The federal government recently announced a new program through its Prosperity Initiative for Southern Ontario, which is administered through FedDev Ontario. The program offers loans, usually from $150,000 to $500,000 to innovative small and medium-sized business in rural and urban communities that are facing challenges to their growth plans.
Loans are intended to help finance late stage commercialization of a product, new product or service development, new applications or markets, or development or implementation of new processes or technologies. The Prosperity Initiative funding is for up to 50% of direct eligible capital projects and up to 75% of direct eligible non-capital costs to a maximum of $20 million.
More information can be found through FedDev Ontario or through your local Community Futures Development Corporation.