Federal Funding For Business Expansion and Job Creation
Written by:
Kelsey Allen, Technical Writer
We often lose sight of the fact that so many aspects of our daily lives are dependent upon things that are much larger than ourselves. It is so easy in the day-to-day chaos to forget that we are part of a much larger system; a system which greatly depends on the health and vitality of businesses and the economy. Canada’s 2013 Economic Action Plan brought light to this reality. The Investing in Business Growth and Productivity (IBGP) funding program was included in this action plan, and was launched as an initiative aimed at strengthening Southern Ontario.
The program is adminstered by FedDev Ontario, a governmental body created to address regional and global economic challenges for Southern Ontario organizations. FedDev Ontario was established in 2009 with an initial 5-year investment of $1 billion dollars designated to supporting its initiatives. The agency has become a vital part of the development and revitalization of the Southern Ontario community through its targeted programs that build on the strengths and weaknesses of the region.
The IBGP program is the most recent of these iniatives included in FedDev Ontario’s second injection of $920 million to help grow businesses and, by extension, communities in Southern Ontario. The program, which is currently accepting applications, focuses on established businesses which have the potential and desire to expand their business globally.
Eligible small or medium-sized enterprises will be incorporated Canadian businesses located in Southern Ontario with 15-1,000 full time employees. For SMEs, up to 25% of eligible costs up to a maximum of $20 million per project are qualified for contributions. This contribution will be unconditionally repayable.
Don’t fall into the trap of individualism; remember your business’ role in the greater economic system. Call Northbridge today to gain access to IBGP and beginning strengthening your Southern Ontario community.
