Government of Canada Introduces Southern Ontario Prosperity Initiatives

December 19, 2013

On December 6, 2013, Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced the launch of Southern Ontario Prosperity Initiatives (SOPIs) to support economic growth and prosperity in the region.

“The Southern Ontario Prosperity Initiatives mark the next phase of the FedDev Ontario’s focus on growing innovative businesses, building strong communities and cultivating the most effective partnerships here in one of Canada’s most important economic hubs,” stated Minister Goodyear.

Over $530 million in funding will be made available under four SOPI streams. All four streams are currently accepting applications and funding can be accessed as of April 1, 2014.

The four streams of the SOPIs are:

Investing in Business Innovation

The Investing in Business Innovation initiative provides financial support for early-stage businesses with less than 50 employees and commitments from angel/venture capital
investors. Companies will be considered for a repayable contribution to a maximum of $1M per project, representing one-third of eligible costs. Financial support is also available to Not-For- Profit organizations (NFPs) and Angel Networks that support new businesses and growth of investment funds.

Investing in Business Growth and Productivity

The Investing in Business Growth and Productivity initiative targets established southern Ontario businesses with at least 15 employees. Companies must present opportunities to accelerate growth and job creation in southern Ontario. SMEs can apply for repayable contribution towards project costs to a maximum of $20M per project, representing 25 per cent of costs. Eligible projects include: diversifying markets, expanding facilities, adopting new technologies and processes to improve productivity, and increasing business capacity to participate in global markets.

Investing in Commercialization Partnerships

The Investing in Commercialization Partnerships initiative supports business-led partnerships between the private sector, post-secondary institutions and NFP research organizations
with a focus on developing globally competitive products and services. Post-secondary institutions can apply for non-repayable contributions of up to $20M per project, for up to 50 per cent of costs.

Investing in Regional Diversification

The Investing in Regional Diversification initiative brings NFPs and private sector/community partners together to create competitive and resilient communities. Incorporated NFPs, whose mandate includes economic development, can apply for non-repayable contributions of up to $20 million per project, representing 50 per cent of eligible project costs. If you’re interested in learning more about FedDev Southern Ontario Prosperity Initiatives, please contact BDO for a free consultation with our Special Advisory Services team to review your eligibility and project costs.

For more information please contact your local BDO advisor or:

Paul Boucher, P.Eng.
Special Advisory Services
Direct: 905 272 7831
Mobile: 905 334 4784

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