Investing in Business Innovation: Loans for Southern Ontario Early Stage Businesses
The Federal Agency of Economic Development for Southern Ontario (FedDev) operates the Investing in Business Innovation (IBI) as a part of the $530 million Southern Ontario Prosperity Initiatives (SOPIs). IBI provides mentorship and entrepreneurial support to help new businesses grow and succeed. IBI small business loans support the success of new businesses in developing globally-competitive products and services.
IBI Provides up to $1 Million in Small Business Loans Ontario
Investing in Business Innovation provides funding to early stage businesses of up to a maximum $1 million to cover up to 33% of eligible costs. The project will accelerate the commercialization of new innovative products and services within 3-5 years.
IBI Small Business Loans Ontario: Early Stage Business Eligibility
In order to be eligible for Investing in Business Innovation funding for early stage businesses, firms must meet the following criteria:
- Be Incorporated in Canada
- Have their Headquarters in southern Ontario
- Employ less than 50 full-time equivalent employees
Investing in Business Innovation Funding –Eligible Activities
IBI business loans Ontario support the activities of eligible earl-stage businesses to undertake activities related to late-stage development and early-stage commercialization of innovative, unique products and processes, including business development such as:
- Business development including building high-performance teams;
- Adopting best management practices, processes and systems, and improving governance and investment readiness;
- Late stage product development geared towards market diversification and growth;
- Customer and market development;
- Developing & implementing marketing and distribution strategies.
IBI Business Loans Ontario –Ineligible Activities
IBI business loans do not cover mass media advertising, acquisition of IP or acquisition of land & buildings. Innovations targeted primarily at retail consumer markets will also not be eligible.
Learn More about Ontario Grants and Business Loans through Mentor Works
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