This Canadian government funding program currently supports 61 Community Futures Development Corporations (CFDC) in Ontario – where FedDev Ontario serves 37 rural Eastern and Southern Ontario and the remainder are served by FedNor. This Ontario government funding program helps SME’s in rural Ontario expand and stabilize their business to maintain or create jobs.
Canadian Government Funding Overview
These corporations offer a wide variety of programs and services supporting community economic development and small business growth. This funding for small business focuses on providing the following:
- Support for community-based projects
- Strategic community planning
- Socio-economic development
- Planning services and business information
- Access to capital for SME’s and social enterprises
These community-based, not-for-profit organizations are staffed by professionals and are lead by local volunteer board of directors familiar with their communities’ needs, concerns and future development priorities. The Community Futures Program supports local economic development and strengthens the ability of communities to realize their full potential in a sustainable way. Its main objectives are to promote:
- Sustainable communities
- Stability, job creation and economic growth
- Diversified, competitive local economies in rural areas
Community Futures Program Funding for Small Business Amount
Companies may be eligible for a loan of up to $150,000 to start or grow your business in northern and southern Ontario. Companies must be located in rural Ontario and the loan is available for both established and startup businesses. The government loan is normally provided at an interest rate of 2-3% above prime with average loan sizes of approximately $40,000 up to $150,000.
Contact Mentor Works, the Government Funding Experts
If you are looking for additional Canadian Government funding support, be sure to contact one of our Small Business Funding Experts, subscribe to our Canadian Government Funding E-Newsletter or follow us on Twitter.