Rural Economic Development program — Strategic Economic Infrastructure Stream
Highlights
This program is designed to help your business thrive in Ontario's rural communities. You can receive up to 50% of eligible project costs, with a maximum of $150,000 for projects that enhance economic growth and competitiveness. This funding can be used for various initiatives, such as business retention, downtown revitalization, and technology adoption.
Why should you apply? This program offers significant financial support, making it easier for you to implement projects that might otherwise be out of reach. The funding is cost-shared, reducing your financial burden and allowing you to focus on growth and innovation. Additionally, the program's backing by the government ensures stability and reliability.
What's in it for you? By being approved, you gain access to resources that can help attract investment, create jobs, and boost your local economy. The application process is straightforward, and the benefits far outweigh the effort required to qualify. This is a unique opportunity to make a lasting impact on your business and community.
Financing Details
Type of Financing: Cost-Share Funding
Repayment Terms and Interest Rates:
- No repayment terms or interest rates. This is a non-repayable grant.
Eligible Expenses:
- Entrepreneurship/Business Succession: Coaching, mentorship, business succession support, familiarization tours.
- Business Retention and Expansion: Collecting business and market data, writing and implementing action plans, executing actions to support local businesses.
- Downtown Revitalization: Growing customer traffic, attracting businesses through marketing activities, Community Improvement Plan (CIP) with implementation.
- Technology Adoption/Innovation Initiatives: Digital training and support services, improving development and planning approvals process.
- Attraction and Retention of Workers/Immigrants/Youth: Employee-pooling projects, workforce-oriented policy/regulatory improvements, workforce attraction marketing, career days/events, network development, workforce or sector-based training, youth training, intern/apprentice matching system.
- Collaborative Marketing and Outreach: Promotional campaigns across multiple communities.
- Sector/Value Chain Development: Buyer-seller forums, network development, specialized business training.
Ineligible Expenses:
- Capital costs for projects in the Economic Diversification and Competitiveness Stream.
- Any expenses not directly related to the approved project activities.
Fees:
- No application or participation fees.
Qualifications
- Must be a municipality.
- Must be a not-for-profit entity.
- Must be an Ontario Indigenous community or organization.
Must be a Local Services Board.
Disqualifications:
- Businesses that do not fall into the categories of municipality, not-for-profit entity, Ontario Indigenous community or organization, or Local Services Board.
Description
The government program offers funding to help your business grow and thrive in rural Ontario. You can receive up to 50% of eligible project costs, with a maximum of $150,000 for projects that enhance economic growth and attract investment. For infrastructure projects, you can get up to 30% of eligible costs, capped at $250,000.
You can use this money for a variety of projects. This includes business succession planning, downtown revitalization, and technology adoption. It also covers worker attraction and retention, collaborative marketing, and sector development. For infrastructure, you can invest in rehabilitating cultural or tourism attractions, redeveloping vacant buildings, and improving public spaces.
The funding is a cost-share, meaning you will need to cover part of the costs. However, this program provides a significant boost to help you overcome barriers to growth and create a stronger, more vibrant community. No payback period is required, making it a valuable opportunity to invest in your business without the burden of debt.
Program Steps
Review Program Guidelines: Read the RED program guidelines to understand the specific requirements, funding streams, and eligible project types.
Prepare Documentation: Gather the necessary documents for your application. You will need:
- A detailed project plan
- Financial statements
- A budget outlining eligible project costs
- Proof of municipal or organizational status
- Any existing marketing or communications plans (if applicable)
- Previous strategies or studies related to the project (if applicable)
Develop a Project Proposal: Create a comprehensive project proposal that aligns with the RED program’s objectives. Ensure your proposal includes:
- Project description and objectives
- Expected outcomes and benefits for the rural community
- Detailed work plan and timeline
- Collaboration and partnership details
Complete the Application Form: Fill out the RED program application form, ensuring all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form and all required documentation to the Ministry of Agriculture, Food and Rural Affairs (OMAFRA) by the specified deadline.
Await Decision: Wait for the funding decision, which is typically communicated within three months from the intake closure date. Be prepared to provide additional information if requested.
Enter Contribution Agreement: If your application is approved, enter into a contribution agreement with the Province of Ontario. This agreement will outline the terms and conditions of the funding.
Implement the Project: Once the agreement is signed, begin implementing your project according to the approved plan and timeline.
Report Progress: Regularly report on the progress of your project to OMAFRA as specified in the contribution agreement. Ensure all expenditures are documented and align with the approved budget.
Complete Final Reporting: Upon project completion, submit a final report detailing the outcomes and benefits achieved, along with a financial summary of the project.