The Western Ontario Community Futures Development Corporation Association (WOCFDCA) has recently received over $3.2 million in funds from FedDev Ontario. This funding will be matched by Southwestern Ontario Community Futures Development Corporations (CFDCs), allowing for the establishment of a $6.2 million investment fund for the regional diversification of businesses across southwestern Ontario. These funds will directly impact startups and small-and-medium-sized enterprises (SMEs) by providing competitive business loans for projects that support a healthy business landscape across the region.
Government Funding for Business Succession Planning and Diversification
Through this recent announcement, the WOCFDCA will be able to provide enhanced support for up to 37 startups and SMEs across southwestern Ontario. Two main focuses of these funds is the transfer of business ownership from one generation of Canadian entrepreneurs to another, as well as startup support and strengthening of established SMEs which will allow them to become more competitive.
Ontario Government Loans for Business Succession
With Canada’s baby-boomer population rapidly approaching or passing retirement age, entrepreneurs within that generation are seeking to provide succession plans to harvest the rewards of their efforts. WOCFDCA will actively work with entrepreneurs to formulate succession plans, and may also help prospective buyers in securing the funds necessary to purchase the business.
Government Funding for Regional Diversification
In addition to succession planning, WOCFDCA will assist startups and SMEs through regional diversification activities. It is expected that the Canadian government funding support will enable the creation of 8 new partnerships within southwestern Ontario and will provide 100 new full-time equivalent positions. These startups will be able to access Ontario government funding and resources to help grow their business. In addition, SMEs will be able to apply for $350,000 in Ontario government loans for new market and product development, productivity improvements, and activities that support employment growth.
“The WOCFDCA appreciates the confidence that FedDev Ontario has shown in our organization by providing us with this additional capital for businesses in Southwestern Ontario. We will continue to employ all our resources to ensure these new funds generate more business start-ups, expansions and job creation for our communities.”
– Frank Rupcic, Chair of WOCFDCA
Resources for Ontario Entrepreneurs and Startups
While most startups and early-stage businesses are generally ineligible from government grants and loans, there are some resources that can help. In addition to exploring CFDCs, your business should be focused on the criteria government agencies use to determine funding eligibility. To help you understand what your business needs to to do access grants and other government incentives, please download the free Startup Funding Checklist.