New Intake for the Eastern Ontario Development Fund
September 7, 2023Cornwall Ontario – The latest intake is now open for the Eastern Ontario Development Fund, a fund that has assisted a number of local employers build capacity and increase competitiveness in the Cornwall region.
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. It supports growing companies in eastern Ontario make investments to grow their businesses, improve productivity, invest in innovation and skills development, pursue new markets, create good, sustainable jobs and to generate broad positive regional economic impacts.
Eligibility
To be eligible, businesses need to:
- have at least 3 years of operations/financial statements
- employ at least 10 people (5 if located 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
For the purposes of EODF, “Rural Ontario” is defined as a community of less than 100,000 or if the population density is less than 100 people per square kilometre. As such, Cornwall qualifies as rural Ontario.
Please note that EODF does not support projects in the primary production (farming/agriculture), retail, construction/residential development, personal services, consulting, electricity generation, waste management, recycling sectors. Ineligible projects include: ongoing operations including maintenance and capital replacement, refinancing of existing business operations, acquisitions and buyouts, restructuring, or relocating to other jurisdictions within Ontario.
Performance-Based Grant
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
- Of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions (in limited circumstances)
Performance-Based Loan
- Up to 15% funding to a maximum of $5M, interest free during the project period (up to 4 years). If investment and job targets are met, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
Community Economic Development Projects
Community projects that focus on economic development and job creation by investing in infrastructure or implementing strategies to advance regional economic development priorities are eligible for funding. Projects must be led by municipalities, economic development organizations or sector organizations, invest more than $100,000 and lead to measurable outcomes including private sector investment, growth and job creation. Community economic development projects may be funded up to 50% of eligible project costs for a maximum grant of up to $1.5 million.
Key Dates
The following are key dates for the upcoming application period for the Eastern Ontario Development Fund:
- Application Period: August 17, 2023 – October 5, 2023
- Application Assessment Period: October 9, 2023 – January 4, 2024
Registration on Transfer Payment Ontario (TPON) and consulting with a regional advisor regarding your application is advised at least two weeks in advance of the application deadline, ie before September 21st, 2023.
Who to Contact
For advice on developing and strengthening your application, applicants are strongly encouraged to contact a Regional Advisor in advance of the application deadline so that they have enough time to register and complete their full applications. The Regional Advisor responsible for the Cornwall area is Denis Lapierre. He can be reached at 613.415.8384 or Denis.Lapierre [@] ontario.ca
Successful Projects
Successful projects need to:
- align with the fund’s goals of investment attraction and job creation
- provide economic benefits (create jobs, contribute to the region or develop the sector)
- be achievable (i.e. applicants need to have the necessary financing, project management structure and experience to implement the project)
Companies can review their eligibility through a new ‘eligibility screener’ at Regional Development Program eligibility self-screener | Ontario.ca
More Information
Programs details are available at https://www.ontario.ca/page/eastern-ontario-development-fund
Quick Facts
- The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019.
- Businesses and municipalities can get financial support through the Eastern Ontario Development Fund (EODF) and guided access to a range of complementary services and supports.
- Ontario is investing more than $100 million through the Regional Development Program from 2019 to 2023 to support distinct regional priorities and challenges. The program provides cost-shared funding to businesses, municipalities and economic development organizations to help local communities attract investment, diversify their economies, and plan for long-term sustainability and growth.
- There are typically 4 intake periods per year.
- The next application period will be from December 7, 2023 – January 25, 2024.