（By River）Ontario has unveiled its latest countermeasure to US-imposed tariffs with the Protect Ontario Financing Program, a $1 billion emergency loan initiative targeting businesses in the steel, aluminum, and auto sectors, aiming to prevent closures, layoffs, and supply chain breakdowns .
At a press event in Queen’s Park, Finance Minister Peter Bethlenfalvy called it a “key part” of the province’s broader strategy. “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.”
The loans are intended to ease pressure on core operating costs. covering areas such as payroll, lease, and utility expenses. This move complements previous provincial relief efforts, including a $9 billion tax-deferral scheme and a $2 billion WSIB rebate program, all designed to dampen the economic fallout from the ongoing tariff conflict.
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)
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