$1 billion program will deliver on province’s commitment to protect workers and critical supply chains
On August 13, 2025, the Ontario government launched the Protect Ontario Financing Program, the first phase of the $5 billion Protecting Ontario Account that was announced in the 2025 provincial Budget. The Protect Ontario Financing Program will provide Ontario-based businesses that have been impacted by higher (section 232) tariff rates, including the steel, aluminum and auto sectors, with up to $1 billion in liquidity support in the form of loans to protect workers and operations.
“Our government is leaving no stone unturned in our efforts to protect workers and businesses from the economic challenges facing Ontario,” said the Honourable Peter Bethlenfalvy, Minister of Finance. “The Protect Ontario Financing Program will help keep workers on the job in sectors that are being hit hard by tariffs while building a more resilient and self-reliant Ontario economy for the long term.”
Ontario-based businesses in these sectors that are facing tariff-related challenges, such as payroll, lease payments and utility payments, will be able to access the Protect Ontario Financing Program in addition to federal government supports, such as loans and loan guarantees, and would undergo rigorous assessment and due diligence to determine eligibility and ensure taxpayer funds are used responsibly. This funding will help businesses avoid closures and layoffs as well as protect critical supply chains in the face of U.S. tariffs and economic uncertainty.
“The tariffs levied by the U.S. government have left Ontario’s steel, aluminum, and auto sectors exposed to unprecedented challenges,” said the Honourable Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through the Protect Ontario Financing Program, our government will provide $1 billion in critical relief to protect workers and businesses at the front lines of our economy, ensuring that critical supply chains are equipped to weather the uncertainty of today, while building resilience to seize the opportunities of tomorrow.”
To help Ontario-based businesses determine if they are eligible for funding under the Protect Ontario Financing Program, the province is launching a website. Impacted businesses in applicable sectors are encouraged to visit the site for program details and complete an eligibility tool to determine their potential eligibility for loan support under the program. Businesses that successfully screen through the preliminary eligibility requirements will be contacted to discuss their applications and next steps to qualify. To ensure an agile and flexible approach, a third-party financial agent will be procured to effectively and efficiently process applications that have passed the initial screening process.
This approach ensures a flexible and agile response to support the steel, aluminum and auto industries that are most impacted by unfair U.S. tariffs, helping sustain these sectors and build economic resilience during this turbulent time.
Quick Facts
Section 232 of the Trade Expansion Act authorizes the U.S. President to place tariffs (among other actions) on goods from other countries if those imports are deemed to threaten national security. Using Section 232, the U.S. has placed unjustified tariffs on Canadian steel, aluminum and auto materials, threatening Ontario jobs and businesses.
Due to tariffs and trade uncertainty, companies may lose sales, scale back hiring and investing and see their margins shrink. These pressures can result in reduced production, worker hours or employment, where strained finances could increase liquidity challenges and threaten their business survival. The Protect Ontario Financing Program will help businesses in tariff-impacted sectors meet these challenges and keep workers on the job.
Ontario is the leading province for manufacturing key industrial materials and is the steel making hub of Canada, home to three large producers with a supply chain that supports 16,500 workers. The steel and aluminum industry is highly integrated and a safe and secure supplier to the broader North American manufacturing sector and the U.S. market.
Ontario’s auto sector is highly integrated with the U.S. and tariffs are hurting businesses and workers on both sides of the border.
Financial supports are also being offered to tariff-impacted businesses at the federal level, including through the Export Development Canada (EDC) Tariff Impact Program, the Business Development Bank of Canada – Pivot to Grow Program, and the Large Enterprise Tariff Loan Facility.
Author: Pete Fisher
Has been a photojournalist for over 30-years and have been honoured to win numerous awards for photography and writing over the years. Best selling author for the book Highway of Heroes - True Patriot Love
