The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has launched a new $40-million program through its Empowering Innovation program. This program will support high-growth, innovative Small and Medium-sized Enterprises (SMEs) in rural and urban communities by offering loans of usually $150,000 to $500,000 to support all aspects of growth challenges facing them. The loans are intended to help finance:

  • Late stage commercialization;
  • New product or service development;
  • New applications or markets; or
  • Development or implementation of new processes or technologies.

The SOFII loan funds will act as a catalyst for increased investment in and support for innovation and will be one element in the emerging climate of support for these high-growth companies in Southern Ontario.

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