TORONTO — Premier Doug Ford’s government is rolling out $1 billion in support loans to help Ontario companies hit by U.S. tariffs, with a focus on the auto, steel and aluminum sectors.
The fund is the first phase of the province’s $5-billion “Protecting Ontario Account.” Finance Minister Peter Bethlenfalvy said the money will help firms cover payroll, leases and utilities to avoid layoffs and closures.
Who can apply — and for how much
The Protect Ontario Financing Program offers loans from $250,000 to $40 million to businesses affected by U.S. Section 232 tariffs. To qualify, companies must have at least 10 employees and $2 million in annual revenue.
Applications will be screened by a third-party financial agent. Terms include interest-bearing loans up to the market prime rate and the possibility of up to 12 months of principal-free payments at the province’s discretion. An official provincial website now lists criteria and begins the intake process.
Why now
On August 1, 2025, the White House increased tariffs on Canadian goods not covered by CUSMA to 35%, escalating pressure on Ontario manufacturers and their supply chains; CUSMA-qualifying goods remain exempt.
Independent analysis from the Budget Lab at Yale estimates the 2025 tariff actions are raising the U.S. price level by about 1.8% in the short run, costing the average household US$2,400 this year and hitting clothing and footwear especially hard.
What the province says
Bethlenfalvy said the program is designed to protect jobs, keep critical supply chains intact, and help firms ride out the trade dispute while federal supports are also in play. Companies can use the loans to stabilize operations and be ready to ramp back up when conditions improve.
How to proceed: Eligible businesses should review criteria and start the screening process on the Protect Ontario Financing Program page.
