Businesses in southern Ontario facing global trade challenges can now apply for federal funding under the Regional Tariff Response Initiative (RTRI), the Government of Canada announced Tuesday.
The three-year, $450-million program is being delivered through Canada’s regional development agencies, with nearly $160 million allocated to southern Ontario. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) will oversee distribution, with targeted support for businesses in the steel and automotive industries.
Program details
The RTRI aims to help businesses affected by tariffs and trade disruptions by supporting efforts to improve productivity, expand and diversify markets, and strengthen domestic supply chains.
According to FedDev Ontario, up to $150 million of the national funding will go specifically to companies in the steel sector to help stabilize the market and drive investment.
The initiative is part of a wider set of measures, which includes the Large Enterprise Tariff Loan Facility, the Business Development Bank of Canada’s Pivot to Grow initiative, and Strategic Innovation Fund support for the steel industry.
Announcement in Hamilton
Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and the minister responsible for FedDev Ontario, announced the program during a visit to Hooper Welding in Hamilton, a manufacturer of pressure vessels and custom steel fabrication for the oil, gas and nuclear sectors.
“Southern Ontario businesses are under pressure in today’s shifting trade landscape,” Solomon said in the release. “The Regional Tariff Response Initiative is supporting our businesses by giving them the tools they need to innovate, diversify, and grow, especially in key sectors like steel and auto.”
Hamilton MP John-Paul Danko added that businesses across the region are feeling the impact of global trade pressures and rising costs, saying the initiative will “help businesses to respond, adapt and compete amid shifting market conditions.”
Founded in 1952 as a welding repair shop, Hooper Welding Enterprises Limited has grown into a global supplier of pressure equipment for oil, gas and nuclear industries. The company hosted the announcement to highlight the program’s relevance to manufacturers in the region.
For more information, see https://feddev-ontario.canada.ca/en/funding-southern-ontario/regional-tariff-response-initiative-southern-ontario
