Financial Assistance
In addition to low cost land, modest development charges and affordable electrical rates, there are a number of financial assistance programs available to companies investing in Cornwall. These programs are available from different levels of government.
Brownfield Program
The City of Cornwall has a number of programs to help developers revitalize brownfield sites in the city. Brownfields are abandoned, vacant, derelict or underutilized commercial and industrial properties, where past actions have resulted in actual or perceived contamination. Assistance programs range from tax rebate incentives and municipal fee grants. Click here for more info.
Heart of the City Program
Cornwall’s Heart of the City initiative supports revitalization projects that occur in the central core, or “Heart of the City”. These areas include the downtown central business district (Pitt Street and adjacent roadways) along with Le Village shopping district. Similar to the Brownfield program, the Heart of the City program has a number of tools to help landowners undertake property improvements, with a special focus on aesthetic improvements, and the upgrading and renovation of commercial properties and ancillary residential units. Click here for more info.
Eastern Ontario Development Fund (EODF)
Businesses that invest $500,000 or more in projects in Cornwall that create or retain at least 10 jobs over five years are eligible for a grant of up to 15% from the Eastern Ontario Development Fund. The EODF was created by the Province in 2008.Click here for more info.
Jobs and Prosperity Fund
Businesses with large projects can apply to the Jobs and Prosperity Fund, a new 10-year, $2.5 billion fund to help Ontario companies improve productivity and gain access to new markets. Click here for more info.
Youth Job Connection
The Youth Job Connection program provides paid pre-employment training, job opportunities and mentorship to youth aged 15 to 29 who are currently not working, not in school, or not enrolled in a training program. It also provides summer, part-time and after-school job opportunities to high school students between ages 15 and 18 who are facing challenging life circumstances and who may need support transitioning between school and work. Click here for more info.
Youth Employment Fund
The Youth Employment Fund offers a number of financial incentives that make matching job seekers with potential employers that much more attractive. Up to $7,800 per participant is available for a combination of individual supports, training supports and employer hiring incentives. Click here for more info.
Canada Ontario Job Grant
The Job Grant will provide direct financial support for employers (up to $10,000 per person) who wish to purchase training for their workforce. In this grant program, employers choose the individuals they would like to have trained, and the training that meets their workforce development needs. Click here for more info.
Rural Economic Development Fund (RED)
The Rural Economic Development Fund (usually referred to as RED) is a broad program designed to support projects that attract investment and create high-value jobs. The fund has business development and community development streams. Click here for more info.
Eastern Ontario Manufacturing – Skills & Jobs Initiative
The Eastern Ontario Manufacturing – Skills & Jobs Initiative seeks to offset training costs incurred by businesses when that training is undertaken with a college, university or other 3rd party trainer. Click here for more info.
CME SMART Program
The Canadian Manufacturers & Exporters (CME) created the SMART Program to improve the manufacturing productivity of SMEs to enable them to compete more effectively in the global economy. Click here for more info.
NRC Industrial Research Assistance Program
The National Research Council (NRC) offers financial support to qualified small and medium-sized enterprises in Canada via the Industrial Research Assistance Program (IRAP). IRAP is designed to assist companies undertake technology innovation projects. Click here for more info.
Concierge Service
The NRC’s Concierge Service provides a single access point where small and medium-sized enterprises (SMEs) can find high-quality, timely advice to help them innovate and accelerate their growth. Click here for more info.
Eastern Ontario Development Program
The Eastern Ontario Development Program (EODP) promotes socio-economic development in Eastern Ontario by assisting economic renewal in five priority areas: business and community development; skills development; access to capital; retention and attraction of youth; and technological enhancements. Funding and support of the EODP is delivered via the Cornwall and the Counties Community Futures Development Corporation. Click here for more info.
Cornwall and the Counties Community Futures Development Corporation
The Cornwall and the Counties Community Futures Development Corporation (CFDC) offers both debt financing and capital investment to businesses located in the City of Cornwall. Repayable loans, loan guarantees and equity investments in amounts up to $300,000 are available. Click here for more info.
Starter Company
The Starter Company program partners young entrepreneurs with experts who will help to develop the skills needed to launch and sustain successful businesses. Program participants are also eligible to receive up to a $5,000 grant. The Program is administered by the Cornwall Business Enterprise Centre. Click here for more info.
Summer Company
Summer Company is a unique program to provide young people with a chance to create and maintain their own small businesses over the summer months. The Program is administered by the Cornwall Business Enterprise Centre. Click here for more info.
FedDev Ontario
FedDev Ontario delivers programming to help create, retain and grow businesses, cultivate partnerships and build strong communities. This will support a strong southern Ontario economy and position the region to compete globally. Click here for more info.
Export Market Access Program
The Ontario Chamber of Commerce’s Export Market Access Program provides small- to medium-sized enterprises with the tools and resources they need to improve their position in key foreign markets. It will also support two trade missions: one to China and Hong Kong, and one to India. The program will fund up to 50 per cent of eligible project costs, to a maximum of $30,000 per project. Click here for more info.
Export Development Canada (EDC)
Export Development Canada provides insurance and financing services for Canadian companies exporting to foreign markets. EDC officers can also provide free market information. Click here for more info.
Business Development Bank of Canada (BDC)
The BDC can provide Canadian companies with debt financing at attractive rates and debt/equity ratios for both real estate and equipment purchases. Through a subsidiary—BDC Capital, the company also offers venture capital, equity as well as growth and business transition capital. Click here for more info.
Cornwall Economic Development can provide additional information on the above programs, as well as others. Use the Contact Us form on this website to enquire.