Businesses across Ontario are in need of capital or at least some form of help. Ontario government funding available for small businesses includes several programs aimed to assist businesses to function properly. Three of them are presented below, they include eligible factors and the contacts you should connect with to receive help for your business.
1. Ontario Automotive Modernization Program (O-AMP)
This program is created with the assistance of the Ontario Ministry of Economic Development, Job Creation, and Trade.
Currently, the forms to apply are under a deadline. You should release your application through Wednesday, October 7, 2020, at 5:00 p.m. EST.
Description of the Ontario Automotive Modernization Program (O-AMP)
The Ontario Automotive Modernization Program (O-AMP) is a partnership with small and medium-sized car components suppliers in Ontario. The program’s objective is to assist the modernization of Ontario’s automobile supply chain. In this manner, the distribution of automotive parts will become extra competitive.
Therefore, your company should get the maximum of $100,000 assisting you up to 50% of the total eligible costs.
If your request is successful, your financial contribution is at least 50%. Also, you can collect it from the following sources:
- your very own commercial enterprise resources
- personal or financial institution financing
2. Tourism Economic Development and Recovery Fund (TEDRF)
This project has come to life with the help of the Ontario Ministry of Heritage, Sport, Tourism and Culture Industries.
Furthermore, the applications for government funding available for small businesses are on an ongoing basis for this development and recovery fund.
What is the Tourism Economic Development and Recovery Fund?
The Tourism Economic Development and Recovery Fund (TEDRF) is an application-based, cost-sharing project. It is designed to supply non-capital funding to initiatives that do the following:
- motivate the improvement of progressive new tourism products
- assist tourism investment
- create the scope and expansion of Ontario’s tourism industry
In addition, the project and plan helps modern tourism initiatives aimed at growing tourism. The focus is Ontario to tackle the decline in international tourism due to coronavirus (COVID-19).
3. Regional Development Programs for Eastern and Southwestern Ontario
Regional Development Program refers to these two funds: Eastern Ontario Development Fund and Southwestern Ontario Development Fund
These funds receive ongoing applications. The Regional Development Program offers help for initiatives and investments to businesses. They also assist municipalities and the not-for-profit corporations. On one hand, it allows financial improvement in Ontario, by region.
On the other hand, the initiatives support projects that:
- create jobs, initiate and support talent
- appeal to and stimulate private investment
- lead to company economic expansion and positive financial impact
- stimulate innovation, inspire collaboration and cluster development
Government funding available for small businesses opportunities are currently assisting in two regions of Ontario: the Eastern and the Southwestern areas.
The funding and the complementary services and support constitute the types of support currently available for these projects.
What is the Eastern Ontario Development Fund and Southwestern Ontario Development Fund?
The Development Fund for Eastern Ontario and Southwestern Ontario provides support for projects and investments. Hence, they assist businesses, municipalities, and not-for-profit organizations. The purpose is to continue economic development in Eastern Ontario and Southwestern Ontario respectively.
Eligibility to Receive Government Funding Available for Small Businesses
At each of the three funding projects presented above click on the link to view your options. Then, you may be eligible to receive the funds.
How to Establish Important Contacts
Once you go over the projects and select the one that you want to apply for, you should contact the assistants for the Projects Funds. In fact, they help answering your questions and clarifying your concerns.
Government funding available for small businesses is there and it’s up to you to jump on an email or call to get more information, specialized advice and help on how to fill in an application.
Moreover, you can also inquire with SBA, Small Business Administration government agency that works with lenders which in turn give loans to business organizations of all types to make them successful.