Protect Ontario Financing Program

A loan program providing critical liquidity support for Ontario-based businesses in the steel, aluminum, and auto sectors that are facing working capital challenges due to U.S. Section 232 tariffs.

Ministry of Economic Development, Job Creation and Trade

Overview of the Protect Ontario Financing Program program:

This program was announced as part of Ontario’s 2025 Budget to help for-profit businesses in Ontario that are adversely impacted by U.S. Section 232 tariffs on steel, aluminum, and autos. It’s intended to help businesses maintain operations, payroll, pay leases, utilities, etc., by offering term loans as working capital relief. Eligibility requires certain size, revenue, sector, and operational history conditions. The government uses a third-party agent to process applications, with due diligence to ensure responsible use of funds.

Eligibility criteria of the Protect Ontario Financing Program program:

The fund supports for-profit businesses (legal entity or limited partnership) registered to carry out business in Ontario.
To be eligible, organizations need to meet all of the following criteria:
Operate within the province of Ontario
Operate within (either direct exporter or supporting the supply-chain) the following sectors that are subject to s.232 tariffs: steel, aluminum, autos
Have at least $2 million in annual revenue
Employ at least 10 full-time employees in Ontario
Have minimum 3 years of operations and financial statements
Facing material working capital challenges due to the imposition of s.232 U.S. tariffs (for example, your organization will have difficulty meeting short term financial obligations such as payroll)
Have explored and exhausted or faced significant barriers in accessing federally offered financial support options to access working capital
The following organizations and scenarios are examples of ineligible applications for funding support through the program:
Not-for-profit organizations, associations, or charities
Start-ups (companies in early stages of development that do not have a track record of sales or operations)
Non-working capital costs (for example, purchase of property, or new equipment)
Refinancing of existing business lending facilities
Acquisitions or buyouts
Relocating to other jurisdictions (including within Ontario)