TORONTO: The Ontario government has announced a relief package for businesses most impacted by U.S. tariffs. Under the new “Protect Ontario Financing Program,” the government will provide emergency loans to trade and industrial establishments.
Finance Minister Peter Bethlenfalvy announced at a press conference on Wednesday at Queen’s Park that up to $1 billion in emergency loans will be made available to companies in the province’s steel, aluminum, and automotive sectors. The program is specifically for companies affected by Section 232 tariffs.
To be eligible for a loan, companies must have a minimum of ten employees and an annual revenue of at least $2 million. The loan amount will range from $250,000 to $40 million.
The minister stated that the program will be a relief to companies facing working capital challenges, including meeting payroll, lease, and utility payments. He also noted that the initiative aims to build a more resilient and self-reliant economy within the province.
