Invest Ontario Funding (IOF) Supports Ontario Economic Growth
Invest Ontario is a provincial agency dedicated to securing private sector strategic business and capital investments that support economic development. Invest Ontario brings value to the province through their record of securing strategic investments and jobs for the province by ensuring new services and business supports are in place and available to investors.
The Invest Ontario Fund aims to fuel economic growth, employment, and business expansion across the province. Currently, it prioritizes advanced manufacturing, life sciences, and technology.
Funding Snapshot: Invest Ontario Fund (IOF)
Funding Amount
- The IOF is offering $400M over 4 years;
- There is no max funding ask; and
- Funding will be offered as a Loan and/or Conditional Grant Combination.
Eligible Applicants
The priority sectors for the IOF are:
- Advanced Manufacturing;
- Advanced materials and chemicals;
- Automotive and Aerospace;
- Life Sciences;
- Biopharma and Vaccines;
- Digital Health and Analytics;
- Contract Development Manufacturing Organization;
- Technology;
- Computer and electronic product manufacturing;
- Software and IT services; and
- Clean technology.
Eligible Activities
Eligible activities include:
- Advancing high growth opportunities across advanced manufacturing, life sciences and technology; and
- Leveraging data to identify and prioritize investments that have the greatest economic impact for Ontario.
Key Project Deliverables:
- Total project investment;
- Current number of employees;
- Job creation;
- IP creation;
- Partnerships as a result of the project;
- Facility closures are not permitted; and
- Sale of the business is not permitted.
Program Details
- The funding process can take 9 months – 1 year to complete; and
- Project cannot begin until the term sheet have been finalized.
Access Investment Funds Across Canada
Growth funds such as the Invest Ontario Fund fuel significant growth and development across provinces. Such investment vehicles help drive economic prosperity and allow for business activities to accelerate. The Canada Growth Fund is another example of a large investment pool from which Canadian businesses can receive support. Our blog on the Federal Fall Economic Statement 2023 blog portrays a good overview of the expectations and criteria set by the Canada Growth Fund as we step into the new year.
At Mentor Works, A Ryan Company we believe in supporting businesses and preparing them for their full funding potential. Download our free resource on How To Build A Funding Plan and our popular Business Funding Guide to align your goals with funding programs ahead of time.
