The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) Minister of State Gary Goodyear was in his hometown of Cambridge, Ontario earlier this week (March 18, 2014) to announce top-ups of two funds that deliver the Southern Ontario Fund for Investment in Innovation Program (SOFII). The investment allotted funds amounting to $8 million to the Western Ontario Community Futures Development Corporation Association and $12 million to the Eastern Ontario Community Futures Development Corporation Network Inc., two organizations that distribute funds to innovative small to mid-sized businesses through the popular SOFII program.
SOFII Southern Ontario Fund for Investment in Innovation –Program Snapshot
Canadian government funding through FedDev Ontario supports SOFII small business loans for innovative businesses operating in Southern Ontario. The purpose of the Ontario funding for small business program is to foster the knowledge-based industry in Ontario while creating jobs and improving competitiveness.
Funding Type: Ontario small business loan.
Amount: Loans from $150,000-$500,000 at an interest rate ranging approximately from 8%-12%.
Timeline: Open and accepting applications.
Eligibility: Employ 30-500 employees, operate in Southern Ontario.
Read more about SOFII Small business loans for Southern Ontario small to mid-sized businesses.
FedDev’s Support of SOFII Small Business Loans is a Part of Its Continued Commitment to Improving the Southern Ontario Economy
FedDev Minister of State, Gary Goodyear took time to speak at length about his party’s continued commitment to improving local communities and the Southern Ontario economy.
“Our Government is committed to making strategic investments with a return on taxpayers’ dollars. SOFII West and SOFII East have both proven to contribute significantly to the southern Ontario economy by fostering innovation and the creation of high-quality, highly skilled jobs across the region.” –Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario
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