Businesses in southern Ontario feeling the impacts of the US/Canada trade war are now eligible for some assistance.
Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) Evan Solomon, announced on Tuesday, the Regional Tariff Response Initiative (RTRI) is open in southern Ontario.
The $450 million, three-year nationwide program, is to help businesses overcome trade challenges and disruptions.
FedDev Ontario will deliver nearly $160 million in southern Ontario through the RTRI.
In a news release from the federal government, Solomon said southern Ontario businesses are under pressure in today's shifting trade landscape.
"The Regional Tariff Response Initiative (RTRI) is supporting our businesses by giving them the tools they need to innovate, diversify, and grow, especially in key sectors like steel and auto, which are critical to our infrastructure and clean economy," said Solomon. "By backing local economies and helping companies expand into new markets, we are not only securing Canada’s future prosperity, but helping build a stronger, more resilient and more productive economy that creates good jobs, drives competitiveness, and supports long-term growth across the region.”
Businesses can request $125,000 up to a maximum of $10 million in fully repayable financial support, or under $100,000 in non-repayable financial support.
Total project costs must be a minimum of $125,000, and must be completed by no later than March 31, 2028.
Eligible businesses in the region can apply for RTRI support through the federal government's website.