Government of Canada invests over $7.7 million to support early-stage technology companies and green recovery for SMEs
FedDev Ontario investment to support over 145 SMEs and create and maintain 500 jobs in southern Ontario
July 12, 2022 - Cobourg, Ontario
The Government of Canada is committed to supporting businesses as they develop, commercialize and manufacture innovative technologies to build a greener, more resilient economy.
Today, the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of over $7.7 million for Northumberland Community Futures Development Corporation (NCFDC) to deliver thriveFORWARD—an initiative to help southern Ontario businesses in the tech sector scale-up and support the transition of businesses in the industrial sector to greener business processes.
New technology companies will be eligible to receive up to $25,000 to help bring their products to market and accelerate their growth. In addition, Canadian businesses in the industrial sector will be eligible to receive up to $100,000 to support the cost of adopting new digital and/or clean technologies to ensure they have the tools for continued growth to build a stronger Canadian economy and protect Canadian jobs. NCFDC will work with thriveFORWARD participants to promote collaborative innovation and connectivity across sectors, to strengthen the flow and exchange of information, ideas and investments in the sustainable industries of the future. By project completion, this investment will assist 145 companies and create and maintain 500 jobs, and leverage over $7 million in additional support from the private sector.
With a commitment to support a more diverse and inclusive southern Ontario, NCFDC is prioritizing applicants from diverse organizations and equity-deserving entrepreneurs that are investing in clean inclusive growth.
Applications for thriveFORWARD are currently being accepted. For more information, visit ncfdc.ca/thriveFORWARD.
“Today’s investment will create good jobs for Canadians as we continue to build a greener, more resilient Canadian economy. The Government of Canada’s investment in Northumberland Community Futures Development Corporation’s thriveFORWARD will help 145 companies build green, innovative solutions and create and maintain 500 jobs for Canadians.”
– The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
”This is a critical time for southern Ontario. By co-investing in innovation capital now we are building confidence and accelerating timelines for visionary projects and new ventures that will define our future. This is our commitment to support entrepreneurs and industrial leadership at the technological forefront of sustainable growth and digital transformation, to maximize the economic impact of their efforts so that Canada can thrive forward.”
– Wendy Curtis, Executive Director, Northumberland Community Futures Development Corporation (NCFDC)
Founded in 1985, NCFDC is a not-for-profit organization that provides financing and strategy for entrepreneurs by delivering innovation-focused programing, with over 3,000 businesses supported to date.
FedDev Ontario is delivering $224 million of the Jobs and Growth Fund (JGF) to help businesses in southern Ontario and the organizations who support them, future-proof, build resiliency and prepare for growth by transitioning to a green, inclusive and competitive economy.
Since 2015, the Government of Canada, through FedDev Ontario, has invested over $400 million in almost 200 projects related to clean tech and green initiatives in southern Ontario.
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
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