This program is designed for businesses like yours in Eastern Ontario. It offers up to 15% of eligible project costs in funding, with a maximum of $5 million in interest-free loans during the project period. If you meet your investment and job creation targets, up to 30% of the loan may be forgiven. This is a significant advantage over traditional loans, providing you with financial flexibility and potential savings.

What You Get:

• Interest-free loans for up to 4 years
• Loan forgiveness of up to $500,000 if targets are met
• Grants up to $500,000 for smaller companies in rural areas or up to $1.5 million for strategic projects

Benefits:

• Grow your business with financial support
• Improve productivity and invest in innovation
• Access new markets and create sustainable jobs
• Complementary services such as advisory support and assistance with environmental compliance

Qualifying for this program is straightforward, and working with a regional advisor will help streamline your application process. This is a unique opportunity to secure funding and support that can drive your business forward.

Type of Financing:

• Loans: Up to 15% funding to a maximum of $5M, interest-free during the project period (up to 4 years). If you achieve your investment and job targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
• Grants: Available only in specific circumstances, up to 15% to a maximum:
  • $500,000 if your company has fewer than 100 employees and is based in rural Ontario.
  • $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.

Repayment Terms and Interest Rates:

• Interest-Free Period: Loans are interest-free during the project period, which can last up to 4 years.
• Forgiveness: Up to 30% of the loan (to a maximum of $500,000) may be forgiven if investment and job targets are met.

Eligible Expenses:

• Business growth initiatives
• Productivity improvements
• Innovation and skills development
• Market expansion efforts

Ineligible Expenses:

• Ongoing operations including maintenance and capital replacement
• Refinancing of existing business operations
• Acquisitions and buyouts
• Restructuring or relocating within Ontario
• Primary production, retail, construction (residential development)
• Personal services, consulting, electricity generation, waste management/recycling
• Information and communication services, academic research, stand-alone restaurants and hotels (unless transformative and considered a regional priority)

Fees:

• No specific fees are mentioned for applying to this program. However, it is advisable to consult with a regional advisor for any potential costs associated with the application process.

This program offers financial support to help your business grow and succeed in eastern Ontario. You can receive up to 15% of your project costs through loans or grants. Loans can be up to $5 million, interest-free for up to 4 years. If you meet your investment and job targets, up to 30% of the loan may be forgiven.

You can use this money to expand your business, improve productivity, invest in innovation, and develop new skills. It can also help you enter new markets and create sustainable jobs. This funding is designed to have a broad positive impact on your business and the region.

The program also offers complementary services, such as advisory support and help with environmental compliance. These services are available throughout your project, ensuring you get the most out of this opportunity.

1. Complete the Online Self-Assessment Tool: Start by completing the self-assessment tool available online to ensure you have all the necessary information for the application process.

2. Contact a Regional Advisor: Reach out to a regional advisor for assistance with your application. They can provide valuable guidance and help you understand the program's requirements.

3. Register for Transfer Payment Ontario (TPON): Register your business on TPON, the Province of Ontario’s online application system for grant funding. Ensure you have the necessary information and official business documents, such as:

   • Legal business name
   • Canadian Revenue Agency Business Number

4. Prepare the Required Documentation: Gather and prepare the necessary documents to support your application. These may include:

   • Financial statements for the past 3 years
   • Business plan detailing the project
   • Proof of employment (number of employees)
   • Project budget and investment details
   • Any additional documents specified by the program guidelines

5. Work with Your Regional Advisor: Collaborate with your regional advisor to complete the application form. They can help ensure all required information is accurately provided.

6. Submit the Application on TPON: Submit your completed application form along with the required supplemental information through the TPON system. Ensure all documents are uploaded and the application is submitted before the deadline.

7. Await Notification: After submission, wait for the notification of the decision. You will be informed within approximately 60 business days of the application deadline.

By following these steps, you will be well-prepared to apply for the program and take advantage of the support available for your business.