Fed Dev launches $20M late-stage commercialization fund

The federal government is investing $20 million in two Ontario-based private, non-profit networks to provide business loans to small knowledge-based firms. The funding comes through the Prosperity Initiative of the Federal Economic Development Agency for Southern Ontario and will be known as the Southern Ontario Fund for Investment in Innovation. Two Community Futures Development Corps (CFDC) will deliver the loans — $12 million through the Western CFDC Association and $8 million through the Eastern CFDC Network Inc. Companies can receive loans of between $150,000 and $500,000 for activities such as late-stage commercialization, new product or service development and development of new processes and technologies. Both CFDCs are intended to become self-sustaining over the medium- to long-term....