The Southwestern Ontario Development Fund (SWODF) provides support for projects and investments to businesses, municipalities and not-for-profit organizations for economic development in southwestern Ontario.
On July 23, Minister of Economic Development, Job Creation, and Trade Vic Fedeli visited Tempo Plastics and Matsu Manufacturing to announce funding to be given through the Southwestern Ontario Development Fund.
$2.2 million was given to Tempo Plastics in Innisfil to help them expand their facility and acquire new technology, which will create 26 new jobs and retain 144.
$266,000 was given to Matsu Manufacturing Inc. to help them buy new equipment to improve its operations and open up new market opportunities, creating 24 jobs and retaining 137.
The types of support available for eligible corporations include funding as well as complementary services and support. The SWODF will support projects that create jobs and build talent, attract and encourage private sector investment, lead to business growth and broad positive economic impacts, and encourage innovation, collaboration, and cluster development.
WHO IS ELIGIBLE
The fund supports business and community economic development projects.
To be eligible, businesses need to:
have at least 3 years of operations/financial statements
employ at least 10 people (or 5 if you are in rural Ontario)
commit to creating at least 5 new jobs (or 30% increase for companies with fewer than 15 employees)
invest at least $500,00 in their project (or $200,000 if you are in rural Ontario)
be located in, or plan to locate in, a community in Southwestern Ontario
Community Economic Development Projects
To be eligible, project needs to:
be led by municipalities, economic development organizations or sector organizations
focus on economic and business development and job creation in the community or region by investing in infrastructure or implementing strategies to advance regional economic development priorities.
lead to measurable outcomes including private sector investment, growth, and job creation.
invest more than $100,000
have private sector support
be used for activities that are new to the organization.
Application (Period 8) ends September 9, 2021. If you have questions or need any help, please reach out to our office at firstname.lastname@example.org or call (705) 722-0575.
To find out more information and to apply, please visit https://www.ontario.ca/page/southwestern-ontario-development-fund