Today, FedNor announces their new Jobs & Growth Fund, a $26.6 million pool that can assist with businesses adapting to environmentally friendly, clean tech adaptation in a green economy:
To our partners in Northern Ontario,
On the heels of yesterday’s unveiling of the Tourism Relief Fund, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor, today launched the Jobs and Growth Fund, and FedNor is now accepting applications from eligible Northern Ontario applicants.
The Jobs and Growth Fund provides funding to businesses and organizations to help create jobs and position local economies for long-term growth. Nationally, the fund is valued at $700 million over three years. This includes up to $70 million dedicated to businesses created after January 2020 that meet eligibility criteria.
Here in Northern Ontario, FedNor is investing $26.6 million over that period through this new program. Funding will help job creators and the organizations that support them to future-proof their businesses, build resiliency and prepare for growth by transitioning to a green economy, fostering an inclusive recovery, enhancing competitiveness, and creating jobs across the region.
Eligible applicants include businesses, including co-operatives and Indigenous-led organizations and/or businesses, not-for-profit organizations and community economic development partners.
Activities that support the transition to a green economy, including those that:
• Support the development and adoption of clean technology.
• Help communities and businesses plan and drive clean, sustainable economic growth.
• Partner with organizations to catalyze the development of green regional clusters.
• Work with organizations supporting businesses to transition to a green economy.
Activities that foster an inclusive recovery, including those that:
• Support businesses owned or majority-led by underrepresented groups, such as Indigenous peoples, members of racialized communities, women, youth, LGBTQ2, persons with disabilities, newcomers to Canada, and members of official language minority communities.
• Increase the participation of underrepresented groups in the economy by supporting not-for-profit organizations that provide funding, business services, training and access to resources to build a more inclusive and equitable workforce.
Activities that preserve Canada’s competitiveness and future-proof SMEs through digital adoption, including those that:
• Support the development or adoption of digital and technological solutions (i.e., Industry 4.0 solutions) to increase and promote business productivity.
• Invest in technologies that help scale businesses, enhance their capabilities and increase resilience.
Activities that strengthen capacity in sectors critical to Canada’s recovery and growth, including those that:
• Support scale-up and market expansion activities that bolster traditional areas of strength.
• Develop emerging areas of global competitive advantage.
• Support supply chain adaptation and diversification opportunities to build Canadian capacity in critical sectors such as food production, medical supplies and biomanufacturing.
• Eligible businesses could receive interest-free repayable contributions for up to 50 percent of eligible costs.
• Eligible not-for profit organizations could receive non-repayable contributions for up to 90 percent of eligible costs.
• Indigenous-led organizations and/or businesses are strongly encouraged to apply and may be eligible for up to 100% of project costs.
For complete details on eligibility, and to apply for funding, visit FedNor’s Jobs and Growth Fund webpage or contact your local FedNor Initiatives Officer today!