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.

The government is now accepting applications. 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.

BACKGROUNDER

Big picture

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 government will partner with innovative business where it makes sense to both protect jobs and incent new jobs to make Ontario's economy stronger for the future.

Ontario competes with places all around the world that offer various incentives to business.   The fund is another way to keep Ontario ahead.

Track record

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.

The fund at a glance

Next Generation of Jobs Fund - $1.15 billion over five years

Objectives:

• Create and sustain jobs in Ontario 

• Attract foreign direct investment 

• Make Ontario businesses stronger 

• Support research and development 

• Support Go Green: Ontario's Action Plan on Climate Change 

• Support Fast Forward: Ontario's Innovation Strategy

Three components to the fund:

1.  Jobs and Investment Program (JIP) - supports business expansion/retention and attracts foreign direct investment

2.  Biopharmaceutical Investment Program (BIP) - supports new biopharmaceutical research and development and manufacturing

3.  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

Timely delivery

Companies are guaranteed a decision within 45 days from the time a complete proposal is received.   In many cases, 20 per cent of funding is provided upon signing.

Ensuring value for money:

• The fund provides a portion of the total investment (e.g. 15 per cent under JIP), with the project company responsible for the remainder 

• Companies are required to meet job creation or investment targets to receive funds (e.g. under JIP, companies must invest $25 million or create/retain 100 high value jobs within five years) 

• Most of the funding is provided as the company submits invoices for eligible expenses or once its jobs or investment commitments are met 

• Projects are closely monitored throughout their lifespan to ensure taxpayers receive value for money.

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