Ontario has launched a new loan program to help businesses that have been impacted by tariffs.
The province’s minister of finance announced Wednesday that up to $1 billion will be allocated for emergency loan support to Ontario-based businesses in the steel, aluminum and auto sectors.
“We know businesses are facing tremendous uncertainty, and we will continue to protect Ontario’s workers, businesses and jobs from the impacts of US tariffs,” said Peter Bethlenfalvy at a news conference.
The Protect Ontario Financing Program is part of Protecting Ontario Account, a $5 billion tariff-related support package created to mitigate the economic impact of the trade war with the United States, announced in this year’s Ontario budget.
The financing program will help businesses impacted by Section 232, which authorizes the U.S. to place tariffs on goods from other countries, Bethlenfalvy said.
Ontario has announced new measures to help workers and businesses affected by U.S. tariffs. As CBC’s Lorenda Reddekopp explains, Premier Doug Ford is offering billions in tax relief and rebates amid worldwide economic turmoil.
“We have gone through tough times before, and we will get through tough times again together,” said Bethlenfalvy.
He said businesses that have exhausted all federal tariff support programs can use the loan to scale back hiring, defer investments and deal with shrinking margins.
Loan amounts will range from $250,000 to $40 million, Bethlenfalvy said.
The initiative makes it easier for businesses to “operate, to grow and to thrive,” said Ontario’s Minister of Economic Development Vic Fedeli at the same news conference.
“While we can’t control the unrelenting determination with which President Trump is pursuing these tariffs, our government can and will continue to stand firm in our unyielding commitment to our workers and our economy,” he said.
In a release, the province said it is launching a website to determine if businesses are eligible for funding under the Protect Ontario Financing Program. Impacted businesses are encouraged to visit the site to determine their potential eligibility.
Ontario will also announce an additional $4 billion in funding in the coming months to further support and transform businesses affected by tariff-related uncertainty, Bethlenfalvy said.
