Ontario’s financing programs are being extended to support jobs and businesses impacted by the trade tensions between the U.S. and Canada, as announced by Premier Doug Ford. In response to the recent retaliatory tariffs imposed by Canada and import bans by U.S. President Donald Trump on Canadian dairy, motorcycles, and alcohol products, additional 50% tariffs are set to take effect soon.
Businesses in sectors expected to be affected by these upcoming changes can now seek relief through the $1-billion Protect Ontario Financing Program (POFP) and Ontario Together Trade Fund (OTTF), according to a statement from the province. This expansion aims to assist industries hit hard by tariffs in maintaining their operations.
Speaking at an event hosted by the Toronto Region Board of Trade, Ford emphasized the importance of supporting sectors facing challenges due to trade disputes. Minister of Economic Development Vic Fedeli highlighted the program’s role in helping businesses navigate economic uncertainties and ensuring long-term stability for the economy.
Eligibility for the financing programs will be open to businesses engaged in exports within the impacted sectors once the new trade measures are implemented. Sectors affected by the additional 50% tariffs on September 15 include certain metal products, furniture, paper items, and more. Further eligibility under import bans starting September 29 will cover exports related to various Canadian alcoholic beverages, specific dairy products, and motorcycles with engine capacities exceeding 800 cc.
To qualify for the POFP, businesses must meet certain criteria such as operating in Ontario, having substantial annual revenue, employing a minimum number of full-time workers, and facing challenges accessing federal financial aid. Interested companies can determine their eligibility by completing the province’s online questionnaire.
Meanwhile, the OTTF offers grants to small and medium-sized businesses aiming to enhance interprovincial trade and relocate supply chains away from the U.S. Companies eligible for OTTF support should meet requirements like operating in Ontario, having a minimum operational history, employing a specific number of full-time staff, and being affected by U.S. tariffs or shifting operations to meet changing customer demands.
Businesses with projects beneficial to Ontario may still be considered for OTTF funding, according to information provided on the province’s website. The initiatives are part of Ontario’s commitment to supporting workers and businesses amid trade challenges and economic disruptions.