Ontario launches $1B financing program to aid tariff-hit industries

The Ontario government has launched the Protect Ontario Financing Program, offering up to $1 billion in loans to businesses impacted by higher U.S. tariffs, including those in the steel, aluminum and auto sectors.

“Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges facing Ontario,” said Finance Minister Peter Bethlenfalvy. “The Protect Ontario Financing Program will help keep workers on the job in sectors that are being hit hard by tariffs while building a more resilient and self-reliant Ontario economy for the long term.”

Economic Development Minister Vic Fedeli said the program will provide “critical relief to protect workers and businesses at the front lines of our economy,” and safeguard supply chains.

Eligible Ontario-based businesses can apply through a new provincial website, with applications processed by a third-party financial agent.