Ontario Launches Rate Drop Rebate in London
Province Helping Ontarians Facing Employment Barriers and Supporting Businesses
Ontario is launching an innovative partnership with financial institutions to help businesses in London grow and increase employment opportunities for people with disabilities and facing other barriers.
Through the new Rate Drop Rebate program, small- and medium-sized businesses that hire eligible people can receive discounted rates on financial products, such as loans. The rebate is made possible through funding from Ontario's two-year, $4-million Community Loans Fund.
The rebate will be delivered by financial institutions including Alterna Savings, CIBC, First Ontario Credit Union, Libro Credit Union and Meridian, at specific branch locations in London, Ottawa and Hamilton. It is expected to:
- Help up to 1,100 people find careers
- Support up to 500 businesses
- Help people with disabilities, long-term unemployed, older unemployed, newcomers to Canada, and others facing barriers to employment
Ontario is working to help better connect people with disabilities to the labour market and engaging and supporting employers. As part of a Budget 2016 commitment, Ontario will develop a provincial employment strategy for people with disabilities. This strategy will build on the Province's significant progress towards its objective of an accessible Ontario by 2025. The Path to 2025: Ontario's Accessibility Action Plan will ensure we remain on track to creating an accessible province.
Creating employment opportunities for people facing barriers is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- The Community Loans Fund is a component of Path to 2025: Ontario’s Accessibility Action Plan.
- Social Capital Partners will administer and deliver the fund through the financial institution partners.
- Rate Drop Rebate scales up an existing loan program currently run by Social Capital Partners, which has helped more than 480 people facing barriers to employment get jobs.
- In 2010, the Martin Prosperity Institute outlined that building a more inclusive Ontario could lead to an estimated $7.9 billion increase to GDP.
- 75 per cent of small businesses who have employees with a disability report that they meet or exceed their expectations.
“Rate Drop Rebate is an excellent way to connect small businesses with attractive financing terms and to help increase employment options for people with disabilities and others who face barriers when looking for work. We are proud to partner with these forward-thinking financial institutions on the fund. Together we are promoting a culture of inclusion and strengthening our economy.”
“We want to foster a more inclusive society in London and across Ontario. Rate Drop Rebate is a win-win program. It will help local businesses get the financing they need to grow and it will provide important job opportunities for capable people who are sometimes overlooked in the job pool.”
“Rate Drop Rebate is a financial product that rewards Ontario’s business owners for the steps they take to grow their operations, helping them save time and money and improve cash flow with a cash back interest rebate. Rate Drop Rebate helps businesses that hire people facing barriers to employment. This is expected to help generate up to 1,100 new employment opportunities in Ontario, contributing to a stronger local economy for all.”