Funding Takeaways from Ontario’s 2023 Fall Economic Statement
Despite the current recession and high interest rates, Ontario’s economy has stayed strong. The number of companies doing business within the province is increasing. The province has also experienced significant growth in population, with nearly 500,000 new residents arriving in the past year and more than 170,000 net new jobs being created in 2023 alone.
As part of the Ministry of Finance’s recent publication, 2023 Ontario Economic Outlook and Fiscal Review: Building A Strong Ontario Together, the government continues to provide responsive and targeted tools to address economic uncertainty, build new infrastructure, attract investment, and create jobs across communities. This economic statement also has a few takeaways for Ontario funding programs.
“Our population is growing; jobs are being created and more and more companies are choosing Ontario as a place to do business. While this is good news, this cannot be taken for granted at a time of geopolitical and economic uncertainty. The choice for the road ahead is clear. We must continue with our government’s targeted approach — it has the flexibility we need while still investing to build the critical infrastructure to support growing communities across Ontario.”
– Minister Bethlenfalvy, Ontario Minister of Finance.
Invest Ontario Receives a Top-Up
Invest Ontario was established in 2021 with the objective of strengthening Ontario’s global competitiveness and encouraging international businesses to locate within the province.
Aiming to position Ontario as a top tier destination for investments, the aim of the Invest Ontario fund is to serve as a “one-stop shop” for businesses and investors. The funding agency supports strategic domestic firms with expansion and growth, attracts international companies, and drives greater economic growth. The funding agency also focuses on business development and deal structuring within Ontario.
In Ontario’s 2023 Fall Economic Statement, an additional $100 million was awarded to the Invest Ontario Fund – increasing the total available funding to $500 million since its inception. With this increase, the government of Ontario hopes to see more leading companies entering the province, further support local businesses, and create more well-paying jobs. It also suggests that we can expect more provincial funding initiatives for businesses across Ontario.
Access More Ontario Funding Programs
Whether your Ontario business is looking for support with hiring and training, capital and tech adoption, research and development, or business expansion, you can find funding opportunities across the province. No matter the industry, if your business aims to create positive social impact, the Ontario government is proactive in assisting with their grant programs.
Check out our funding directory to discover more Ontario funding initiatives. Be sure to look at some of the popular funding programs such as the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF). You can also subscribe to our weekly newsletter to learn about Ontario funding success stories and new grant programs.
We at Mentor Works, A Ryan Company can help you streamline the grant application process and ensure you meet all the important deadlines. Get in touch with us today!
