New growth fund open for business
McGuinty Government Backs Jobs, Drives Competitiveness In Eastern Ontario
Ontario is creating a new fund to help grow the local economy and create jobs for people living in Eastern Ontario.
The fund will provide $80 million, over four years, to help businesses create new jobs, and invest in new technologies, equipment or skills training for workers. It will also support economic development projects that will attract or retain investment in Ontario-based industries and communities.
Businesses that invest $500,000 or more in projects that create or retain at least 10 jobs over five years are eligible for up to 15 per cent support. Also, agencies, associations and NGOs leading local economic development work can qualify for 50 per cent support for projects valued at $100,000 or more.
To apply or get more information, visit: www.ontario.ca/easternfund or call 1-866-909-9951. Applicants will know if their proposals are successful within 45 days of submitting a complete proposal.
Through this fund, the government is taking action to support a changing economy. Along with similar funds targeting the province's manufacturing sector and rural communities, its goal is to ensure Ontario grows stronger by attracting jobs and investment.
- At over $400 billion, Ontario's GDP is already greater than Switzerland's or Sweden's.
- 56 per cent of Ontario's workforce has a postsecondary education — the highest rate in the industrialized world.
- Ontario's labour force of over 7 million people made up almost 40 per cent of Canada's total workforce in 2006.
“Investing in innovation and skills development will strengthen our current economy, build the economy of tomorrow and help this vital region reach its full potential.”
“With its emphasis on smaller companies and community-driven investment attractions including the industrial, agriculture and tourism sector, this fund is custom-made for eastern Ontario.”
“Eastern Ontario has an abundance of skilled, talented business people and local groups dedicated to generating jobs and opportunity. This investment is a great vote of confidence.”