The loans can be used for costs like payroll, leases and utilities, helping businesses avoid closures and layoffs.
The Ontario government has launched a $1-billion loan program to help businesses hit by U.S. tariffs, aiming to protect jobs and keep supply chains running.
The Protect Ontario Financing Program will provide liquidity support to Ontario-based companies in the steel, aluminum and auto sectors facing higher Section 232 tariff rates. The loans can be used for costs like payroll, leases and utilities, helping businesses avoid closures and layoffs.
Finance Minister Peter Bethlenfalvy said the funding will “keep workers on the job” while strengthening Ontario’s economy. Economic Development Minister Vic Fedeli called the program “critical relief” for industries under pressure from unfair trade measures.
Eligible businesses can apply through a new provincial website, where a screening tool will determine preliminary qualification before a third-party financial agent reviews applications.
The province says the program is part of a broader $5-billion Protecting Ontario Account announced in the 2025 budget.
Story by: Alyssa Brush
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