The Federal Economic Development Agency
has launched a new $20-million program through its Prosperity Initiative. This program will support high-growth, innovative Small and Medium-sized Enterprises (SMEs) in rural and urban communities by offering loans of usually $150,000 to $500,000 to support all aspects of growth challenges facing them. The loans are intended to help finance:
- Late stage commercialization;
- New product or service development;
- New applications or markets; or
- Development or implementation of new processes or technologies.
The SOFII loan funds will act as a catalyst for increased investment in and support for innovation and will be one element in the emerging climate of support for these high-growth companies in Southern Ontario.