The provincial government is committing $100 million for a new program that aims to help businesses in southwestern and eastern Ontario grow.
Vic Fedeli, Ontario's minister of economic development, job creation and trade, announced the new Regional Development Program while in Woodstock on Monday night. The program will offer businesses access to a number of free support services, in addition to financial support through the Eastern Ontario Development Fund and the Southwestern Ontario Development Fund.
The job creation threshold has been lowered from ten employees to five, making it easier for small and medium-sized businesses to qualify for funds. Applicants will also now be notified within 60 business days as to whether they will receive funding.
"Our government made a clear commitment to review business supports with a view towards balancing economic growth and jobs with delivering value for money for taxpayers," said Fedeli. "The government listened to stakeholders and regional leaders about what is important to them to support regional priorities and challenges. As a result, we are introducing the Regional Development Program for eastern and southwestern Ontario to help companies and regions invest, grow and attract talent."
Fedeli added that the move is a "balanced, sustainable and reasonable approach" to business supports and job creation.
The $100 million will be doled out through the program over a four year period.
Complimentary supports offered under the program include advisory services, assistance with compliance and approvals, accessing skills and training supports, and information on tax credits.
Ontario has more than 470,000 small businesses with less than 100 employees. They account for 98 per cent of all businesses across the province, according to figures from the Ford government.
