New Government Loan Program for Innovative Companies in Southern Ontario!
July 10, 2012
The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) recently announced a $20-million investment in innovation funds that will support small- and medium-sized businesses in southern Ontario.
The $20-million contribution comes through FedDev Ontario’s Prosperity Initiative. This investment will support two funds, known as the Southern Ontario Fund for Investment in Innovation (SOFII) projects. SOFII will provide a $12-million fund in the west and an $8-million fund in the east. These two funds will be delivered by southern Ontario’s two regional Community Futures Development Corporation (CFDC) networks: the Western CFDC Association and the Eastern CFDC Network Inc. to both smaller rural and larger urban communities.
During the projects’ first two years, the Networks will provide business loans valued between $150,000 to $500,000 each to accelerate the growth of an estimated 80 southern Ontario small- and medium-sized businesses, which will help create or maintain over 700 full-time jobs. These loans are available to support growth activities such as late stage commercialization, new product or service development, new applications or markets. and development or implementation of new processes or technologies.
For more information about SOFII or the Prosperity Initiative, please go to http://www.sofii.ca/ or or call:
Carol A Armstrong, MBA
Eastern Ontario CFDC Network
(705) 741-1980 Office
About FedDev Ontario: Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region’s businesses and communities become more competitive, innovative and diversified. To learn more, please visit FedDev Ontario or call 1-866-593-5505.