The City of Toronto announced last week that applications are being accepted for the Main Street Innovation Fund program to support local small businesses.
The program is part of the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), funded by Ottawa. The agency is working to advance southern Ontario’s economy through funding and business services.
A news release said FedDev Ontario will be providing up to $18 million for six programs in the Toronto Main Street Recovery and Rebuild Initiative. The Main Street Innovation Fund is one of six.
Mayor John Tory said in the announcement that he looks forward to seeing small businesses recover from the pandemic.
“The funding through the Main Street Innovation Fund will help us bring more vibrancy to our city streets,” he said. “While also supporting all of the small businesses that make this city so great.”
The other five programs are: the Retail Accelerator Program, CaféTO Property Improvement Program, Commercial Space Rehabilitation Grant Program, Little Jamaica-Eglinton West and plazaPOPS.
FedDev Ontario finances winners through three streams.
The Business Scale-up and Productivity program helps firms in the adoption of new technology. This funding will be paid back later.
The Regional Innovation Ecosystem helps create and advance regional networks and entrepreneurial environments to support growth and innovation. This funding is non-repayable.
Community Economic Development and Diversification aims to advance and transform local economies through small business development, community transformation and critical collaboration. This funding is non-repayable for not-for-profit organizations, and repayable for businesses.