Ontario’s new Protect Ontario Financing Program — the first phase of the $5-billion Protecting Ontario Account announced in the 2025 provincial budget — may be open to some trucking companies whose operations are closely tied to the steel, aluminum, or automotive sectors impacted by U.S. section 232 tariffs.
The program will provide up to $1 billion in liquidity support in the form of loans to Ontario-based businesses facing tariff-related challenges.
“The tariffs levied by the U.S. government have left Ontario’s steel, aluminum, and auto sectors exposed to unprecedented challenges,” said Vic Fedeli, minister of economic development, job creation and trade, in a news release. “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.”
Carriers — whether either direct exporter or supporting the supply-chain — moving raw steel, aluminum, and autos or auto parts could qualify, provided they can demonstrate that tariff impacts have directly affected their business.
Applicants will need to show the funding is required for operational costs such as payroll, lease or loan payments, or utilities, and must undergo a financial and operational review to confirm eligibility. The province has launched a website with an eligibility tool, and a third-party financial agent will process applications that pass the preliminary screening.
Eligibility
To be eligible, organizations need to meet all of the following criteria:
- Operate in the province of Ontario, within (either direct exporter or supporting the supply-chain) the following sectors that are subject to s.232 tariffs: steel, aluminum, autos
- Have at least $2 million in annual revenue
- Employ at least 10 full-time employees in Ontario
- Have minimum 3 years of operations and financial statements
- Facing material working capital challenges due to the imposition of s.232 U.S. tariffs (for example, your organization will have difficulty meeting short term financial obligations such as payroll)
- Have explored and exhausted or faced significant barriers in accessing federally offered financial support options to access working capital
The program will not provide funding to non-profit organizations, associations, charities, or start-ups without a sales or operational track record. Ineligible uses also include non-working capital expenses such as property or equipment purchases, refinancing existing loans, acquisitions or buyouts, and relocating operations to another location, even within Ontario.
