Prosperity Initiative – NEW FedDev Ontario Program

To provide a more productive, diversified and competitive economy in Southern Ontario, FEDDEV Ontario has allocated $210 million to this new program called the Prosperity Initiative

What the Initiative Supports

This investment from the Federal Economic Development Agency for Southern Ontario may support three different strategic projects to create a Southern Ontario Advantage through:

Regional Diversification

• Developing new opportunities or industries to diversify the regional economy or community for long-term economic benefit (i.e. increased employment opportunities & high value jobs).
• Recipients will be for-profit corporations with matching funds in distressed regions
• Applications submitted by collaborating parties in the areas of science & technology, energy, health & sciences, food & beverage, information and communication technologies.
• This funding may support market development and expansion efforts to build greater diversification regionally through collaborative strategic alliances or initiatives.
• Eligible costs may include capital (i.e. excluding land & buildings), labor and operating expenditures, materials & supplies, software, consulting or professional fees, travel and meeting costs.
• Repayable contributions of up to 50 per cent of direct eligible capital project costs and up to 75 per cent of direct eligible non-capital costs to a maximum of $20 million.

Productivity Enhancements

• Adoption or adaptation of new processes, skills or new technologies to enhance productivity in businesses in southern Ontario.
• Recipients will be not-for-profit corporations who may propose to distribute to third party SME’s as a non-repayable grant up to a maximum of $100k per party. The SME will require a minimum of 50% contribution to the project.

Competitive Advantage

• Expanding and developing strategic economic groups to increase southern Ontario competitiveness and build on the strengths of our region to serve the global economy.
• Improved sustainability for long-term employment and high value jobs.
• Achieve an outcome such as increased capacity to expand and access new markets through development of new infrastructure, increased diversification and improved competitiveness.
• Recipients will be for-profit corporations with matching funds in distressed regions
• Applications submitted by collaborating parties in the areas of science & technology, energy, health & sciences, food & beverage, information and communication technologies.
• This funding may support technology demonstration and piloting, business development and expansion, adoption of new technologies, processes and skills in a sector, facility improvement and expansion.
• Eligible costs may include capital (i.e. excluding land & buildings), labor and operating expenditures, materials & supplies, software, consulting or professional fees, travel and meeting costs.

Submission Process

A statement of intent must be submitted by the applicant outlining the scope, objectives, outcomes, costs and funding sources. The second phase of the submission process will involve a business plan with the completion of the full application.

All projects must be completed by March 31, 2014.

If you would like additional support to complete the application process and learn of others, please do not hesitate to contact us at Mentor Works.

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