Ontario government announces Next Generation of Jobs Fund
The Ontario McGuinty government has announced a Next Generation of Jobs Fund, as part of the province's plan to kee...
The Ontario McGuinty government has announced a Next Generation of Jobs Fund, as part of the province’s plan to keep pace with changes in the global economy and create jobs.
According to the government, the fund will provide $1.15 billion over five years in support to companies whose products reduce pollution, save energy, make transportation more efficient or help the environment in other ways.
The government said it would now be accepting applications, with decisions guaranteed within 45 days of submitting a complete proposal.
“We’re sending the message to companies around the world that if you’ve got a project that will grow your business and create jobs, we’ll make it happen in Ontario,” said economic development and trade minister Sandra Pupatello in a press statement.
There will be three components to the fund: a Jobs and Investment Program (JIP), to support business expansion and attract foreign direct investment; a Biopharmaceutical Investment Program (BIP), to support new biopharmaceutical R&D and manufacturing; and a Strategic Opportunities Program (SOP), supporting industry-led work that turns Ontario research into products and services.
The Jobs Fund’s target sectors include green auto research, parts production and vehicle assembly.