Government of Canada investments create jobs and grow businesses across the GTA

FedDev Ontario provides nearly $85 million in support to 26 businesses and organizations across the GTA in 2023, supporting 3,000 jobs

December 18, 2023 – Toronto, Ontario

The Government of Canada is committed to investing in people, their potential and all the possibilities they create across southern Ontario. As part of this commitment, in 2023, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested more than $190 million to support more than 70 businesses and organizations, protecting an estimated 4,000 jobs. This year, across the Greater Toronto Area (GTA), FedDev Ontario invested nearly $85 million in 26 projects, creating and maintaining an estimated 3,000 jobs in the region.

For example, Toronto Business Development Corporation (TBDC) received over $3 million to support 100 newcomer entrepreneurs as they seek to start and grow their companies. Through this project, TBDC, an Ontario-wide business incubator, is providing workshops, mentorship, and training to help entrepreneurs adopt new technologies and bring their products to market faster.

To help companies adopt innovative digital solutions, improve the sustainability of their operations, and contribute to improved healthcare delivery, FedDev Ontario provided nearly $6.2 million toward five Toronto-based companies: Aux Mode Inc. (AMI), Creyos Health, Manifest Climate Inc., Semantic Health Inc., and ThinkData Works Inc. These companies will create over 70 skilled jobs across the GTA.

In addition, an investment of $4.8 million in Stromcore Energy Inc. (Stromcore), a Mississauga-based manufacturer of intelligent lithium-ion batteries for forklifts, is helping the company to adopt advanced manufacturing equipment and technology and launch two new highly innovative energy-efficient products; Turbo Bank, an advanced AI-powered charger with improved efficiency; and Electric Cart, a zero-emission e-forklift developed in collaboration with Amazon to lift goods. Through support to Stromcore and over $55 million in investments to more than 30 manufacturing projects in 2023, FedDev Ontario is helping to advance Ontario’s position as a leader in green tech and manufacturing, while supporting more than 750 jobs in southern Ontario.

This year also saw the unveiling of Project Arrow, the first Canadian-made zero-emissions concept vehicle at the Canadian Auto Show. Project Arrow was supported through an over $5-million FedDev Ontario investment in the Automotive Parts Manufacturers’ Association (APMA).

FedDev Ontario continues to work with industry and community leaders, workers, entrepreneurs, and organizations across the region to support them as they grow and thrive. This year, FedDev Ontario launched a new, easy-to-use application process that makes applying for funding easier and more predictable for clients. Understanding the important role Indigenous businesses and communities play in strengthening our economy, the Agency also launched a dedicated team and resources to help guide Indigenous-owned businesses and organizations in southern Ontario on programming and services available to them.

Indigenous and non-Indigenous communities, businesses and organizations can now apply for funding under the Tourism Growth Program in southern Ontario to develop local tourism products and experiences to attract visitors to the region. The first round of applications is now open until February 29, 2024. A second round will open in the summer.

The Agency continues to support inclusive economic growth for the region, investing over $60 million in 35 projects led by underrepresented groups, creating and maintaining an estimated 1,400 jobs in 2023. Helping our underrepresented groups achieve their goals will unlock unlimited potential for Canada's economy and Canadians as a whole. A strong, diverse economy and a better future for all Canadians is a priority for the Government of Canada.