$5.4 Million in Funding Announced to Help Eligible Small Businesses
The City of Toronto and funding partners FedDev Ontario and Metrolinx are making more than $5.4 million in funding available this winter to help eligible local small businesses.
The City continues to support small businesses and main street vitality and is inviting eligible businesses and organizations to immediately apply for the new Transit Expansion Construction Mitigation Grant Program, the Main Street Innovation Fund and the Commercial Space Rehabilitation Grant program.
You can view the full release on the City’s website for more details.
Commercial Space Rehabilitation Grant ProgramGrants of up to $24,000 – Applications now open
The Commercial Space Rehabilitation Grant Program offers matching funding of 50 per cent to commercial business operators and owners of vacant storefronts (or, in certain limited circumstances, at risk of becoming vacant) to undertake interior improvements, assisting businesses to re-lease space impacted by COVID-19. Improvements to meet health regulations and Accessibility for Ontarians with Disabilities Act (AODA) compliance are also included.The maximum grant available is $20,000. Further funding of up to $4,000, for a maximum grant of $24,000, is available for upgrades to meet accessibility standards. Applications will be accepted until Tuesday, February 28, or until funds are fully expended, whichever comes first.
Main Street Innovation FundFunding from $25,000 to $100,000 – Applications now open
The Main Street Innovation Fund has opened a new stream of applications to support streetscape animation and local businesses through innovative activations, creative place-making and community capacity-building initiatives. The program offers funding for BIAs and not-for-profit organizations to test innovative and creative solutions to local challenges and share their findings and results with others.Approved standard-scale projects may receive up to $25,000. Approved larger-scale projects may receive up to $50,000. Approved legacy-scale projects may receive up to $100,000. Applications are being accepted beginning today until March 16.
Additional SupportsTo assist small businesses in Toronto in recovering from the impacts of the COVID-19 pandemic, the Government of Canada, through the Federal Economic Development Agency for Southern Ontario , is providing up to $18 million for seven inclusive and sustainable economic recovery projects.To date, the Toronto Main Street Recovery and Rebuild Initiative (MRRI) has committed funding to support 270 entrepreneurs, more than 360 businesses and 64 community organizations. More information about MRRI is available on the program webpage.The City and its partners offer free year-round learning opportunities for entrepreneurs, small business operators and staff. The City’s business webinars will improve your business knowledge and skills. More information is available on the City’s Business Webinar webpage.