Economic Development Blog

Ontario’s new GIS system now complements legendary incentive programs

By Ray Lancashire, Ontario Ministry of Economic Development and Trade

Hollywood may be the most visible consumer of Ontario, Canada’s legendary economic incentives – but highly competitive packages are available for many other business sectors, particularly those that create jobs. Now it’s even easier to navigate what’s available for your client or corporation – thanks to the province’s new Graphic Information System (GIS) that makes life easy on site selectors, whether you are a corporate real estate end user or a consultant.

At the recent Economic Developers Council of Ontario’s 53^rd Annual Conference, Sandra Pupatello, Ontario Minister of Economic Development and Trade, introduced Select Ontario, the first GIS system offered in a Canadian province.

Select Ontario uses data from more than 500 Ontario communities to assist site selectors and potential investors in locating areas where their investments will flourish. Normally, site selection takes up to eight weeks of scanning hundreds of communities over the internet. However, Select Ontario is an all-encompassing resource that allows investors, corporations and consultants to search through statistics in a much smarter and timelier manner.

Select Ontario offers region-specific wage data, lists of businesses with 10 or more employees, graduation and enrollment levels, satellite imagery and a list of Economic Development Officers.

According to Minister Pupatello, a bit of Select Ontario investigation will show that this province is already “the place to be with respect to its highly educated population, highly skilled workforce, and highly accessible business environment.” Investing wisely is a matter of narrowing down an Ontario community that meets your needs.

Happy New Year, CoreNet Global!  Corporate real estate executives, service providers and economic developers alike may be interested in a new development that could help finance some qualifying transactions.  New sources of financing are always welcome in today’s market. 

The U.S. Small Business Administration has extended funding for SBA 7(a) and 504 loan fees and a higher gauranty – up to 90% - through February 28th. If you’re trying to close a deal, the SBA may be the way to go for financing. Here’s the announcement and weblinks:

On December 19, 2009, the President signed the Department of Defense Appropriations Act, 2010 (P. L. 111-118). This legislation provides an additional $125 million to support approximately $4.5 billion in new 7(a) and 504 loans under Sections 501 and 502 of the American Recovery and Reinvestment Act of 2009 (the “Recovery Act”). Specifically, these funds are available for the payment of certain 7(a) and 504 loan fees and a higher SBA guaranty for certain 7(a) loans. (For more detailed information on Sections 501 and 502 of the Recovery Act, see 74 FR 27196 (June 8, 2009) and 74 FR 27199 (June 8, 2009) and SBA Policy Notices 5000-1097, Implementation of Section 501 of the Recovery Act – Fee Elimination Provisions and 5000-1098, Implementation of Section 502 of the Recovery Act – Up to a 90 Percent Guaranty on 7(a) Loans. Both policy notices may be found at http://www.sba.gov/aboutsba/sbaprograms/elending/notices/BANK_FY_09_NOTICES.html.)
This Notice explains how SBA will administer the new funds.

Mr. Chris Manheim, CEcD