Posts Tagged ‘Capital expenditures’

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.

Application PeriodAssessment PeriodNotification Date
December 2, 2019-January 20, 2020January 21, 2020-April 16, 2020April 16, 2020
March 5, 2020-April 20, 2020April 21, 2020-July 15, 2020July 15, 2020
June 5, 2020-July 20, 2020July 21, 2020-October 15, 2020October 15, 2020
September 3, 2020-October 19, 2020October 20, 2020-January 15, 2021January 15, 2021

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.

Funding Opportunity for Ontario Companies Supporting Local Grain Farmers

Innovation in Canada is constantly being encouraged across all sectors of business as new technologies and processes can significantly improve production, jobs and profits. The farming sector in Ontario is no exception. With Ontario’s grain farmers responsible for growing 6 million acres of crops across the province, employing more than 40,000 workers and generating more than $9 billion in economic output, farming innovation is paramount in advancing provincial and federal interests.

2020 Grains Innovation Fund

For this reason, Grain Farmers of Ontario, which represents 28,000 barley, corn, oat, soybean and wheat farmers, is offering the 2020 Grains Innovation Fund grant to support organizations involved in developing novel uses for Ontario grains. Companies with projects that satisfy the eligibility criteria for the fund can receive up to 60% of the cost of the project, up to a maximum of $50,000. Since the official launch of the Grains Innovation Fund in 2010, $1.2 million in funding has supported 45 projects, making it a great funding opportunity for companies dealing in the area of local grains.

New initiatives and growth opportunities are being offered this year by the fund to include an even larger scope of applicants and products after last year’s success stories in marketing and blockchain projects.

Eligible Costs:

  • Marketing activities and promotional materials (i.e. website design, social media, brochures, handouts, pop-up signs, banners).
  • Advertising and Consultant fees.
  •  Product development (i.e. formulation testing, focus groups, sensory panels).
  • Capital expenditures (new equipment for the sole purpose of carrying out this project only. NOTE: Capital expenditures on land, buildings or vehicles are NOT eligible.

Eligible applicants:

To qualify for funding from the Grains Innovation Fund, a company must demonstrate that their project utilizes a minimum of 40 metric tonnes per year of Ontario barley, corn, oats, soybeans and wheat crops or crop residues, while also meeting at least one of the following criteria:

  • Open new markets for Ontario grains or grain residues;
  • Expand the use of, and demand for, Ontario grains or grain residues;
  • Promote Ontario grains or grain residues as the best choice;
  • Identity preserve varieties for novel uses;
  • And/or increase the value (premiums) of Ontario grains or grain residues.

Apply for the 2020 Grains Innovation Fund

Applications for the Grains Innovation Fund must be submitted by 4pm on Friday, November 1st, 2019.

If you have any other questions about The Grains Innovation Fund or other programs to maximize your funding potential, please contact NorthBridge Consultants for a free consultation.

Authored by Philip Finkelstein, Technical Writer at NorthBridge Consultants.

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