The Eastern Ontario Development Fund Supports Economic development in eastern ontario with up to $5 Million in funding
The Eastern Ontario Development Fund provides support for projects and investments to businesses, municipalities and not-for-profit organizations for economic development through two program streams:
The objectives of the EODF Program streams include the following:
- To create jobs in Southwestern Ontario
- To encourage the introduction of new, innovative approaches
- Enhance productivity
- Contribute to the diversification of the regional economy
1. Business Stream
The Eastern Ontario Development Fund (EODF) – Business stream aims to provide funding promoting regional economic development in Eastern Ontario, supporting capital spending, skills development, productivity enhancements, infrastructure needs, and other similar economic development initiatives. This funding opportunity is designed to support businesses, municipalities, and not-for-profit organizations and encourage economic development in the region.
Eligible Applicants
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To be eligible, businesses need to:
- Have at least 3 years of operations/financial statements
- Employ at least 10 people (or 5 if you are in rural Ontario)
- Commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- Invest at least $500,000 in their project (or $200,000 if you are in rural Ontario)
- Be located in, or plan to locate in, a community in eastern Ontario
ELIGIBLE Projects
The following are examples of projects eligible for funding under the EODF Business Stream:
- New investment in new operations in Eastern or Southwestern Ontario
- Investment in existing operations to improve competitiveness, productivity and pursue new markets or business expansions involving the introduction of new products or services (examples: new/modified offerings to the marketplace to better meet customer/client needs, entirely new product lines/mandates from within corporate group)
FUNDING
Funding for business projects:
- Loans
- Up to 15% funding to a maximum of $5 million
- Interest-free for up to 4 years within the project period and if investment and job targets are achieved
- Up to 30% of the loan (to a maximum of $500,000) may be forgiven.
- Grants
- Grants are available only for specific circumstances, up to 15% to a maximum:
- Of $500,000 if your company has fewer than 100 employees and is based in rural Ontario
- Of $1.5 million for strategic projects that are foreign direct investments or from companies competing against other jurisdictions
- Grants are available only for specific circumstances, up to 15% to a maximum:
2. Regional Stream
The Eastern Ontario Development Fund – Regional Stream (EODF) aims to provide funding to eligible small and medium-sized enterprizes (SMEs) for promoting regional economic development in Eastern Ontario, supporting capital spending, skills development, productivity enhancements, infrastructure needs, and other similar economic development initiatives. This funding opportunity is designed to support municipalities and not-for-profit organizations and encourage economic development in the region.
Eligible Applicants
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To be eligible, businesses need to:
- Be a small business, or, small-medium sized enterprise
- Have a minimum of 15 employees
ELIGIBLE Projects
Activities considered eligible include those related to:
- The promotion of regional economic development
- Attracting and retaining investment
- Promotion of innovation
- Fostering of collaboration and cluster development
- Contribution to the diversification of the economies of Southwestern Ontario
- Improvement of competitive position, enhance productivity and pursue growth
- Facilitation of job creation and retention, skills training and talent attraction
- Stimulation of private sector investment in business enterprises
funding
Up to 50% of eligible project costs for a maximum grant of up to $1.5 million.
Note
Eligible costs under both streams are as follows:
- Project facility modifications/upgrades required for the project
- Equipment and machinery required for the project
- One-time internal labour, including costs to set up/commission new equipment, technology or systems for the project
- One-time materials, including materials used for configuring and testing production processes for the project and systems, and materials used for training employees for the project
- Specialized expertise required for the project or third-party services
- Skills training, including employer-provided training, related to the project;
- Project-related permits, fees and other similar charges
Deadline
The deadline for this program is November 17, 2022.
