The Ontario government has launched a $1 billion financing initiative aimed at supporting local businesses in the steel, aluminum, and auto sectors impacted by U.S. tariffs.
The Protect Ontario Financing Program marks the first phase of the broader $5 billion Protecting Ontario Account introduced in the province’s 2025 budget. The province says eligible businesses will undergo an assessment process to ensure responsible use of taxpayer funds.
“Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges facing Ontario,” said Minister Peter Bethlenfalvy. “This 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.”
Bethlenfalvy says the loan program will help businesses make payroll, lease and utility payments and avoid closures and layoffs. He says the government will be using a third party to process applications and intends to get the money out the door quickly. The province is also launching a dedicated website to help businesses determine eligibility and begin the application process.
Officials warn that without intervention, companies may be forced to scale back hiring, reduce production, or even shut down operations. The financing program aims to mitigate these risks by providing immediate financial relief and long-term stability.
“The tariffs levied by the U.S. government have left Ontario’s steel, aluminum, and auto sectors exposed to unprecedented challenges,” said Minister Vic Fedeli. “Through the Protect Ontario Financing Program, our government will provide $1 billion in critical relief to protect workers and businesses at the front lines of our economy, ensuring that critical supply chains are equipped to weather the uncertainty of today, while building resilience to seize the opportunities of tomorrow.”