Application Deadline Approaching for SWODF and EODF Applications
Businesses operating out of Ontario that wish to improve their infrastructure and operating strategies may be eligible for one of two government funding programs that support such business activities. The Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) are two similar programs that encourage companies to invest in new facilities and equipment to compete in their market sectors.
Although these programs offer significant funding opportunities for businesses that meet the eligibility criteria, both programs have an upcoming deadline for applications.
This article will summarize the eligibility criteria and funding allotments for both programs but is not a comprehensive overview. To see a comprehensive review of each program, please visit the program pages listed below:
Eastern Ontario Development Fund (EODF)
A business expansion funding program, the Eastern Ontario Development Fund (EODF) encourages businesses to invest in new equipment and facilities and assists municipalities, economic development organizations, and consortias in investing in infrastructure or implementing strategies to advance regional priorities.
In the Business Stream, large-scale projects are attracted that impact business productivity and create new employment opportunities. A grant or a combination of a grant and repayable funding (government loans) will be awarded to successful applicants under this program.
The Community Economic Development Stream invests in community economic development projects that promote business growth, innovation, collaboration, and cluster development.
Funding Amount
- Depending on whether the business is applying for a grant or a loan, up to 15% of project expenses are eligible for reimbursement; or
- Funding of up to $1.5M is available for Community Economic Development projects.
Eligible Applicants
- Businesses operating longer than three years, committing to five or more new jobs, as well as five or more full-time employees currently; or
- Community Economic Development applicants may include governments, consortia, or organizations that are working to develop the economy in southwest Ontario.
Eligible Activities
- Business: Investing $500k in new operations in southwestern Ontario or improving productivity, innovation, and export potential to create jobs; or
- Community Economic Development: Investments of $100,000 to spur private sector growth and job creation.
Program Deadlines
Applicants should prepare well in advance of EODF’s funding intake periods to make the most of their upcoming strategic growth projects. Application deadlines are as follows:
- Application Period Thirteen: April 27, 2023 – June 15, 2023.
Southwestern Ontario Development Fund (SWODF)
With the Southwestern Ontario Development Fund (SWODF), companies are supported while investing in new facilities and equipment, while economic development organizations, municipalities, and consortiums are may receive funds to invest in infrastructure or implement strategies to advance regional goals.
Businesses benefit from the Business Stream’s large-scale projects, which create jobs within the company and boost productivity. Grants or a combination of grants and repayable funding (government loans) will be provided to successful applicants through the program.
The Community Economic Development Stream supports community economic development projects that drive business growth, generate broad economic benefits, promote innovation, collaboration, and cluster development.
Funding Amount
- Depending on whether the business is applying for a grant or a loan, up to 15% of project expenses are eligible for reimbursement; or
- Funding of up to $1.5M is available for Community Economic Development projects.
Eligible Applicants
- Businesses operating longer than three years, committing to five or more new jobs, as well as five or more current full-time employees; or
- Community Economic Development applicants may include governments, consortia, or organizations that are working to develop the economy in southwest Ontario.
Eligible Activities
- Business: Investing $500k in new operations in southwestern Ontario or improving productivity, innovation, and export potential to create jobs; or
- Community Economic Development: Investments of $100,000 to spur private sector growth and job creation.
Program Deadlines
Applicants should prepare well in advance of SWODF’s funding intake periods to make the most of their upcoming strategic growth projects. Application deadlines are as follows:
- Application Period Thirteen: April 27, 2023 – June 15, 2023.
How to Fund Your Business Expansion Projects in Ontario
Several grants, loans, and tax credit programs are available to Ontario businesses, and the programs mentioned in this article are just a few of the many. It is important to note, however, that the identification of Ontario government funding programs is just one stage of the funding process. Using this information, your business will be able to align projects and strategic spends that are relevant to the opportunity at hand, and then craft and submit a detailed application for the opportunity.
It’s important to remember that you are not alone in this process. Mentor Works can help you optimize all aspects of the funding application process; download our free funding guide to learn more about your options or contact our team to get started on applying to these grant programs.
