Employment Ontario
Highlights
This program is designed to support your business by providing essential financial assistance. You can receive up to $1,000,000 in financing, with an additional $150,000 available for software or daily operating costs. This funding can be used for a variety of needs, including operating expenses, restorations, new equipment, and software.
Key benefits of this program include:
- Government-backed financing, ensuring stability and trust.
- Flexible repayment options, with up to 15 years to repay the loan.
- Free access to employment counsellors for advice on attracting and recruiting employees, as well as managing workforce restructuring.
Applying for this program is straightforward, and qualifying is easier than you might think. By being approved, you can secure the financial support needed to grow and sustain your business, making it a valuable opportunity for your future success.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- No repayment is required as this is a subsidy.
- No interest rates apply.
Eligible Expenses:
- Salaries and wages for new hires.
- Training costs for new employees.
- Onboarding expenses.
Ineligible Expenses:
- Capital expenditures (e.g., equipment, property).
- Operational costs unrelated to wages or training.
- Any expenses not directly tied to employee compensation or training.
Fees:
- No application or processing fees.
Qualifications
- Must have a payroll account number.
- Must be located in Ontario.
- Must be an employer looking to hire, train, or retain workers.
Must be willing to work with an employment counsellor if needed.
Disqualifications:
- None explicitly mentioned.
Description
This program offers your business a chance to receive up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible expenses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can get up to $150,000.
The federal government guarantees 85% of the loan, giving you a strong safety net.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed rate, or a combination of both.
You have up to 15 years to repay the loan, regardless of how you use the funds.
Program Steps
Gather Required Documentation:
- Business Registration or Incorporation Documents
- Financial Statements (e.g., income statement, balance sheet)
- Business Plan
- Payroll Account Number
- Quotes for Training or Equipment (if applicable)
Complete the Application Form:
- Access the application form online or request a paper copy.
- Fill in all required fields accurately.
Prepare a Detailed Training Plan:
- Outline the training objectives and goals.
- Include a timeline for the training activities.
- Specify the number of employees to be trained.
Submit the Application:
- Attach all required documentation.
- Ensure the application form is complete and accurate.
- Submit the application online or by mail to the designated address.
Follow Up:
- Contact the program office to confirm receipt of your application.
- Be prepared to provide additional information if requested.
Review and Approval:
- Wait for the program office to review your application.
- Respond promptly to any requests for additional information.
Receive Funding:
- Upon approval, review the terms and conditions of the funding.
- Sign any necessary agreements.
- Receive the funds and begin your training program.