The Ontario government has launched the Protect Ontario Financing Program, offering up to $1 billion in loans to help businesses in the steel, aluminum, and auto sectors impacted by U.S. tariffs.
The initiative is the first phase of the $5 billion Protecting Ontario Account announced in the 2025 provincial budget. Officials say the funding is intended to help companies cover costs such as payroll, leases, and utilities, while avoiding closures and layoffs.
Eligible Ontario-based businesses will undergo an assessment process before receiving support. A third-party financial agent will process applications that pass initial screening.
The program aims to address challenges stemming from Section 232 tariffs imposed by the U.S., which provincial officials say have hurt manufacturing jobs, supply chains, and investment.
Written by: K. Freeman