Grants of up to $1.5 million for projects that encourage innovation, collaboration, cluster development, job creation and private sector investment in eastern Ontario.
The Eastern Ontario Development Fund provides support for projects and investments to businesses, municipalities and not-for-profit organizations for economic development in eastern Ontario.
The types of support available include:
- funding support
- complementary services and support
The fund supports projects that:
- create jobs and build talent
- attract and encourage private sector investment
- lead to business growth and broad positive economic impacts
- encourage innovation, collaboration and cluster development
Eastern Ontario includes the following 15 geographic areas:
- Frontenac
- Haliburton
- Hastings
- Kawartha Lakes
- Lanark
- Leeds and Grenville
- Lennox and Addington
- Muskoka
- Northumberland
- Ottawa
- Peterborough
- Prescott and Russell
- Prince Edward
- Renfrew
- Stormont, Dundas and Glengarry
The fund supports business and community economic development projects.
Business projects
To be eligible, businesses need to:
- have at least 3 years of operations/financial statements
- employ at least 10 people (or 5 if you are in rural Ontario)
- commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- invest at least $500,000 in their project (or $200,000 if you are in rural Ontario)
- be located in, or plan to locate in, a community in eastern Ontario
Community economic development projects
To be eligible, projects need to:
- be led by municipalities, economic development organizations or sector organizations
- focus on economic and business development and job creation in the community or region by investing in infrastructure or implementing strategies to advance regional economic development priorities
- lead to measurable outcomes including private sector investment, growth and job creation
- invest more than $100,000
- have private sector support
- be used for activities that are new to the organization
Funding
Business Projects
Funding amount
Up to 15% of eligible project costs.
Loans
Up to 15% funding to a maximum of $5M, interest free during the project period (up to 4 years). If you achieve your investment and job targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
Grants
Grants are available only for specific circumstances, up to 15% to a maximum:
- Of $500,000 if your company has fewer than 100 employees and is based in rural Ontario (population of your community is less than 100,000 or population density is less than 100 people per square kilometre)
- Of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions (in limited circumstances)
Give your application the best chance at approval. AKR Consulting has an 99% approval rating across all Canadian funding programs.
