The top-ups to the two funds will help address new demands for loans in both regions, with a focus on the information and communications technology and food processing sectors.
“SOFII West and SOFII East have both proven to contribute significantly to the southern Ontario economy by fostering innovation and the creation of high-quality, highly skilled jobs across the region,” said Minister Goodyear. “I look forward to seeing the innovative new projects that the Eastern and Western Community Futures Development Corporation Networks will support with these additional funds."
The Southern Ontario Fund for Investment in Innovation was launched by the Government of Canada in July, 2012 and provides interest-bearing business loans to support innovation and growth in small- and medium-sized enterprises (SMEs) across the region.
Loans of $150,000 to $500,000 are provided to eligible SMEs to support growth challenges such as late stage commercialization, new product or service development, new applications or markets, or the development or implementation of new processes or technologies.
For more information, visit http://www.sofii.ca/