The True Post(Web News)The Ontario government has launched a $1 billion financing program to help local businesses in the steel, aluminum, and auto sectors withstand the impact of U.S. tariffs.
The Protect Ontario Financing Program is the first phase of the province’s broader $5 billion Protecting Ontario Account included in the 2025 budget. According to provincial officials, eligible businesses will undergo an assessment process to ensure taxpayers’ money is used responsibly.
Provincial Minister Peter Bethlenfalvy said that the government is leaving no stone unturned in protecting Ontario’s workers and businesses from economic challenges. This program will help safeguard jobs in sectors hit hardest by tariffs and build a stronger, more self-reliant economy for the long term.
According to the minister, the loan program will assist businesses in paying wages, rent, and utility bills, preventing closures or layoffs. The government indicated that applications will be evaluated by a third party and funds released as quickly as possible. A dedicated website will also be launched for businesses to check eligibility and begin the application process.
Officials warned that without intervention, companies might be forced to cut hiring, scale back production, or even shut down operations. This financing program aims to reduce those risks by providing immediate financial relief and long-term stability.
Minister Vic Fedeli said that U.S. tariffs have created unprecedented challenges for Ontario’s steel, aluminum, and auto sectors. Through the Protect Ontario Financing Program, the government will provide $1 billion in critical support to workers and businesses in these vital industries, ensuring supply chains can withstand current uncertainty and prepare to seize future opportunities.
