We’re happy to inform you that the Southwestern Ontario Development Fund (SWODF) and the Eastern Ontario Development Fund (EODF) opened their intakes back on July 8, 2024.
The Funds support projects and investments to businesses in southwestern and eastern Ontario that create jobs, encourage innovation, attract private sector investment and lead to business growth and broad positive economic impacts.
Eligibility Requirements
- Invest at least $500 K in their project (or $200 K if you are in rural Ontario)
- Employ at least 10 people (or 5 if you are in rural Ontario)
- Commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
- Be able to provide 3 years of operations/financial statements
- Be located in, or plan to locate in, a community in southwestern or eastern Ontario
Funding
Loans up to 15% funding, interest-free during the project period (up to 4 years). If you achieve your investment and job targets, up to 30% of the loan may be forgiven. Grants are available only for specific circumstances, up to 15% if your company has fewer than 100 employees and is based in rural Ontario; or for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.
Deadline
Application submission period: July 2, 2024 – September 17, 2024.
