Ford government confirms $1B emergency loan plan for tariff-hit industries
Global News
On Wednesday morning, Finance Minister Peter Bethlenfalvy is scheduled to hold a news conference alongside Vic Fedeli, the trade minister.
The Ford government has officially launched a $1 billion emergency tariff response program, offering companies in sectors hit by the U.S.-Canada trade war with loans of up to $40 million.
On Wednesday morning, Finance Minister Peter Bethlenfalvy and Vic Fedeli, the trade minister, unveiled the first major pillar of the government’s response to tariffs on steel, aluminum and autos from U.S. President Donald Trump.
“This new program will provide companies in the steel, aluminum and auto sectors – some of the hardest hit by U.S. tariffs — with up to $1 billion in funding support,” Bethlenfalvy explained.
“And will provide some much-needed relief for Ontario businesses who are facing working capital challenges as a result of tariffs, including payroll, lease and utility payments.”
The $1 billion confirmed Wednesday is part of a $5 billion pot announced by the Ford government during February’s snap election and confirmed in the budget that followed.
When it was announced, the government’s financial blueprint explained that the Protecting Ontario Account was designed to work together with tariff measures introduced by the federal government.
It would include “up to $1 billion in immediate liquidity relief aimed at protecting Ontario businesses and workers facing significant tariff-related business disruptions,” the budget said.
Officials described it as “an emergency backstop for Ontario businesses that have exhausted available funding.”
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