Loans for Southern Ontario Businesses: Investing in Business Innovation
The Investing in Business Innovation (IBI) loans program is administered by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The program is aimed at providing mentorship and entrepreneurial support to help new businesses grow and succeed, supporting the success of new businesses, and strengthening of angel networks while increasing availability of investment capital.
3 Streams of Small Business Loans Ontario Funding through IBI
Investing in Business Innovation provides three streams of funding, for:
1.) Not-for-profit organizations,
2.) Investing in Business Innovation for early stage businesses,
3.) Angel Networks.
Investing in Business Innovation Small Business Loans Ontario –Amount &Timeline
Funding for southern Ontario business loans through IBI will be available from April 1, 2014. A maximum of $1 million to $20 million (up to 33% to 100% of eligible costs) will be made available to each recipient from a pool of $530 million set aside for all streams of Southern Ontario Prosperity Initiatives.
Small Business Loans Ontario –Eligible Activities
Investing in Business Innovation funding is focuses on the following late-stage commercialization activities:
- Product and process applied research
- Product testing
- Engineering design
- Technology development
- Marketing studies
- Problem solving
- Proof of concept
- Piloting and demonstration
- Commercialization of IP
Investing in Business Innovation Business Loans –Ineligible Activities
Investing in Business Innovation small business loans funding is not to be used to support basic research or exploratory work and will not provide loans to fund mass marketing or sales deployment activities.
Connect with Mentor Works to Learn More about IBI Small Business Loans Ontario
The application process for Investing in Business Innovation is lengthy and requires the consideration of several eligibility factors. For those who are ready to apply to Investing in Business Innovation, please contact a Canadian government funding expert in order to get started.