Are you an innovative and globally-oriented business looking to accelerate your growth?
FedDev Ontario has been provided $1 billion in new funding and they’re looking for:
- Entrepreneurs and businesses in rural areas looking to grow, commercialize, and improve productivity
- Firms with scale-up potential looking to improve productivity through highly innovative, first-of-its-kind technologies with the goal of global competitiveness and market expansion
- High-potential firms (including accelerator graduates) that are commercializing innovative products, technologies, and processes
If this sounds like your business, you may qualify for the Business Scale-up and Productivity program.
About the Program
The goal of the program is to continue driving innovation and growth in southern Ontario. Applications can be submitted for no interest, repayable contributions of 35% of project costs. Funding ranges from $500,000 and up to $10 million per project.
Applications are accepted on an ongoing basis with no deadlines.
It’s important to note, as mentioned above, that FedDev is targeting investments in innovative and globally-oriented businesses seeking to accelerate growth. While they have programs available for smaller start-ups and entrepreneurs, this isn’t it.
Projects targeted primarily at retail consumer markets will also not be considered for funding.
Eligible applicants for the Business Scale-up and Productivity program are:
- Canadian or provincially incorporated businesses
- Indigenous organizations such as Indigenous-owned businesses
Eligible applicants must:
- Be located in southern Ontario
- Be legal entities capable of entering into legally binding agreements
- Demonstrate a sustainable business model
- Have a minimum of 65% funding available for the project
- Have a viable project plan
- Have financial capacity to complete the project and repay the contribution
- Have the capacity to achieve the project objectives in a timely manner: managerial, technical, and operational
- Have a minimum of 5 full-time employees
- Have evidence of market / industry demand
- Have potential for market growth
Eligible projects include:
- Assisting with the scale-up and expansion of high growth firms
- Fostering innovation, technology adoption, and digital connectivity in rural areas
- Increasing a business’s capacity to grow through market diversification and entry into global markets
- Encouraging the earn adoption / adaptation of leading-edge technologies and processes to improve productivity
- Supporting technology demonstration and the commercialization of new technologies
Eligible costs include:
FedDev will give preference to:
- Priority sectors and strategic clusters
- Projects that reinforce Ontario’s economic and innovation strengths
- Projects that support the government’s commitment to inclusive growth
- Official Language Minority Communities
- Projects based on geographic priorities and need
How can we help?
To take advantage of the Business Scale-up and Productivity Stream and learn how we can help your company benefit from government funding, get in touch.
*The information above is meant for informational purposes only, and not to be used as advice.