FedDev

FedDev Ontario, formally known as the Federal Economic Development Agency for Southern Ontario, serves as a crucial economic development arm of the Canadian government, dedicated to fostering growth and prosperity across the region. Unlike traditional venture capital firms, FedDev Ontario primarily provides non-repayable or repayable contributions (grants and loans) to businesses, not-for-profit organizations, and communities. Its core mandate encompasses supporting innovation, commercialization, business expansion, productivity enhancements, and community development, aiming to strengthen regional economies and create sustainable employment opportunities across diverse sectors.

The agency operates through various targeted programs designed to address specific economic needs and opportunities within Southern Ontario. A cornerstone initiative is the Regional Economic Growth through Innovation (REGI) program, which supports businesses in scaling up, adopting new technologies, and expanding into new markets. Other significant programs include the Jobs and Growth Fund, aimed at helping businesses transition to a green economy and foster inclusive growth, and the Aerospace Regional Recovery Initiative, supporting the aerospace sector's recovery and future competitiveness. FedDev Ontario's funding is typically project-based, requiring applicants to demonstrate how their initiatives align with the agency's strategic priorities and contribute to broader regional economic benefits.

FedDev Ontario boasts a substantial track record of investment in the region. Since its inception in 2009, the agency has invested over $6.3 billion across more than 12,900 projects throughout Southern Ontario. These investments have supported a wide range of activities, from advanced manufacturing and clean technology to tourism and community infrastructure. While specific funding amounts vary significantly by program and project scope, typical contributions for business projects under programs like REGI can range from hundreds of thousands up to $10 million, often covering a percentage of eligible project costs. The agency's role is pivotal in de-risking innovative projects and enabling growth that might otherwise struggle to secure traditional financing.