The federal government expects 37 small and medium-sized businesses in southwestern Ontario to benefit after committing $3.2-million to the Western Ontario Community Futures Development Corporation Association.
The announcement coming the same day a $43-million contract to Hike Metal Products in Wheatley was announced.
According to FedDev Ontario Minister Gary Goodyear, the investment will mean a $6.2-million investment fund will be established to help businesses diversify. Goodyear points to the government's contribution as way of leveraging matching funding from Ontario Community Futures Development Corporations in the region.
"The WOCFDCA appreciates the confidence that FedDev Ontario has shown in our organization by providing us with this additional capital for businesses in southwestern Ontario," says Frank Rupcic, chair of the WOCFDCA. "We will continue to employ all our resources to ensure these new funds generate more business start-ups, expansions and job creation for our communities."
Under the program, businesses can apply for a loan up to $350,000 to help with succession plans, product development and productivity improvements.
