Businesses and entrepreneurs in Toronto and southern Ontario gain access to programs designed to advance local economic growth
Toronto is Canada's business and financial capital, generating 50 percent of Ontario's GDP and serving as a national hub for innovation and entrepreneurship. With nearly 110,000 businesses and a workforce of 1.8 million people, Toronto is an epicentre of economic potential. The majority of these businesses are small- and medium-sized enterprises. They are the backbone of the economy, and the Government of Canada is committed to supporting the conditions they need to thrive.
Today, the Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a combined investment of $6.7 million for two organizations, City of Toronto and Coralus, to strengthen main streets businesses, support local economic development, and drive resilient, sustainable economic growth in the region. Minister Solomon was joined by Chi Nguyen, Member of Parliament for Spadina-Harbourfront.
This includes an up to $4-million investment for the City of Toronto to deliver the Toronto Economic Resiliency Initiative (TERI). TERI includes help for small businesses to improve their spaces, support for BIAs and not-for-profits to ease the impacts of major transit construction, assistance for restaurants expanding outdoor dining opportunities, and investment in community development projects that reduce barriers for equity-deserving businesses. Together, these supports will help Toronto's businesses remain vibrant, competitive, and central to the city's long-term economic success.
The Minister also announced an investment of up to $2.7 million to Coralus, a Toronto-based not-for-profit organization that supports women and non-binary entrepreneurs. This funding will allow Coralus to expand programming across southern Ontario, helping entrepreneurs to make their businesses more economically resilient. While Coralus' reach extends across the region, its Toronto roots highlight the city's role as a launchpad for innovation and entrepreneurial leadership.
Small businesses are the engine of Canada's economy, driving innovation, creating jobs, and building resilient communities. By investing directly in Toronto's businesses and entrepreneurial ecosystem, the Government of Canada is reinforcing the city's position as a driver of sustainable growth for all Canadians.
