Don’t Miss the Upcoming SWODF November 17th Deadline
One of Ontario’s most popular government funding programs, the Southwestern Ontario Development Fund (SWODF), has reopened their intake for their two streams: the Business Stream and the Community Economic Development Stream.
With SWODF, businesses and organizations are encouraged to expand their facilities, invest in new equipment and infrastructure, and implement strategies to advance the regional priorities of economic development organizations, municipalities, and consortia.
In the last intake of the SWODF program, Mentor Works secured $8 million for clients through its grant writing services, so make sure you get in touch with our team of experts as soon as possible to get started with your application today.
The Southwestern Ontario Development Fund (SWODF) Business Stream
The Southwestern Ontario Development Fund (SWODF) Business Stream helps businesses with high growth potential to invest in new facilities and equipment.
Funding Amount
- SME’s can apply for a Performance Based Loan: Up to 15% of eligible project expenses up to $500,000 (up to 30% of the loan can be forgiven if job and investment targets are met post-project).
- As a general rule, loan interest is between 3-4% and interest is only charged once the project is completed. During the project period, the loan is interest-free.
Applicant Eligibility
Eligible applicants must meet the following:
- At least three years of operation is required;
- The company must have at least ten (10) full-time employees;
- An amount greater than $500,000 must be budgeted for the project;
- The goal must be to create at least five (5) net new jobs;
- During the project period, the number of employees should not decrease; and
- A successful business must comply with tax laws and be profitable.
Eligible Ontario regions for SWODF include:
- Brant;
- Bruce;
- Chatham-Kent;
- Dufferin;
- Elgin;
- Essex;
- Grey;
- Haldimand;
- Huron;
- Lambton;
- Middlesex;
- Niagara;
- Norfolk;
- Oxford;
- Perth;
- Simcoe;
- Waterloo; and
- Wellington.
If your region is not listed above, please visit the Eastern Ontario Development Fund (EODF) to see if your location is included there.
Eligible Projects
- Investments in new operations by Southwestern Ontario businesses ;
- Improving productivity, innovation, export potential, and competitiveness through operational investments; and / or
- Enhancing Ontario’s economy by creating high-value, sustainable jobs.
SWODF Program Timelines
Application deadline is November 17, 2022, and you cannot start to spend until February 16, 2023. Project durations typically last three to four years.
The Southwestern Ontario Development Fund (SWODF) Community Economic Development Stream
Municipalities and not-for-profit organizations in Southwestern Ontario are supported by the Community Economic Development Stream for economic development projects.
Funding Amount
Applicants may receive up to 50% of eligible project expenses, for a maximum grant of up to $1.5 million in support.
Applicant Eligibility
Applicants for this program may be eligible if they meet the following criteria:
- Is a municipality within Southwestern Ontario;
- Economic Development Organizations; and
- Is a consortium.
Eligible Ontario regions for SWODF include:
- Brant;
- Bruce;
- Chatham-Kent;
- Dufferin;
- Elgin;
- Essex;
- Grey;
- Haldimand;
- Huron;
- Lambton;
- Middlesex;
- Niagara;
- Norfolk;
- Oxford;
- Perth;
- Simcoe;
- Waterloo; and
- Wellington.
If your region is not listed above, please visit the Eastern Ontario Development Fund (EODF) to see if your location is included there.
Eligible Projects
For projects to be eligible, they should meet the following program requirements:
- Projects have a focus on economic/business development and job creation by investing in infrastructure or implementing strategies to advance regional economic development priorities;
- Must drive sector investment, growth, and job creation;
- Investment will exceed $100,000;
- Project is receiving support from the private sector; and
- Must be a new project for the municipality.
Program Timelines
Application deadline is November 17, 2022, and you cannot start to spend until February 16, 2023. Project durations typically last three to four years.
Government Funding Opportunities for Southwestern Ontario Businesses
A number of government funding programs are available to Ontario businesses to help with hiring & training, research & development, capital & technology adoption, and business expansion.
Get in touch with a government funding expert today if you need more information about the top government funding programs available to Ontario businesses.
