Loans Opportunities
If your business has less than 15 employees, download a Free Canadian Government Funding for Start-ups Checklist. If you are already an established business you may qualify to attend a free government funding for business workshop or webinar.