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Ontario to backstop struggling aluminum product exporters
August 27, 2025
By Government of Ontario
Ontario has 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.
Businesses involved in the export of aluminum products to the U.S. that are subject to the Section 232 tariffs are eligible for the funding, according to the program website. In addition, they must be in danger of not meeting their short-term financial commitments and have exhausted all federal sources of support.
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 is intended to help businesses avoid closures and layoffs as well as protect critical supply chains in the face of U.S. tariffs and economic uncertainty.
The province has launched a website where businesses can apply for the funding. 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.