Cornwall Ontario – The next intake for the Eastern Ontario Development Fund opens on October 19, 2020.
October 16, 2020
By Bob Peters
The deadline for applications in this intake period is December 1, 2020. The assessment of applications typically takes 60 business days.
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 Fund has previously helped several companies to expand in Cornwall. 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
Business Projects Funding Support
Business can apply for up to 15% funding of eligible expenses to a maximum of $5M in the form of an interest free loan. If investment and job targets are met, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
Grants are available only for specific circumstances, up to 15% to a maximum of $500,000 if the company has fewer than 100 employees and is based in rural Ontario, or to a maximum of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions (in limited circumstances).
Businesses may be eligible for other assistance related to advisory services, assistance with environmental compliance approvals, assistance in accessing skills and talent, and information related to leveraging available tax credits. These services are available for the duration of your project regardless of the funding outcome. Services will be coordinated by working with partner ministries until they are delivered, closed-out or finalized.
Community Economic Development Funding Support
Municipalities and/or community groups can apply for funding of up to 50% of eligible project costs for a maximum grant of up to $1.5 million. Applicants may be eligible for other assistance related to advisory services and navigation support for land-use planning and workforce development.
To be eligible, businesses need to:
- have at least 3 years of operations/financial statements
- employ at least 5 people
- commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- invest at least $200,000 in the project
- be located in, or plan to locate in, a community in eastern Ontario
To be eligible, Community economic development 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
How to Apply
- Contact a regional advisor for help with the application. Denis Lapierre is the Senior Business Advisor for the Cornwall area. He can be reached at 613.415.8384 or Denis.lapierre [@] ontario.ca
- Register for Transfer Payment Ontario.
- Submit an eligibility checklist.
- Once the Province confirms you are eligible, work with your regional advisor to complete the application forms and submit along with the required information.