New Incentive Round Now Open in Ontario

Written By Hickey Team

EODF and SWODF rounds now accepting applications

Businesses expanding in Ontario have the renewed opportunity to apply for support from the Eastern Ontario Development Fund (EODF) and the Southwestern Ontario Development Fund (SWODF). Both programs are designed to support projects that drive innovation, create new jobs, and overall deliver benefits to the eastern or southwestern regions of Ontario.

SNAPSHOT

  • Incentives for businesses growing in eastern & southwestern Ontario

  • Incentives include interest-free loans and grants

  • Current application period ends January 28, 2025

PROGRAM BENEFITS

Funding provided by EODF and SWODF is up to 15% of eligible project costs.

Interest-Free Loans:

Capped at $5 million and interest-free throughout the project period, up to 4 years. If a project meets set investment and job creation targets, up to 30% of the loan (maximum of $500,000) may be forgiven.

Grants:

Available only for specific cases, a $500,000 grant may be provided for companies based in rural Ontario with less than 100 employees. $1,500,000 is available for strategic projects, such as from foreign direct investment or companies that are competing against other jurisdictions.

ELIGIBILITY REQUIREMENTS

  • Be located in or plan to locate in a community in either eastern or southwestern Ontario

  • Invest at least $500,000 in a project (or $200,000 if in rural Ontario)

  • Commit to creating at least 5 new jobs (or 30% increase for companies with less than 15 employees)

  • Employ at least 10 people (or 5 if in rural Ontario)

  • Have at least 3 years of operations/financial statements

CONNECT WITH THE HICKEY INCENTIVES TEAM

The Hickey & Associates incentives team has advised companies navigating the EODF and SWODF application process, including securing incentives. With the current application period being open, and closing on January 28, 2025, contact us to learn more about the program and your project’s eligibility.

Hickey Team

Hickey & Associates makes learning about commercial site selection easy. We share information in writing and through videos and images, covering topics like grants and incentives advisory, location strategy, and supply chain logistics. Our team helps you find the best places for your business, get financial benefits, and make your supply chain work better. We are here to make complicated things simple and beneficial for your business's growth.

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