Ontario is one of the most ideal provinces in Canada to grow small and medium-sized businesses. The diverse and well-established economic landscape enables companies to scale quickly, and government incentives such as the Southwestern Ontario Development Fund (SWODF) can offset a portion of expenses for strategic growth projects.
The Southwestern Ontario Development Fund was created to support business growth by encouraging investment and workforce expansion. Companies making large-scale investments into facilities and equipment are well-suited for SWODF funding and can offset a portion of these project expenses.
SWODF provides up to 15% of project expenses to a maximum $5M in Ontario government grants.
To access SWODF funding, companies must develop a competitive application that includes details around the project’s purpose, budget, timelines, and expected outcomes. Applications can be submitted year-round. The next intake period is March 5, 2020 – April 20, 2020.
Southwestern Ontario Development Fund: Capital Investment Funding
The Southwestern Ontario Development Fund (SWODF) is an Ontario government funding program designed to support capital investment projects which enable high-growth potential companies to boost their competitiveness and create new jobs within the province.
By applying for the Southwestern Ontario Development Fund, businesses may leverage up to 15% of project expenses to a maximum $5M in Ontario government funding.
Since the SWODF program was launched in 2013, more than $153 million in support has been provided to Ontario small and medium-sized businesses. This has spurred over $1.87 billion in company investments and led to the creation/retention of approximately 39,000 jobs.
SWODF Ontario Business Funding: Company Eligibility
To be a competitive applicant for funding through the Southwestern Ontario Development Fund (SWODF), companies must:
- Have been in operation for at least 3 years;
- Commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees);
- Have 10 or more FTEs or, if in a rural community, 5 FTEs;
- Be located in, or plan to locate in, a community in southwestern or eastern Ontario; and
- Have a project budget greater than $500,000 (or $200,000 if in a rural community).
Eligibility of Business Regions
To qualify for the Southwestern Ontario Development Fund, businesses must operate in one of the following regions:
- Waterloo; and
Eligibility of Business Sectors
To qualify for the Southwestern Ontario Development Fund, companies should also be operating in a high-priority sector, including:
- Information and communications technology (ICT);
- Advanced manufacturing;
- Life sciences;
- Resources processing;
- Tourism; and
- Cultural industries.
Projects Eligible for Southwestern Ontario Development Fund Grants and Loans
The Southwestern Ontario Development Fund (SWODF) provides funding to support business’ investment in innovative facilities and equipment. Capital investment projects well-suited for SWODF funding will:
- Provide investment into new, expanded operations in southwestern Ontario;
- Improve a business’ competitiveness, productivity, innovation, and exports; and
- Create high-value, sustainable jobs.
Apply for Southwestern Ontario Development Fund Small Business Funding
To access SWODF funding, eligible Ontario-based businesses must complete a three-stage application process which includes:
- Completing an eligibility checklist to ensure suitability for the SWODF program;
- Discussing the proposed project with a SWODF representative; and
- Submitting a full application
If you’re evaluating whether SWODF is a good fit for your business’ upcoming project, or would like to simplify the application process, please contact Mentor Works.
Posted: May 12, 2016. Updated: January 6, 2020.