Regional Economic Growth Through Innovation & Southern Ontario Prosperity Program
Highlights
This program is designed specifically for businesses like yours. It offers no-interest, repayable contributions ranging from $125,000 to $10 million. This funding can help you develop innovative products, improve productivity, and expand into new markets. The application process is straightforward, and support is available to guide you through it.
Key Benefits:
- No-interest financing: Save on interest costs compared to traditional loans.
- Flexible funding amounts: Tailored to your project needs, from $125,000 to $10 million.
- Support for growth: Ideal for projects in clean economic growth, technology, and industrial transition.
By securing this funding, you can accelerate your business development, adopt new technologies, and create sustainable jobs. The program prioritizes projects that contribute to emissions reductions and support underrepresented groups, ensuring inclusive growth. Applying is easy, and the potential benefits to your business are substantial.
Financing Details
Type of Financing: No-Interest, Repayable Contributions
Repayment Terms:
- No interest charged on the contributions.
- Repayable amounts range from $125,000 to $10 million per project.
Eligible Expenses:
- Development, commercialization, or production of innovative products, processes, and services.
- Improvements in productivity, capacity, and competitiveness.
- Scaling up and expanding to develop new business opportunities, enter new markets, or reach new customers.
Ineligible Expenses:
- Funds cannot be used for regular operational expenses not related to the project.
- Personal expenses or unrelated business activities are not covered.
Fees:
- No application or processing fees are associated with this program.
Qualifications
- Must be an incorporated business.
- Must be located in southern Ontario.
- Must be involved in developing, commercializing, or producing innovative products, processes, or services.
- Must focus on improving productivity, capacity, and competitiveness.
- Must aim to scale-up and expand to develop new business opportunities, enter new markets, or reach new customers.
Must align with one or more of the following priorities:
- Clean economic growth
- Growth companies
- Technology
- Industrial transition
Disqualifications:
- None explicitly mentioned.
Description
FedDev Ontario offers your business a chance to receive no-interest, repayable contributions ranging from $125,000 to $10 million per project. This funding can help you develop, commercialize, or produce innovative products, processes, and services. It can also be used to improve productivity, capacity, and competitiveness, or to scale up and expand your business to reach new markets and customers.
The program focuses on projects that support clean economic growth, accelerate business development, and adopt new technologies. This includes areas like artificial intelligence, cybersecurity, medical technologies, digital health, and agri-tech. Projects that help traditional sectors transition to new technologies and innovations are also supported.
Priority is given to projects that promote zero-emission vehicles, housing manufacturing innovation, and inclusive growth. This means your project could help create sustainable jobs and new opportunities for underrepresented groups. The funding aims to support growth across both urban centers and small, rural communities.
Program Steps
Gather Necessary Documentation: Prepare the following documents to complete your application:
- Business plan
- Financial statements (balance sheet, income statement, cash flow statement)
- Details of the project (including objectives, timeline, and expected outcomes)
- Quotes or estimates for project costs
- Proof of incorporation
Attend an Information Session: Join one of the virtual information sessions to learn more about the program and ask any questions you may have.
Contact FedDev Ontario: Reach out via email ([email protected]) or phone (1-866-593-5505) to express your interest in applying and discuss your project needs.
Complete the Online Application: Visit the program's application portal and fill out the required fields with your business and project information.
Submit Supporting Documents: Upload all the necessary documentation as part of your online application.
Review and Submit Application: Double-check all the information and documents provided. Ensure everything is accurate and complete before submitting your application by the deadline (June 24, 2024, 4:59 pm Eastern Time).
Await Confirmation: After submission, wait for a confirmation email from FedDev Ontario acknowledging receipt of your application.
Respond to Follow-Up Requests: Be prepared to provide additional information or clarification if requested by FedDev Ontario during the review process.
Monitor Application Status: Keep track of your application status through the program's portal or by contacting FedDev Ontario for updates.
Await Decision: Once your application has been reviewed, you will be notified of the decision. If approved, follow the instructions provided for next steps and funding disbursement.