Much like many of the small business grants offered by FedDev, this initiative is aimed at developing a more diversified and competitive economy in Southern Ontario. FedDev has pledged $210 million to this program which will give businesses the tools they need to expand geographically as well as generate opportunities for the people and communities of the Southern Ontario region.
Canadian Government Funding of up to $20 Million Available
The Prosperity Initiative is offering Canadian businesses repayable contributions of up to 50 per cent of eligible direct capital project costs and up to 75 per cent of direct eligible non-capital costs to a maximum of $20 million for projects completed by the end of March next year (2013). Specific terms of repayment will be determined on a case by case basis and will be expected to commence as soon as is reasonably possible without compromising the success of the project of the recipient firm.
Who is eligible to receive this Ontario government funding?
SME’s with less than 1000 employees in Southern Ontario will be eligible to receive Canadian government funding from FedDev’s Prosperity Initiative Program. Special consideration will be given to organizations in the sectors of environmental science and technology, natural resources and energy, health and related sciences and technologies, food and beverage industries, and information and communication technologies.
What types of projects will be considered for the Prosperity Initiative Program?
Some of the activities that will be eligible for Ontario government funding support include:
- Productivity improvements to enhance the competitiveness of an industry/sector;
- Adaptation and adoption of new technologies, processes and skills development in an industry/sector leading to significant productivity improvements;
- Creation of new opportunities for economic diversification;
- Market development and expansion;
- Business attraction to diversify regional or community economies; and
- Business expansion supporting greater diversification
What is the timeline for this government funding for small business initiative?
FedDev’s Prosperity Initiative is a 4 year program with continuous intake until all of the available funds have been exhausted. All activities supported by the initiative are expected to be completed by March 31, 2014.
For more details regarding this program as well as information on a variety of Canadian government grants stay connected with Mentor Works Ltd. updates via their Canadian Government Funding Blog, or by contacting a Canadian Government Funding Expert for a free consultation. You can follow Mentor Works’s activity on Facebook, Twitter, LinkedIn, and Google+. We also invite you to our next Free Canadian Government Funding Workshop on Wednesday February 27, 2013 at 10am in Burlington, ON.
Find More Info on this Government Funding for Small Business Initiative
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