Canadian Federal Government Passes Job Creation Legislation

Recently, the Attracting Investment and Creating Jobs Act was passed. This Act has made the Eastern Ontario Development Fund (EODF) permanent and has created the Southwestern Ontario Development Fund (SWODF). These regional development funds for southwestern and eastern Ontario will soon be open and accepting proposals to help support local companies and help generate local jobs.

The Attracting Investment and Creating Jobs Acts will:

• Create the Southwestern Ontario Development Fund that helps builds on the strengths of the region and help address local economic development challenges.
• Create the permanent Eastern Ontario Development Fund (EODF) that offers Ontario business grants to help strengthen the economy. It was first created in 2008 and has since helped create or retain over 13,200 jobs with these business funding grants.

Ontario Business Grants for EODF

For this program, businesses that operate in between the areas around Peterborough and the Ontario-Quebec border are considered in the eligible region for funding. The EODF is a non-repayable Canadian Government grant, providing up to 15% of the one-time expenditures that are required to promote job creation or business expansion. The expenditure coverage depends on the type of business you operate in and the corresponding funding stream that you are eligible for. Funding is available for one project per year and offers a maximum grant of $500,000 per project. Businesses are allowed to use other Ontario Government Grants in addition to the EODF to help cover their project expenditures.

Funding for Small Business via SWODF

The SWODF programs overall objectives and eligibility requirements will be similar to the Eastern Ontario Development Fund. The fund will likely provide up to 50% of expenses in non-repayable small business funding grants. Funding would apply to project expenditures that would improve your businesses’ competitive positioning, attract foreign investment, and directly support job creation.  The ministry has not chosen exact boundaries to where the projects must take place; however, they have specifically mentioned that projects within the GTA will not be eligible for funding by the Southwestern Ontario Development Fund.

Canadian Government Funding Updates

For those who would like to be notified immediately with information regarding the release SWODF or any other Ontario Government Funding Program, follow us on Twitter or join our circle on Google+. Followers can also sign up for our Weekly Canadian Government Funding Newsletter to make sure they are kept up-to-date with the latest Canadian business funding grant information.