Ontario Launches $1 Billion Fund to Support Affected Businesses

Ontario has introduced a new $1 billion fund aimed at providing financial relief to businesses impacted by tariffs on steel, aluminum, and automobiles. The initiative, known as the Protect Ontario Financing Program, is part of a broader $5 billion support package announced by the provincial government in its spring budget.

Loan Program Aims to Prevent Business Closures

Finance Minister Peter Bethlenfalvy emphasized that this loan program is designed to help businesses manage essential expenses, including payroll, lease, and utility payments, thereby reducing the risk of closures and layoffs. “This program will provide immediate support to those who need it most,” he stated, highlighting the government’s commitment to fostering economic stability in the province.

To qualify for the funding, businesses must demonstrate that they have been adversely affected by specific tariffs, maintain a workforce of at least 10 employees, and generate a minimum of $2 million in annual revenue. The program is intended for those who have already exhausted federal tariff support options, ensuring that additional assistance is available to bridge any financial gaps.

Streamlined Application Process for Quick Access

The Ontario government plans to engage a third-party organization to manage the application process, aiming for a swift disbursement of funds. Loans will range from $250,000 to $40 million, depending on individual business needs. This strategic approach is designed to facilitate rapid access to funds for eligible businesses.

The announcement, first reported on August 13, 2025, underscores Ontario’s proactive measures to support its economy during challenging times. By targeting businesses that are pivotal to the local economy, the provincial government aims to mitigate the negative impacts of tariffs and foster resilience among its enterprises.

This report was provided by The Canadian Press, detailing the government’s ongoing efforts to address economic challenges faced by businesses in Ontario. As the province moves forward with this initiative, it reflects a commitment to supporting local industries and preserving jobs in the face of external pressures.