August 13, 2025
RED FM News Desk
Toronto, ON – Ontario is launching $1 billion in loans to help auto, steel and aluminum companies reeling from U.S. President Donald Trump’s steep tariffs. The funding is part of the $5 billion “Protect Ontario Account,” first announced in the May budget, and will offer liquidity support to cover payroll, leases and utilities.
Finance Minister Peter Bethlenfalvy said the program aims to protect jobs and critical supply chains, complementing federal aid from Prime Minister Mark Carney’s government. Businesses will be able to check eligibility on a new provincial website, with applications processed by a third-party financial agent.
Premier Doug Ford said the initial $1 billion will focus on small businesses and the hardest-hit manufacturing sectors, promising more support if needed.
Trump recently raised tariffs on Canadian imports outside the Canada-U.S.-Mexico Agreement to 35 per cent, heavily impacting Ontario’s manufacturing sector. U.S. studies show these tariffs are raising consumer prices and threatening economic growth south of the border.
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