Finding ways to create innovative products that serve your industry is costly. Here are ways to have some of your Research and Development (R&D) costs covered. any relevance to any of our local employers
Eastern Ontario Development Fund (EODF) 15% of project expenses, to a maximum of $1.5 million for new technologies, new equipment, or employees’ skills training. For project investments of $10+ million that create 50+ jobs, funding maybe be available in the form of secured repayable loan, to a maximum of $5 million in provincial support. There are reduced constraints for companies of less than 100 employees that are located in a community of less than 100,000 people or have a population density of less than 100 people/km2.
Innovation Tax Credit (OITC) – Ontario: An 8% (NOTE SINCE 2016) refundable provincial tax credit, up to a maximum tax credit of $240,000.
Loyalist College: The Applied Research and Innovation (ARI) Department at Loyalist College can support some applied research, contract research, testing and educational opportunities
Ontario Centres of Excellence (OCE) has a suite of programs to accelerate the commercialization and adoption of emerging technologies in Ontario
Contact QEDC for more information on locating or investing in the Bay of Quinte Region.