Ontario to help create $165M company startup fund

Ontario is helping to create a $165 million fund to help the province's startup companies, Premier Dalton McGuinty announced Wednesday.

The province is going to kick in $90 million while the remaining $75 million will come from private investors.

RBC Capital Partners, Business Development Bank of Canada and Manulife Financial are among the companies that will chip in cash.

McGuinty said the Ontario Venture Capital Fund will help encourage new companies to put down roots in Ontario and create well-paying jobs.

The province says Ontario often attracts a large number of startup companies but they have difficulty surviving because they can't attract investors.

McGuinty said this is just the beginning and Ontario will look for more private investment to grow the fund down the road.