The Ontario government has initiated a $ 1 billion financing initiative with the aim of supporting local businesses in steel, aluminum and auto sectors affected by US tariffs.
Safe Ontario Financing Program The first stage marks of the wide $ 5 billion protecting the Ontario account presented in the 2025 budget of the province.
The province says that the eligible business taxpayers will undergo a rigorous evaluation process to ensure responsible use of money.
Minister Peter Bethlenfalvi said, “Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges faced by Ontario.” “This program will help workers hiring in areas that are working hard by tariffs, creating a more flexible and self -sufficient ontario economy for long periods.”
After the initial screening, a third-party financial agent will be procured to manage applications. The province is also launching a dedicated website to help businesses determine eligibility and start the application process.
Officials have warned that without intervention, companies may be forced to recruit back, reduce production, or even stop operations. The purpose of the financing program is to reduce these risks by providing immediate financial relief and long -term stability.