This program is designed for businesses like yours in southwestern Ontario. It offers up to 15% of eligible project costs in funding, with loans up to $5 million that are interest-free for up to four years. If you meet your investment and job creation targets, up to 30% of the loan may be forgiven. This makes it a more attractive option compared to traditional financing.

What You Get:

• Interest-free loans for up to four years
• Potential loan forgiveness of up to $500,000
• Grants for specific circumstances, up to $1.5 million

By participating, you can grow your business, improve productivity, and invest in innovation and skills development. The program also provides complementary services such as advisory support and assistance with environmental compliance. Qualifying is straightforward, and a regional advisor will guide you through the application process. This is a unique opportunity to expand your business and contribute to regional economic growth.

Type of Financing:

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

Eligible Expenses:

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

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, personal services, consulting, electricity generation, waste management/recycling, information and communication services, academic research, and 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 advised 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, improve productivity, and invest in innovation. You can receive up to 15% of eligible project costs through loans or grants.

Loans can provide up to $5 million, interest-free for up to 4 years. If you meet your investment and job creation targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven. For smaller businesses in rural areas, grants up to $500,000 are available. For strategic projects, grants can go up to $1.5 million.

The funds can be used for various purposes, such as:

• Expanding your business
• Improving productivity
• Investing in new technology and skills
• Entering new markets

This program can significantly boost your business by providing the necessary funds and support to achieve your growth objectives.

1. Complete the Online Self-Assessment Tool: Start by completing the online self-assessment tool to ensure your project aligns with the program's goals.

2. Contact a Regional Advisor: Reach out to a regional advisor for guidance on the application process and to discuss your project details.

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 your legal business name and Canadian Revenue Agency Business Number ready.

4. Prepare Documentation: Gather the necessary documents to support your application. These include:

   • Financial statements for the past three years
   • Business plan outlining the project
   • Details of the intended use of funds
   • Quotes for equipment or renovation costs
   • Proof of employment numbers and job creation plans

5. Work with Your Regional Advisor: Collaborate with your regional advisor to complete the application form. They will help ensure all required information is included and accurate.

6. Submit the Application on TPON: Submit your completed application form and all required supplemental information through the TPON system.

7. Review and Notification: Wait for the review process. You will be notified of the decision 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.