This program is designed to support your business by providing cost-share funding to help overcome barriers to economic development and labor force challenges. By participating, you can receive up to 50% of eligible project costs for initiatives that enhance economic growth, attract investment, and create jobs in your rural community. This funding can be used for a variety of projects, such as business retention and expansion, downtown revitalization, and technology adoption.

What You Get:

• Up to $150,000 for non-capital projects under the Economic Diversification and Competitiveness Stream.
• Up to $250,000 for minor capital projects under the Strategic Economic Infrastructure Stream.

Benefits:

• Flexible Funding: Tailored to support a wide range of projects, from business succession to workforce attraction.
• Government-Backed: Provides a reliable source of funding, reducing financial risk.
• Community Impact: Helps diversify and grow local economies, making economic growth more inclusive.

Applying for this program is straightforward, and if approved, it can significantly boost your business's capacity to thrive and contribute to your community's economic prosperity.

Type of Financing: Cost-Share Funding

Repayment Terms and Interest Rates:

• No repayment terms or interest rates apply. This is a cost-share funding program, not a loan.

Eligible Expenses:

• Economic Diversification and Competitiveness Stream:

  • Non-capital costs such as:
    • Business start-up or succession support
    • Business retention and expansion activities
    • Downtown revitalization projects
    • Technology adoption and innovation initiatives
    • Workforce attraction and retention strategies
    • Collaborative marketing and outreach
    • Sector/value chain development

• Strategic Economic Infrastructure Stream:

  • Minor capital costs such as:
    • Rehabilitation of cultural, heritage, or tourism attractions
    • Redevelopment of vacant or underutilized buildings
    • Streetscaping and landscaping projects

Ineligible Expenses:

• Funds cannot be used for major capital costs or any expenses not directly related to the project activities outlined in the application.

Fees:

• There are no fees associated with applying for or receiving funding through this program.

The program offers your business cost-share funding to help create jobs and boost growth in your rural community. You can receive up to 50% of eligible project costs, up to a maximum of $150,000 for projects that diversify and grow local economies. For strategic economic infrastructure projects, you can get up to 30% of eligible project costs, up to $250,000.

You can use this funding for various activities, such as:

• Supporting business start-ups or succession through coaching and mentorship.
• Improving digital capabilities and participating in the information economy.
• Attracting and retaining workers through workforce-oriented projects.
• Rehabilitating cultural, heritage, or tourism attractions to enhance community assets.

The funding is designed to address barriers to economic development and labor force challenges, making it easier for your business to attract investment and enhance growth. By participating, you can help make economic growth more inclusive, ensuring that rural Ontario continues to share in the province’s prosperity.

1. Gather Necessary Documentation: Prepare the following documents to support your application:

• Business plan
• Financial statements
• Project proposal
• Quotes for project costs
• Proof of community support (if applicable)

2. Complete the Application Form: Fill out the application form with accurate and detailed information about your business and the proposed project.

3. Develop a Project Work Plan: Outline the steps, timeline, and resources needed to complete the project. Include key milestones and deliverables.

4. Create a Project Budget: Prepare a detailed budget that includes all eligible costs. Ensure the budget aligns with the funding limits and cost-share requirements.

5. Secure Financial Commitments: Obtain letters of commitment or support from other funding sources or partners, if applicable.

6. Submit the Application: Submit the completed application form, along with all required documentation, to the Ministry of Agriculture, Food and Rural Affairs (OMAFRA) by the specified deadline.

7. Await Decision: After submission, your application will be reviewed. You will be notified of the funding decision, usually within three months from the intake closure date.

8. Enter into Contribution Agreement: If approved, you will need to sign a contribution agreement with the Province of Ontario, outlining the terms and conditions of the funding.

9. Implement the Project: Once the agreement is signed, begin implementing the project according to the approved work plan and budget.

10. Report Progress: Regularly report on the progress of the project to OMAFRA, including any financial updates and milestones achieved.

11. Complete the Project: Upon project completion, submit a final report detailing the outcomes and impacts of the project, along with any required financial documentation.