When Donald Trump returned to the White House one year ago, few could have predicted the immediate damage his administration would do to international trade. Tariffs for everyone. Supply chains disrupted. Markets in turmoil.
If you’re a business leader in Canada, you know the rest of the story. Our country, for reasons unknown, became the President’s favourite target. In response, Canadians displayed a national pride that might have startled some of our neighbours to the south, a powerful resilience in the face of adversity and a resolve to control our own destiny.
Controlling your own destiny isn’t easy for companies impacted by tariffs. Weathering the storm requires expertise. And capital. Luckily, Canadian pride, resilience and resolve was matched with new programs designed specifically to support trade-exposed Canadian companies. Here are five of the most prominent that you can access if your company is in Waterloo Region.
Note: visit our tariff support page for a more comprehensive listing and follow us on LinkedIn for updates as new programs come online.
Export Development Canada Trade Impact Program
The program will deploy $5 billion over two years, starting this year, to help exporters reach new markets for Canadian products and help companies navigate the economic challenges imposed by the tariffs, including losses from non-payment, currency fluctuations, lack of access to cash flows and barriers to expansion.
Regional Tariff Response Initiative
The Regional Tariff Response Initiative (RTRI) is a three-year initiative that helps businesses overcome trade disruptions and includes support for businesses in the steel and automotive industries. FedDev Ontario will deliver nearly $160 million to businesses in southern Ontario to help with activities that boost productivity, lower costs, strengthen supply chain resilience and open doors to new markets.
Ontario Together Trade Fund
The Ontario Together Trade Fund (OTTF) provides financial support to help businesses near-term investments so they can serve more interprovincial customers, develop new markets and re-shore critical supply chains in the face of US tariffs. With a focus on small and medium enterprises (SMEs), the program will help businesses, build local capacity, enhance trade resiliency, and make the necessary investments to successfully expand into new markets.
Business Development Bank of Canada Loan Program
The Department of Finance Canada has announced $500 million in favourably priced loans available through BDC to support impacted businesses in sectors directly targeted by tariffs, as well as companies in their supply chains. Businesses will also benefit from advisory services in areas such as financial management and market diversification.
Regional Defence Investment Initiative in Southern Ontario
Nearly $200 million has been earmarked by FedDev Ontario to support businesses and organizations seeking to enter or grow within defence supply chains and increase their industrial and innovation capacity. Businesses can request up to $10 million in repayable funding.
Do none of these programs fit the bill? Need advice? Ontario’s Ministry of Economic Development, Job Creation and Trade offers an Export Advisor Service. Would you like to avoid tariffs on goods you’re importing from the United States? You can apply for remission. Need something else? Check out our tariff support page for more programs, explainers and contact information for the relevant office in each Waterloo Region municipality.