The Eastern Ontario Development Fund (EODF) supports projects and investments to businesses, municipalities and not-for-profit organizations for economic development in eastern Ontario. The fund supports projects that create jobs, encourage innovation, collaboration and cluster development, attract private sector investment and lead to business growth and broad positive economic impacts.
Eligibility Criteria: Eastern Ontario Development Fund (EODF)
- Be located in Eastern Ontario: Stormont, Dundas and Glengarry; Prescott Russell; Leeds and Grenville; Valley Heartland; 1000 Islands; Frontenac; Prince Edward; Lennox and Addington; Muskoka; North & Central Hastings and South Algonquin; Trenval; Haliburton; South Lake; Northumberland; Ottawa; Peterborough; Kawartha Lakes; Lanark; and Renfrew.
- Business Projects
- Invest at least $500,000 in their project (or $200,000 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 eastern Ontario
- Community Economic Development Projects
- Be led by municipalities, economic development organizations (including sector groups) or consortia
- Focus on economic and business development and job creation in the community or region by investing in infrastructure or implementing strategies to advance regional economic development priorities
- Lead to measurable outcomes including private sector investment, growth and job creation
- Invest more than $100,000
- Have private sector support
- Be used for activities that are new to the organization
Types of Support: Eastern Ontario Development Fund (EODF)
Up to 15% of eligible project costs.
- LoansUp to 15% funding to a maximum of $5M, interest free during the project period (up to 4 years). If you achieve your investment and job targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.
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 (population of your community is less than 100,000 or population density is less than 100 people per square kilometre)
- Of $1,500,000 for strategic projects that are foreign direct investments or from companies competing against other jurisdictions
Community economic development projects
Up to 50% of eligible project costs for a maximum grant of up to $1.5 million.
You are not allowed to combine (or “stack”) Eastern Ontario Development funding with other provincial programs.
Eligibility checklists can be submitted at any time.
There are four application intake periods per year for full applications. Applicants will be notified of decisions within 60 business days of the application deadline.
- Application Period One:
- Intake will begin December 2, 2019 with a deadline on January 20, 2020. Last day to notify applicants April 16, 2020.
- Application Period Two:
- Intake will begin March 5, 2020 with a deadline on April 20, 2020. Last day to notify applicants July 15, 2020.
- Application Period Three:
- Intake will begin June 5, 2020 with a deadline on July 20, 2020. Last day to notify applicants October 15, 2020.
- Application Period Four:
- Intake will begin September 3, 2020 with a deadline on October 19, 2020. Last day to notify applicants January 15, 2021.
- Writing Application Package for the Eastern Ontario Development Fund
- Profitability analysis of the proposed project
- Preparing project financial calculations
- Assisting in report writing once EODF application is approved.
Examples of Projects Funded by the Eastern Ontario Development Fund (EODF):
Epocal manufactures blood diagnostic systems with wireless-enabled technology for hospitals and acute care facilities to support bedside testing of blood gases, electrolytes and metabolites. With $1.5 million in support from the Eastern Ontario Development Fund, Epocal will install two new production lines, upgrade equipment to expand its capabilities and develop a new test card with additional features. The project has a total value of over $10.5 million and is expected to be completed by the end of 2018. Source.