Program details

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.