SOFII (Ontario Fund for Investment in Innovation) (2022)

Description:

This program supports high-growth, innovative Small and Medium-sized Enterprises (SMEs) in Southern Ontario rural and urban communities by offering interest-bearing business loans of $150,000 to $500,000 to support all aspects of growth challenges facing them.

Financing is provided for:

  • late stage commercialization;

  • new product or service development;

  • new applications or markets;

  • development or implementation of new processes or technologies.

Comments on Funding:

Funding amount is between $150,000 and $500,000.

Eligibility:

The applicant must:

  • be a Small or Medium-sized Enterprises (SMEs);
  • employ 50 to 500 employees, or identify that there is a strong likelihood that they will reach 50 employees within a three-year period;
  • be unable to obtain adequate and reasonable financing from other lending sources;
  • operate in Southern Ontario;
  • demonstrate job creation/retention for Southern Ontario residents;
  • be suitable for public funding;
  • establish a reasonable expectation of economic viability;
  • demonstrate the ability to repay funds advanced by Community Futures Eastern Ontario;
  • have secured the required matching funding through private investment, financial or equity partnerships or working capital;
  • provide evidence of their ability or experience to operate the business.

Applications Steps:

Applicants must:

After they check for application completeness, begin due dilligence analysis and seek 3rd party expert advice as needed, the SOFII Staff provides a summary and formal recommendation to Investment Review Committee. Investment Review Committee reviews application and makes the decision to approve/decline or defer and applicant will be asked to present in person or virtually depending on location and timing.

Community Futures Eastern Ontario Board of Directors approves recommendation of the Investment Review Committee. Application decisions are communicated to the Applicant, including formal written notification in all cases and a Formal Letter of Offer is sent to the Applicant, where Approved.

Documentation Needed:

Applicants must:

  • a high level Income Statement (P&L) for the past year and projections for 3 years;
  • any other documentation considered relevant for the project.

Other Things to Note:

The Southern Ontario Fund for Investment in Innovation (SOFII) loan fund acts as a catalyst for increased investment in and support for innovation and is one element in the emerging climate of support for high-growth companies in Southern Ontario. Launched by the Government of Canada in July 2012, SOFII is supported through FedDev Ontario and is delivered by Community Futures Eastern Ontario.

This program has a continuous, open intake period.

Testimonials:

ACTO Technologies Inc

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *