The successful Eastern Ontario Development Fund reopened today and is receiving applications to partner with leading companies who are driving innovation, growing the region’s economy, and creating local jobs.
The boundaries of the fund will now also include urban Ottawa, for the first time.
Since the Eastern Ontario Development Fund was established in 2008, it has helped create or retain 13,200 jobs and leveraged more than $595 million in investment across the region.
Every dollar in EODF funding has leveraged more than $10 in private sector financing.
The renewed fund – worth $20 million per year – will help diversify eastern Ontario’s economy by encouraging businesses to pursue innovation and new markets.
It includes the following improvements:
- Businesses in rural communities and small towns that have at least five employees and invest more than $200,000 can apply.
- Projects that invest at least $10 million and create more than 50 jobs will be eligible for loans.
"The expansion of this successful program to all of Ottawa will make a big difference in the local economy, by giving businesses access to funding that will help them invest to create jobs right in our community. This important economic development funding will help spur private sector investment and job creation in our city."
- Yasir Naqvi, MPP Ottawa Centre
“This is great news for Ottawa and the entire region. The renewed Eastern Ontario Development Fund will keep building on our competitive strengths to attract investment, generate jobs, and fuel an innovation economy.”
- Bob Chiarelli, MPP Ottawa West-Nepean
“The Eastern Ontario Development Fund will help us continue to diversify our economy, create new private sector jobs and support businesses that invest in new technologies. With federal job cuts and global economic uncertainty, bold steps like this are important to ensure Ottawa can continue to attract innovators and investors.”
- Jim Watson, Mayor of the City of Ottawa
“The Eastern Ontario Development Fund has been incredibly successful – each EODF dollar leverages ten in private financing. This is the type of smart investment in jobs and growth our region needs.”
- Bruce Lazenby, President and CEO, Invest Ottawa
- Employment in Ontario has increased by 356,000 net jobs from the recessionary low in June 2009.
- The government has cut taxes on business investment in half, making the province more competitive and encouraging new businesses to invest in Ontario.
- For the purposes of the fund, Eastern Ontario includes Frontenac, Haliburton, Hastings, Kawartha Lakes, Lanark, Leeds and Grenville, Lennox and Addington, Northumberland, Ottawa, Peterborough, Prescott and Russell, Prince Edward, Renfrew and Stormont, Dundas and Glengarry.
Find out if your business qualifies for the renewed Eastern Ontario Development Fund.
Get Ontario’s 2012 Economic Progress Report.
See what else Ontario is doing to support job creation.