Steel industry expert says $1B Ontario loan program is ‘welcome news’

CHCH News anchor Matt Ingram speaks with president and CEO of the Canadian Institute of Steel Construction Keanin Loomis on the Ford Government’s new $1 billion loan program.

The Protect Ontario Financing Program will be used to support businesses affected by President Donald Trump’s tariffs, by providing loans anywhere between $250,000 to $40 million.

Loomis said the announcement was “very welcome news” for businesses in the steel industry, but those businesses will likely still see huge revenue challenges.

Ingram asked if $1 billion will be enough, as the trade war with the United States continues without an end in sight.

Loomis speculated that despite the federal infusion, there will likely be more losses in layoffs in the steel industry in the near future.

READ MORE: Ontario opens $1B tariff support program for eligible businesses