The fund may provide up to 15% of eligible project costs to a maximum grant of $1.5 million. For project investments of $10+ million that create 50+ jobs, funding may be available in the form of a secured repayable loan, to a maximum of $5 million in provincial support. Applicants can receive EODF funding for one project per year.
Ontario endeavours to assess and make a decision regarding your application within 60 business days of confirming receipt of a fully complete application package.
In order to be eligible for the business stream, businesses must:
- Employ at least 10 people and meet minimum job creation thresholds as outlined in the Business Application Guide (will open as a ZIP file)
- Be able to provide 3 years of financial statements
- Be part of an eligible sector (see guide for a list of eligible sectors)
- Be located in, or plan to locate in Eastern Ontario
- Have a multi year project that involves a minimum investment of $500,000 in eligible project costs.
Businesses with 5-10 employees with a $200,000+ project may be eligible under the Small Community Pilot. See the Business Application Guide (will open as a ZIP file) for more information.
Note that because of community density/size restrictions businesses with 5-10 employees in Belleville are not eligible for the Small Community Pilot.
Create and retain jobs,
Encourage the introduction of new, innovative approaches, including use of new technologies,
Assist in improving competitive position or pursue growth,
Diversify the economy of Eastern Ontario.