Last November, the McGuinty Government proposed the introduction of several new grants for small business in Ontario to promote job creation and economic prosperity. So far, they have released several small business funding grants including the Eastern Ontario Development Fund (EODF) and Ontario-China Research Innovation Fund (OCRIF). With the relative success of these programs, the Province of Ontario is now planning the release of a Southwestern Ontario Development Fund (SWODF). This program looks to attract investment and employment opportunities within the region of Southwestern Ontario.
IMPORTANT: This Information may be out-dated. Please go back or visit one of the following articles for the most recent and accurate information regarding this program:
SWODF: Details for Ontario Business Grants
The details regarding the exact amounts and types of Canadian Government funding for this program have yet to be released; however, the overall objectives and eligibility requirements of the new Ontario Government funding program are likely to be very similar in nature to those of the Eastern Ontario Development Fund. The fund will likely provide up to 50% of expenses or around $500K in non-repayable small business funding grants. Funding would apply to project expenditures that would improve your businesses’ competitive positioning, attract foreign investment, and directly support job creation. The ministry has not chosen exact boundaries to where the projects must take place; however, they have specifically mentioned that projects within the GTA will not be eligible for funding by the Southwestern Ontario Development Fund.
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The Ontario Ministry of Economic Development and Innovation has not officially released the applications and funding details for the SWODF. However, they have provided a Southwestern Ontario Development Fund Consultation Paper which gives some insight towards what the program could fund. For those who would like to be notified immediately with information regarding the release SWODF or any other Ontario Government Funding Program, follow us on Twitter. Followers can also sign up for our Weekly Canadian Government Funding Newsletter to make sure they are kept up-to-date with the latest Canadian business funding grant information.