Feds deliver funding to early-stage tech firms, green recovery for SMEs
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$7.7-million FedDev Ontario investment to support over 145 SMEs – create, maintain 500 jobs
FedDev Ontario has announced an investment of more than $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.
“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,” says Wendy Curtis, executive director, Northumberland Community Futures Development Corp. (NCFDC).
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.