The Government of Ontario has announced the launch of the new Forest Sector Investment and Innovation Program, which will become the government’s key program for the sector.
- This program replaces the Forestry Growth Fund.
- It will provide up to $10M per year in funding over five years.
- The program will support strategic projects that improve productivity and innovation, enhance competitiveness, support new market access, and strengthen supply chains and regional economies.
- Projects should have at least $3M in eligible costs.
- Funding for business projects will flow in the form of performance-based loans representing 30% of eligible costs and of which up to 50% may be forgivable.
- Grants of up to 15% of eligible costs can be granted in exceptional situations.
- Collaboration projects can receive grants of to $3M (30% of eligible costs).
- Funding will flow in competitive rounds of two stages each.
- The first stage of the first round will close Dec. 20.