Toronto, Canada’s business and financial hub, contributes 50 percent of Ontario’s GDP and serves as a national centre for innovation and entrepreneurship. With nearly 110,000 businesses and a workforce of 1.8 million people, small- and medium-sized enterprises form the backbone of the city’s economy. Recognizing their vital role, the Government of Canada is committed to creating the conditions these businesses need to thrive and drive sustainable economic growth.
The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for FedDev Ontario, announced a combined investment of $6.7 million for the City of Toronto and the not-for-profit organization Coralus. This funding aims to strengthen main street businesses, support local economic development, and foster resilient, sustainable growth across the region.
Up to $4 million will be allocated to the City of Toronto to deliver the Toronto Economic Resiliency Initiative (TERI). This program provides assistance for small businesses to enhance their premises, supports BIAs and not-for-profits impacted by major transit construction, aids restaurants expanding outdoor dining, and funds community development projects that remove barriers for equity-deserving businesses. These measures are designed to keep Toronto’s businesses vibrant, competitive, and central to the city’s long-term economic success.
An additional $2.7 million will be invested in Coralus, a Toronto-based organization supporting women and non-binary entrepreneurs. The funding will expand Coralus’ programming across southern Ontario, helping entrepreneurs build more economically resilient businesses and further establishing Toronto as a launchpad for innovation and entrepreneurial leadership.
Minister Solomon highlighted the importance of supporting Canadian businesses and entrepreneurs as a driver of good jobs and regional economic vitality, emphasizing that these investments will provide the tools needed for small businesses, especially women-led ventures, to scale and innovate. MP Chi Nguyen noted that the funding would help entrepreneurs and small businesses across Toronto and southern Ontario, strengthening local economic development and vibrant communities. Mayor Olivia Chow stressed that TERI will enable local businesses to improve their spaces, manage transit impacts, expand outdoor dining, and reduce barriers for equity-deserving entrepreneurs, helping main streets flourish. Coralus Founder Vicki Saunders praised the investment for enabling the organization to expand its impact and support inclusive business ecosystems.
Toronto’s TERI Program builds on a previous $18 million FedDev Ontario investment for the Main Street Recovery and Rebuild Initiative, which supported over 870 local businesses and restored commercial vibrancy with a focus on marginalized communities. Coralus, formerly SheEO Canada Fund, has funded over 268 ventures and provided $21 million in zero-interest loans, supporting more than 750 women entrepreneurs and creating over 520 jobs.
Since 2015, FedDev Ontario has invested over $790 million in more than 780 projects in the Toronto census division, helping maintain nearly 58,000 jobs and create over 36,000 new positions, reinforcing Toronto’s role as a driver of economic growth and innovation.
