As administered by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Rural Innovation Initiative (RII) Regional Stream is designed to accelerate the growth of innovative SMEs in rural Eastern Ontario. For-profit businesses and non-profit organizations can access funding to advance the global competitiveness and economic diversification of rural Ontario.
- Amount: SMEs can access up to 50% of eligible project costs to a maximum $100,000 in non-repayable grants. Non-profit organizations may receive up to 50% of eligible project costs to a maximum $500,000.
- Eligibility: Private, for-profit, high-growth SMEs with potential for accelerated growth through innovation. Also supports non-profits with a mandate to support rural and Eastern Ontario business development. Must focus on a target business sector, including advanced manufacturing, clean technology, digital industries, and agri-food and beverage processing.
- Timeline: Continuous intake of applications until funding is depleted. Applications reviewed and approved on a first-come, first-served basis. Companies typically notified of funding status within six weeks of application.
- Project Focus: Research and development, commercialization, and adopting advanced technologies that support global competitiveness and economic diversification. Must demonstrate how funding will accelerate growth, improve sustainability, drive prosperity, and create/sustain jobs.