HEATHER BOA Bullet News HURON – A $20-million fund to help stimulate business in Southwestern Ontario – including Huron County – is now accepting applications.
Less than two months after Bill 11, Attracting Investment and Creating Jobs Act 2012, was passed in the Ontario Legislature, the province has launched the Southwestern Ontario Development.
It offers two funding streams: one for established businesses and one for economic development organizations, including municipalities. Eligible applicants will be from Huron, Brant, Bruce, Chatham-Kent, Dufferin, Elgin, Essex, Grey, Haldimand, Lambton, Middlesex, Niagara, Norfolk, Oxford, Perth, Waterloo and Wellington.
“The new Southwestern Ontario Development Fund will help our region build a more innovative advanced manufacturing industry, while encouraging growth in diverse sectors. A stronger regional economy will benefit both our businesses and our communities,” said Peter White, who is chair of the Southwest Economic Alliance.
The fund has a special provision for small municipalities, through what’s called the Small Community Pilot. Businesses with five to 10 employees that are located in municipalities with a population of less than 20,000 or with a population density of less than 100 people per square kilometre, may be eligible to apply must be a minimum investment of $200,000 over four years. Those companies must create 50 per cent of their current employment.
Shortly after the bill was passed, SWEA issued a press release to say that any regulations would require a 60-day circulation period and more consultation would follow. However, the fund has been announced ahead of regulations to support it, with the government instead choosing to build regulations around it as it learns what the demand will be, said Serge Lavoie, who is SWEA’s president. A board of directors will be created in the new year.
“That it’s come out so quickly wasn’t a huge surprise,” Lavoie said, noting that there has been consultation with municipal and business leaders. “If we’re surprised at all, it’s that they managed to get the program out this fast. Our fear was it was just going to drag on and on and the money wouldn’t start flowing.”
For eligibility rules, visit the SODF’s website.
