The Ford government is making one billion dollars available to companies impacted by the U.S. trade tariffs.
The grant program will be open to eligible businesses with 10 employees or more.
Finance Minister Peter Bethlenfalvy says it will help those facing uncertainty.
“The idea is that if you think you’re qualified, given the parameters that we’ve laid out, our commitment is to get back to you and get that process going within five days so that you start to actually have the adjudication that’s necessary,” says Bethlenfalvy.
“We want to be timely. We want to be thorough. And finally, we want to be able to give loans anywhere between $250,000 and $40 million.”
Bethlenfalvy says companies will be able to apply for the provincial money after they have exhausted efforts for federal tariff-relief programs.
He says they want to put companies in a position to avoid layoffs or closures.
“The tariffs levied by the U.S. government have left Ontario’s steel, aluminum, and auto sectors exposed to unprecedented challenges,” states Vic Fedeli, Minister of Economic Development, Job Creation and Trade.
“Through the Protect Ontario Financing Program, our government will provide $1 billion in critical relief to protect workers and businesses at the front lines of our economy, ensuring that critical supply chains are equipped to weather the uncertainty of today, while building resilience to seize the opportunities of tomorrow.”
To help businesses determine if they are eligible, the province is launching a website that offers details about the program and how to apply.
A third-party financial agent will oversee the application process to ensure fairness and transparency.
