GTA Construction News staff writer
Ontario is launching a $1-billion fund aimed at giving relief to businesses affected by steel, aluminum and auto tariffs.
The Protect Ontario Financing Program is part of a $5-billion tariff-related support package the provincial government announced in its spring budget.
Finance Minister Peter Bethlenfalvy says the loan program will help businesses with payroll, lease and utility payments and avoid closures and layoffs.
Click here to see if your business qualifies for assistance. A third party will process applications.
To qualify businesses must be affected by certain tariffs, have a minimum of 10 employees and a minimum of $2 million in annual revenue.
“Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges facing Ontario,” Bethlenfalvy said. “The Protect Ontario Financing Program will help keep workers on the job in sectors that are being hit hard by tariffs while building a more resilient and self-reliant Ontario economy for the long term.”
To help businesses determine if they are eligible for funding, the province has launched a website with program details and an eligibility tool. Businesses that successfully screen through the preliminary eligibility requirements will be contacted to discuss their applications and next steps to qualify.
Officials say the program is “a flexible and agile response” to support the steel, aluminum and auto industries that are most impacted by unfair U.S. tariffs, helping sustain these sectors and build economic resilience during this turbulent time.
Financial supports are also being offered to tariff-impacted businesses at the federal level, including through the Export Development Canada (EDC) Tariff Impact Program, the Business Development Bank of Canada – Pivot to Grow Program, and the Large Enterprise Tariff Loan Facility.
