Released on: March 6, 2008, 6:19 am

Press Release Author: Iris Conseil

Industry: Financial

Press Release Summary: TORONTO - Ontario is launching its Next Generation of Jobs
Fund to give companies quicker decisions so they can get projects off the ground and
create opportunity for families

Press Release Body: ONTARIO FAST-TRACKING NEXT GENERATION OF JOBS FUND
GOVERNMENT INVESTING IN CLEAN TECHNOLOGIES TO CREATE JOBS
.
The Next Generation of Jobs Fund is part of Ontario\'s plan to keep pace with changes
in the global economy and create jobs. The government is providing $1.15 billion to
support companies whose products reduce pollution, save energy, make transportation
more efficient or help the environment in other ways.
The government is now accepting applications. Companies are guaranteed a decision
within 45 days of submitting a complete proposal.
\"We\'re sending the message to companies around the world that if you\'ve got a
project that will grow your business and create jobs, we\'ll make it happen in
Ontario,\" said Minister of Economic Development and Trade Sandra Pupatello.
BACKGROUNDER
Big picture
The new fund is part of the Ontario government\'s economic strategy based on
investments in infrastructure, innovation, partnerships with business and
investments in the skills and education of our people - all while keeping taxes
competitive.
The government will partner with innovative business where it makes sense to both
protect jobs and incent new jobs to make Ontario\'s economy stronger for the future.
Ontario competes with places all around the world that offer various incentives to
business. The fund is another way to keep Ontario ahead.
Track record
The Ontario government\'s auto strategy proves that funds like this get results.
About $500 million from Ontario caused the car companies to spend more than $7
billion, safeguarding thousands of jobs.
The fund at a glance
Next Generation of Jobs Fund - $1.15 billion over five years
Objectives:
. Create and sustain jobs in Ontario
. Attract foreign direct investment
. Make Ontario businesses stronger
. Support research and development
. Support Go Green: Ontario\'s Action Plan on Climate Change
. Support Fast Forward: Ontario\'s Innovation Strategy
Three components to the fund:
1. Jobs and Investment Program (JIP) - supports business expansion/retention
and attracts foreign direct investment
2. Biopharmaceutical Investment Program (BIP) - supports new biopharmaceutical
research and development and manufacturing
3. Strategic Opportunities Program (SOP) - supports industry-led work to turn
Ontario research and ideas into products and services sold around the world.
Target sectors include:
. Green auto research, parts production and vehicle assembly
. Clean fuels, clean industries and environmental technologies
. Bio-economy (taking plant-based raw materials and turning them into fuels and
other products)
. Health technologies and pharmaceutical research and manufacturing
. Digital media and information and communications technology
Timely delivery
Companies are guaranteed a decision within 45 days from the time a complete proposal
is received. In many cases, 20 per cent of funding is provided upon signing.
Ensuring value for money:
. The fund provides a portion of the total investment (e.g. 15 per cent under JIP),
with the project company responsible for the remainder
. Companies are required to meet job creation or investment targets to receive funds
(e.g. under JIP, companies must invest $25 million or create/retain 100 high value
jobs within five years)
. Most of the funding is provided as the company submits invoices for eligible
expenses or once its jobs or investment commitments are met
. Projects are closely monitored throughout their lifespan to ensure taxpayers
receive value for money.
Learn more

Program details and application documents are available at
http://www.ontariocanada.com/ontcan/en/home_en.jsp
For more information, contact:

Ray Lancashire, Media Relations, Invest Ontario
Ministry of Economic Development and Trade
Tel: (416) 326-1608
E-mail: ray.lancashire@ontario.ca

UK & France : IRIS Conseil
44 rue de Varenne
75007 Paris
Tel : 01 45 44 04 21
Fax : 01 45 44 18 14
e-mail : c.arnal@iris-conseil.net


Web Site: http://www.iris-conseil.net/htm/ontario117.asp

Contact Details: UK & France : IRIS Conseil
44 rue de Varenne
75007 Paris
Tel : 01 45 44 04 21
Fax : 01 45 44 18 14
e-mail : c.arnal@iris-conseil.net