Ontario Music Investment Fund (OMIF) – Music Creation

By mmuise
Description:

The OMIF Music Creation stream provides funding to support the development of competitive, sustainable music companies in Ontario that take risks discovering and developing talent – particularly emerging artists – and bringing it to market.


Comments on Funding:

Funding is in the form of a direct grant:
- Up to 50% towards the cost of eligible activities
- The maximum funding is 40% of the company’s two-year* average of total revenue to a maximum cap of $200,000. The minimum funding request is $10,000.
* Due to the potential negative impact that COVID-19 may have had on a company’s 2021 revenue levels, Ontario Creates will consider calculating a company's maximum OMIF request based on 40% of their three-year average revenue figure rather than a two-year average. Applicants wishing to request this exception must contact the OMO at least three weeks ahead of the deadline to discuss.

Deadline: Applications are closed. Stay tuned for future intake announcements.
Eligibility:

Applicants must:

  • be domestic Record Labels;
  • be multinational Record Labels;
  • be domestic Music Publishers;
  • demonstrate the following:
    a) be incorporated in Ontario or federally (or prepared to incorporate immediately if the application is successful);
    b) have a permanent establishment in Ontario which serves as head office and base of operations (i.e., applicant is eligible to pay corporate income taxes in Ontario; and Ontario address is listed as head office in T2 filing); c) be Canadian-owned and controlled, as defined in the Investment Canada Act (Canada) excepting Multinational Record Labels; d) have key management personnel who are Canadian citizens or permanent residents of Canada living in Ontario; e) be financially solvent and an ongoing entity;
    f) have minimum annual revenues of $25,000 from core business activities as a record label or music publisher; g) be able to demonstrate that they have had a permanent establishment in Ontario for at least one year prior to the deadline; and h) be in good standing with Ontario Creates at time of application.
    Eligibility as a domestic record label may extend to high potential self-releasing BIPOC (Black, Indigenous, People of Colour) and Francophone artist-entrepreneurs.
Application Steps:

Applicants must:

1. contact the OMO at least two weeks ahead of the application deadline to discuss eligibility. Email inquiries to OMO@ontariocreates.ca (first time applicants);

2. submit their applications electronically through the Ontario Creates Online Application Portal (OAP) at https://apply.ontariocreates.ca;

3. create a user account on the OAP(go to https://apply.OntarioCreates.ca/ and click on “Register”);

4. contact the OAP Helpdesk at applyhelp@ontariocreates.ca, for technical assistance;

5. be strongly encouraged to begin the application process early to allow ample time to compile and complete the necessary information. The application may be worked on incrementally, saving information as it is entered. Once saved, it's possible to go back and edit/add information up until the application is completed and ready to be submitted.

Documentation Needed:

Applicants must submit the following: 1. Activity Budget (template provided); 2. Activity Details and Plans for each proposed activity (questions provided in OAP application); 3. Company Budget:
a) for comparative purposes, the company budget must include both actual revenues and expenses for the previous fiscal period as well as a forecast of revenues and expenses that correspond to the current fiscal year, and/or to the end of the applicant’s proposed spending window. 4. Business Plan (see requirements); 5. Articles of Incorporation; 6. Financial Statements for the two most recently completed fiscal years. 7. Artists’ contracts/certificate and undertaking (if applicable);
8. Back up confirmation to support confirmed or pending financing; 9. Documentation indicating that eligibility requirements have been met (e.g., proof of release dates, proof of sales, management or recording/licensing agreements); 10. Signed Related Party Transaction form; and 11. Signed Applicant Affidavit.

Other Things to Note:

The previous deadline was on September 14, 2023 at 5:00 PM ET.

About the author
mmuise