Ontario is launching its Next Generation of Jobs Fund to give companies quicker decisions so they can get projects off the ground. The Next Generation of Jobs Fund is part of Ontario's plan to keep pace with changes in the global economy and create jobs. The government is providing $1.15 billion to support companies whose products reduce pollution, save energy, make transportation more efficient or help the environment in other ways.
Companies are guaranteed a decision 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 Minister of Economic Development and Trade Sandra Pupatello.
The new fund is part of the Ontario government's economic strategy based on investments in infrastructure, innovation, partnerships with business and investments in the skills and education of our people -- all while keeping taxes competitive.
The Ontario government's auto strategy proves that funds like this get results. About $500 million from Ontario caused the car companies to spend more than $7 billion, safeguarding thousands of jobs.
There are three components to the fund:
- Jobs and Investment Program (JIP) -- supports business expansion/retention and attracts foreign direct investment
- Biopharmaceutical Investment Program (BIP) -- supports new biopharmaceutical research and development and manufacturing
- Strategic Opportunities Program (SOP) -- supports industry-led work to turn Ontario research and ideas into products and services sold around the world.
Target sectors include:
- Green auto research, parts production and vehicle assembly
- Clean fuels, clean industries and environmental technologies
- Bio-economy (taking plant-based raw materials and turning them into fuels and other products)
- Health technologies and pharmaceutical research and manufacturing
- Digital media and information and communications technology
Information about the program is located at http://www.ontariocanada.com/ontcan/en/home_en.jsp