By Al Ruggero
In a move aimed at cushioning the economic blow from continued U.S. tariffs, the Ontario government has announced the launch of a $1 billion financial assistance program for industries grappling with trade disruptions. The new Protect Ontario Financing Program, unveiled yesterday by the Ford government, is part of a larger $5 billion fund dedicated to supporting workers and stabilizing critical supply chains across the province.
Targeted primarily at businesses in the steel, aluminum, and automotive sectors, the program offers loans starting at $250,000 to help firms maintain operations amid ongoing tariff-related challenges. The financial support is intended to assist with immediate liquidity needs such as payroll, leases, overhead, and utility costs.
To qualify, companies must meet several key eligibility criteria:
• Minimum $2 million in annual revenue;
• A workforce of at least 10 full-time employees in Ontario;
• A proven track record of three years in operation, supported by financial statements;
• Operations based in Ontario and actively engaged in export or supply chain roles not protected under CUSMA (Canada–United States–Mexico Agreement);
• Difficulty accessing federal support or private working capital.
While funding for new projects under other provincial programs may not be permitted, businesses that already have approved projects in place may be eligible to “stack” funding with the new initiative.
The program will be managed by the Ministry of Finance using budgetary allocations made earlier this year.
While many of our medium and large employers rely heavily on U.S. markets, and finding alternative marketplace proves difficult at this time of uncertainty in markets everywhere, the Protect Ontario Financing Program is designed to help keep workers on the job in sectors hard hit by tariffs, towards building a more resilient and self-reliant Ontario economy in the long term.
Local industry leaders have welcomed the announcement but stress the need for broader government cooperation. Anthony Tersigni, President of Operations at New Era Group, a major metals firm located in the Emery Business Improvement Area, commented:
“The announced program is good news as a start, but given the overall picture, all levels of government need to step up to the plate. Apart from the heavy financial losses in the metals industry, losing skilled workers is the hardest to replace.”
The announcement comes amid ongoing tensions with the United States over Section 232 tariffs, introduced initially under the Trump administration. Despite continued negotiations, Canadian officials remain frustrated by what they see as erratic and unjustified trade policies emanating from Washington.
With billions of dollars in trade and thousands of jobs at stake, the Protect Ontario Financing Program marks a critical step for the province in overcoming unpredictable cross-border headwinds.
For questions or observations, please reach out to: Al Ruggero, Project Manager
Emery Village Business Improvement Area. Al can be reached at: 416-744-7242
Or email: al@emeryvillagebia.ca