Rate Drop Rebate for small and medium-sized businesses
Learn how the Rate Drop Rebate Pilot supported businesses in providing jobs to people facing barriers to employment. It is now complete.
On this page Skip this page navigation
The Rate Drop Rebate was a partnership between the government of Ontario, Social Capital Partners and leading banks and credit unions to help Ontario businesses grow by hiring people facing barriers to employment, such as:
- people with disabilities
- newcomers to Canada
- unemployed Indigenous persons
Small- and medium-sized businesses who participated would receive a 1% reduced interest rate on a loan, or six months interest-free line of credit in the form of a rebate, for each person they hire. Businesses needed to hire people facing barriers to employment for a minimum of six months. Business were able to assess their hiring needs and screen candidates by working with recruiters from employment service partners across the province.
Social Capital Partners (SCP), a Toronto-based non-profit organization, administered and delivered the program through financial institutions partners at specific locations in London, Ottawa and Hamilton.
SCP is a non-profit organization dedicated to creating and implementing market-based social finance approaches to help traditionally disadvantaged populations gain access to employment.