Revenue Sharing & Support For Indigenous Businesses In 2020 Ontario Budget

·1 min read

The Ontario Government says it is committed to resource revenue sharing with regard to Indigenous and northern communities.

That commitment is contained in the Ford Government’s 2020 budget, which was released this week.

The document states that Ontario will continue to advance resource revenue sharing opportunities and continue to explore revenue sharing from aggregates development including forestry and mining.

The aim is to improve the business climate for northern and Indigenous communities by reducing investment risks for natural resources development.

The budget document also reiterates the announcement back in June to provide up to $10 million in support to Indigenous-owned small and medium-sized businesses.

Loans of up to $50,000 will be provided to businesses that are ineligible for – or unable to access – existing COVID-19 response initiatives for small businesses.

Half of each loan will be in the form of a grant with no interest due on the loan portion until December 31st, 2022.

Eligible businesses will be permitted to use the funds for payroll, rent, utilities or accommodating social distancing requirements.

Mike McDonald, Local Journalism Initiative Reporter, SaultOnline.com