Ontario Green Business Fund
So you’re starting or running a Green business in Ontario. Surely with the growing interest in the environment, the Ontario government is doing something, right? Well yes they are!
The Ontario government runs the “Next Generation Jobs Fund” to help businesses and encourage new investment. This fund is not exactly green-specific; the funds goal is to “help innovative companies grow and create well-paying sustainable jobs for today’s workforce and for the next generation of Ontario’s highly skilled workers.” The program has three streams: Biopharmaceutical Investment Program, Jobs and Investment Program, and the Strategic Opportunities Program. It’s that last that will interest Ontario green entrepreneurs. In fact, the program is not restricted to Ontarions. Any green entrepreneur from across Canada or around the world will be able to participate.
Some of the highlights of the program:
- A $1.15 billion fund disbursed over 5 years.
- Specifically targeting green auto research, parts production and assembly.
- Specifically targeting clean fuels research, development and commercialization.
- Specifically targeting environmental technologies, clean industries and bio-economy.
- Speedy turnaround on proposals. A decision on the proposal within 45 days.
Is it all sweetness and light? Not quite.
For one thing, there are three criteria that put funding well out of reach of the Canadian Green Entrepreneur. These are:
- A minimum total proposal size of $25M over 5 years.Think big!
- A minimum contribution of 30 percent total project / program costs by participating industry partners. Share the burden!
- An Ontario contribution through the Ministry of Research and Innovation of 25 percent of the total eligible project / program costs. Let the government get in on the act!
This fund is clearly not for the smaller players. I suppose that’s to be expected considering they want to create lots and lots of jobs with this program. Fair enough. But I’d like to see some government support for the little guy setting up his Canadian green business. Chances of that happening? I’ve not idea. I’ll poke around some more and see if there’s anything available. If you got a tip for government assistance to Canadian small green business owners (not just Ontario), feel free to drop me a line and let me know.
posted by: Steve | posted on: 26 08 2008 | categories: Government Incentives - Business