Funding Alert: The Southwestern Ontario Development Fund

The Southwestern Ontario Development Fund provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in Southwestern Ontario.

The Southwestern Ontario Development Fund (SWODF) provides support for projects and investments to businesses, municipalities, and not-for-profit organizations for economic development in Southwestern Ontario.

The Southwestern Ontario Development Fund opens July 2nd, 2024 to September 17th, 2024.

This Program provides up to $5 million in grant funding per organization over the program period.

Program Funding Amount

Business Projects:

• Loan: 15% to a maximum of $5 million; interest-free for project period (up to 4 years)
• Grant: 30% of the 15% loan, to a maximum of $500K, may be forgiven if targets are met

Rural Ontario:

• Grants of 15% to a maximum of $500,000

Foreign Direct Investment:

• $1,500,000 grants available for strategic projects

Eligible Applicants

For businesses located in one of the 18 Southwestern Ontario geographic areas that meet the following criteria:

• 3 years of operations and financial statements (audited or reviewed)
• 10 employees
• Create 5 new jobs (or 30% increase for those with fewer than 15 employees)
• Invest $500K

For businesses in rural communities (population of less than 100,000):

• 3 years of operations and financial statements (audited or reviewed)
• 5 – 100 employees
• Create 5 new jobs (or 30% increase for those with fewer than 15 employees)
• Invest $200K in rural Ontario

Funding Process

1. Connect with a regional advisor
2. Register for Transfer Payment Ontario (TPON)
3. Complete eligibility checklist questionnaire (due 10 business days prior to deadline)
4. Complete full application form

Program Objectives

Support to help growing companies in southwestern Ontario make investments to:

• Create jobs and build talent
• Attract private sector investment
• Business growth & economic impact
• Innovation, cluster development

Eligible Projects

• Project facility modifications
• Third party engineering services
• Materials for configurations and testing
• Equipment and machinery
• Labour for new equipment setup
• Employer provided training
• Permits and fees

Ineligible Expenses

Current operations such as maintenance and capital replacement, refinancing of current business operations, acquisitions, and buyouts, restricting our relocating within Ontario,
primary production, retail, construction, personal services, consulting, electricity generation, waste management/recycling, information and communication services, academic research, stand-alone restaurants, and hotels.

Thinking of applying for financing? These funds are highly competitive, contact us today to get started!