Fed Dev has been funded to in turn provide funds to businesses in regional areas (not in urban areas – such as Barrie). The three Simcoe CFDCs (Midland, Orillia and Nottawasaga – for South Simcoe) are being given funds to distribute to companies who apply and are approved. These applications are for a maximum of $40,000 with larger funding requests directed to Fed Dev for up to $500,000.
I’ve spoken to two organizations of the three organizations and have learned the following:
- Businesses should apply to the CFDC in their area (for $40,000 and under) and Fed Dev online for up to $500,000.
- It also appears that the program is around supporting operating expenses.
- This program appears to be for those companies that have not been able to qualify for other programs (e.g. the CEBA – or $40,000 loan or the wage subsidy)
- The Federal Government wants the CFDCs to process applications as quickly as possible (within 4 weeks if possible) although at least one CFDC is not quite ready to finalize documentation – target is Tuesday). The message is – don’t delay.
Program guidelines are here: http://www.feddevontario.gc.ca/eic/site/723.nsf/eng/02583.html?OpenDocument
Here is the link to determine eligibility: http://www.feddevontario.gc.ca/eic/site/723.nsf/eng/02583.html?OpenDocument#eligibility