Financial Assistance

The Southern Ontario Development Program (SODP) was established as a core program of FedDev Ontario. It will build upon the assets and strengths of communities to create an environment where businesses can thrive, and maximize Southern Ontario's potential to succeed in the knowledge-based economy.

• The Self Employment Benefit Program (SEB) is for unemployed individuals who are Employment Insurance eligible. This means that the participant is either currently in receipt of Employment Insurance Benefits or they have established a claim for benefits in the last 3 years or the last 5 years if a parental claim is involved.
  
  Selected participants will receive income support for a contracted period of 42 weeks including business planning and skills development workshops (8 weeks), one-on-one business advisory services, networking opportunities and access to extensive business resources.

Contact the Small Business Centre at 519-659-2882 x224 to discuss eligibility.

• Individuals who are eligible for Ontario Works in London or Middlesex can participate in entrepreneurial workshops, launch their business and continue to receive financial assistance for up to 60 weeks. Caseworker approval to participate is mandatory. To start the process, contact your caseworker directly.

• This summer, we're giving motivated students like you the opportunity to create a job you're passionate about.
  
  

  Come up with a business idea of your own and you could score up to $3000 to bring your vision to life. We'll hook you up with a mentor to guide you and you'll learn what it takes to get on top in the business world. Who knows, this could be the start of something big.
  
  Don't settle for another boring summer. Create your dream job today with Summer Company. So what are you waiting for?
  
  The Ontario Ministry of Economic Development and Trade provides awards of up to $3,000 to students who wish to own and operate a summer business in Ontario. Full-time students who are between the ages of 15-29 and returning to school on a full-time basis in the fall may apply to receive an award in the spring of each year.
  
  

• The program helps you secure up to $500,000 from your financial institution by backing your loan with a government guarantee.

  The loans can cover 90% of the costs to:

  » purchase or improve land or property

  » purchase leasehold improvements or improve leased property

  » purchase new equipment or improve used equipment

  Eligible small businesses have annual gross revenues below $5M.

  Apply directly to an approved financial institution (for example, bank, credit union); the institution has the final say on the loan approval.

For further information visit http://www.ic.gc.ca/csbf

• A crown corporation that promotes small business development in Canada, the BDC offers financial services (loans, loan guarantees, and export receivable financing), venture capital, management services such as counselling and seminars.

• Aboriginal people may be eligible for start up assistance of up to 25% of the total project cost to a maximum of $18,750. The applicant must contribute a minimum of 15% of the total project cost, and the business must create one position with minimum salary of $15,000/yr.
  
  Contact your local First Nation Community, ABC in Ottawa 613-954-4064, or ABC in Toronto 416-973-8800.

• Financial assistance may be available to Aboriginals for local small business start-up, expansion, working capital or capital purchases. This is an alternative for ventures that do not meet the lending criteria of conventional institutions. Maximum loan is $120,000.
  
  For more information call 519-289-2122.

• The Program provides conditionally repayable assistance in support of a variety of activities that help Canadian firms expand into new export markets. Preference for participation in the program is given to companies with annual sales greater than $250,000 but less than $10 million, and/or with less than 100 employees for a firm in the manufacturing sector and 50 employees if in the service industry. PEMD applicants must be export-ready Canadian companies, and registered with WIN Exports.

• A commercial financial institution offering a full range of trade finance services helping Canadian exporters and investors.

• IRAP provides scientific and technical advice, assistance and information to the Canadian manufacturing industry and the small business community with 500 employees or less. IRAP also provides limited funding for projects designed to enhance a company's technical capability.

• The Canadian Youth Business Foundation (CYBF) is a national charitable not-for-profit organization that provides start-up financing up to $15,000, mentoring and educational resources that empower young Canadians 18-34 to start and grow businesses.