The Southern Ontario Fund for Investment in Innovation (SOFII) provides Canadian government funding to support the growth of knowledge-based industry SMEs through loans addressing all aspects of innovative business challenges. Its objectives are to foster job creation, increase market penetration, improve competitiveness and ensure stability in participating organizations.
- 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, ability to repay loan, project demonstrates job creation and will provide either late stage commercialization, new product or service development, development or implementation of new processes or technologies, or new applications or markets.
Top SOFII Resources:
- SOFII Overview Blog: An overview of the SOFII business loans program. It includes basic eligibility factors, the type of loan and what to expect.
- SOFII Eligibility Criteria Blog: Learn how to qualify for SOFII small business loans Ontario. This details eligibility factors as well as the step by step application process.
- Southern Ontario Fund for Investment in Innovation (SOFII): Small Business Loans
- How does the Crowdfunding Revolution Impact Your Small Business?
- Canadian Government Renews Investment in SOFII Southern Ontario Business Loans
- Ontario Business Loans Available to SMEs in Late-Stage Commercialization Phase
- Top Canadian Government Grants & Loans for Software Developers