SWODF New Application Intake Dates Announced

The Southwestern Ontario Development Fund (SWODF) provides support for business growth projects and funding to cover up to 15% of project costs.

SWODF is maintained by The Regional Development Fund which supports eligible small- and medium-sized businesses investing in new equipment and training to expand operations in these regions, and also supports municipalities and not-for-profit organizations investing in economic development projects.

Funding

Loans

Up to 15% funding to a maximum of $5M, interest free-during the project period (up to 4 years). Up to 30% of the loan ($500,000 maximum) may be forgiven if investment and job targets are achieved.

Grants

Grants are available only for specific circumstances, up to 15% to a maximum of:

• $500,000 for rural Ontario businesses with less than 100 employees.
• $1.5M for strategic projects that are foreign direct investments or from companies competing against other jurisdictions.

* SWODF funding cannot be combined (“stacked”) with other provincial programs.

Eligibility

To be eligible, businesses must be:

• Investing a minimum of $500,000 in their project ($200,000 for rural Ontario).
• Employing at least 10 people ( 5 for rural Ontario).
• Committed to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees).
• Able to provide 3 years of operations/financial statements.
• Located, or plan to be located, in Southwestern Ontario.

Applications

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.

Eligibility checklists may be submitted at any time.

To find out more about SWODF and other sources of funding to offset the costs of business growth, workforce development and innovation contact us today for a free consultation.