Eight Southern Ontario businesses and organizations hit hard by trade disruptions are getting a financial boost from the federal government.
Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced more than $20 million in funding on Friday.
"Across southern Ontario, businesses are navigating trade disruptions and evolving markets, which are placing new strain on supply chains," Solomon said, adding that the funding will help those businesses navigate and adapt to the new trade landscape.
Among the businesses receiving money are Wallaceburg's AarKel Tool & Die Inc., Five Star Tool and Die Ltd., Ritch-Meyer Machine & Tool Inc., and Select Finishing. Several London-based businesses, including the Western Fair Association, were also included in the announcement.
The funding comes from the Regional Tariff Response Initiative, which was introduced to help small-and-medium-sized enterprises impacted by tariffs. The money is meant to support projects that improve efficiency, adopt new technologies, expand growth opportunities, and maintain and create jobs.
London-West MP Arielle Kayabaga, who was also present at the announcement, noted that new ideas and local markets are important investments for the future of Ontario's communities.
"Investments in innovation are not just about economic growth, they are about building stronger, more resilient communities where people can succeed close to home," she said.
