Workforce Planning Boards
Highlights
This program is designed for business owners like you who want to strengthen their workforce and stay ahead in the local market. By connecting with your local Workforce Planning Board, you can access valuable resources tailored to your community's needs. This includes training programs, recruitment services, and insights into the most in-demand skills in your area.
Why should you apply? This program offers a unique opportunity to partner with local organizations and gain access to specialized research that can help you understand and respond to labour market trends. The financing provided is backed by the government, making it a reliable and flexible option. You can use the funds for various purposes, such as upgrading skills, starting new projects, or enhancing your recruitment efforts.
What's in it for you? By participating, you will be better equipped to attract and retain top talent, ensuring your business remains competitive. The application process is straightforward, and the support from the Workforce Planning Boards makes it easier to qualify. This program is not just about funding; it's about building a stronger, more resilient business with the help of community-driven insights and resources.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a grant, so there is no repayment required.
- No interest rates apply.
Eligible Expenses:
- Training and development programs for employees.
- Hiring new staff to meet emerging skills needs.
- Upgrading equipment to improve productivity.
- Conducting research on local labour market trends.
Use of Funds:
- Funds cannot be used for personal expenses.
- Funds cannot be used for activities outside the scope of improving labour market outcomes.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be located in Ontario.
- Must be engaged in local labour market activities.
- Must be willing to participate in community partnerships.
Must be open to working with local workforce planning boards.
Disqualifications:
- Businesses not located in Ontario.
- Businesses not involved in labour market activities.
- Businesses unwilling to engage in community partnerships.
- Businesses not interested in collaborating with workforce planning boards.
Description
This program offers your business a chance to borrow up to $1,000,000. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Examples of what you can purchase include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, the program can provide up to $150,000.
The federal government guarantees 85% of the loan, giving you a significant security net.
This loan program is flexible. If you have made eligible purchases in the last 365 days, you can apply them to this loan.
You have several options for repayment. You can choose a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to pay back the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Business registration or incorporation documents
- Financial statements (balance sheet, income statement)
- Business plan
- Details of intended use of funds (e.g., quotes for equipment, training costs)
- Proof of business address
- Identification documents for business owners
Contact Your Local Workforce Planning Board: Reach out to your local Workforce Planning Board to express your interest in the program. They can provide specific guidance and support tailored to your community.
Complete the Application Form: Fill out the application form provided by the Workforce Planning Board. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Submit your completed application form along with all required documentation to the Workforce Planning Board. This can usually be done online or in person.
Follow Up: After submission, follow up with the Workforce Planning Board to confirm receipt of your application and to check on the status. They may request additional information or clarification.
Attend an Interview or Meeting: You may be invited to attend an interview or meeting with the Workforce Planning Board to discuss your application in more detail. Be prepared to explain how your business will benefit from the program.
Receive Approval and Next Steps: If your application is approved, you will receive instructions on the next steps, including any agreements to sign and timelines for receiving support or funding.
Implement the Program: Once approved, begin implementing the program as outlined in your application. Keep records of all activities and expenses related to the program for future reporting.
Report Progress: Regularly report your progress to the Workforce Planning Board as required. This may include submitting periodic updates or financial reports.
Complete Program Requirements: Ensure all program requirements are met by the deadlines provided. This may include final reports or evaluations to demonstrate the impact of the program on your business.