EDISO
The Economic Development Initiative of Southern Ontario (EDISO) aims to meet the economic challenges facing each region and to strengthen regional success with a view to fostering the sustainable growth of minority official language communities and promoting the development of new expertise in connection with innovation, economic diversification and partnerships, as well as providing increased support for small and medium-sized enterprises (SMEs).
EDISO:
- Is designed to take part in activities that reinforce the foundations, sustainability and competitiveness of francophone communities in southern Ontario and that meet certain needs and foster economic growth in certain industrial sectors encompassing the francophone community.
- Is geared towards francophone entrepreneurs and companies located in southern Ontario, including rural and urban regions.
- In partnership with the Franco-Ontarian Foundation (FFO), offers francophone entrepreneurs access to entrepreneurial loans of up to $30,000 ($15,000 from the FFO and $15,000 from the Prescott-Russell Community Development Corporation/PRCDC) under the Economic Development Initiative of Southern Ontario (EDISO).
- Under the authority of the Board of Directors, seeks to create and maintain permanent jobs (full and/or part-time) in the region by providing new and existing companies with a financing source including a flexible repayment schedule.
ELIGIBILITY CRITERIA
EDISO loans cannot be used to repay debts or obligations incurred with the Government of Canada, the Government of Ontario or any other municipal and/or regional government. Bursaries, grants and non-repayable loans are not available under the EDISO loan program.
All companies or entrepreneurs must be located or must plan to relocate within the geographical limits designated in the EDISO program’s mandate. The EDISO investment fund will only provide assistance to francophone companies that:
- Contribute to improving company performance and productivity.
- Primarily employ francophones to fill the jobs created and/or maintained.
- Have a reasonable likelihood of achieving economic viability, based on budgetary considerations.
- Maintain an active francophone offer (marketing, promotion, website, etc.).
- Do not infringe community standards (e.g., do not engage in illegal activities or in the commercial exploitation of sex, religion or politics).
- Demonstrate that they are commercially viable.
- Demonstrate that they are able to repay all funds advanced by the EDISO investment fund, either as loans or by acquiring a stake in their share capital.
- Demonstrate that they have the desired potential to create or maintain new jobs in the geographical area designated in the EDISO program’s mandate.
- Have been rejected for financing or form part of a financial partnership with a financial institution.
- Are headquartered in Ontario.
