Ontario increased its long-term borrowing enough to help pre-fund a $5 billion economic defence account created during the US tariff fight.
More than a year after its first financing program opened, however, only about $140 million has been approved or committed through that program, while the province is no longer actively advancing the account’s planned $4 billion investment arm.
The province’s 2026 budget said Ontario completed $58.6 billion of long-term borrowing in 2025–26, $15.8 billion more than anticipated in the previous budget. The additional borrowing allowed Ontario to pre-fund both its 2026–27 requirements and the $5 billion Protect Ontario Account, according to the government.
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The account was created in the 2025 budget as a financial backstop for businesses facing disruption from US tariffs. Its first component, the $1 billion Protect Ontario Financing Program, launched on August 13, 2025, offering loans to companies facing tariff-related working-capital pressures.
Global News reported Wednesday that Deputy Finance Minister Gadi Mayman disclosed at a Queen’s Park committee meeting that the program had received 36 applications worth just under $100 million. Eighteen applications representing roughly $40 million had been approved.
That is separate from Ontario’s $100 million loan to Algoma Steel, announced in September 2025 as part of a $500 million federal-provincial financing package. Taken together, the disclosed approvals and Algoma commitment equal roughly $140 million, or 14% of the program’s $1 billion capacity and 2.8% of the broader $5 billion account.
The disclosure comes as Ontario is expanding access to the financing program. On Tuesday, the province widened eligibility after new US trade measures affecting Canadian alcohol, dairy products, and motorcycles, adding those businesses to sectors already eligible for assistance.
