INVEST North Program: Investment – Grow Stream
Businesses growing their existing business operations in Northern Ontario are eligible to apply.
Offered by Northern Ontario Heritage Fund Corporation (NOHFC)
Amount
Conditional contribution only of up to 20% of total eligible costs to a maximum of $400,000; or a conditional contribution of up to 20% of total eligible costs to a maximum of $400,000 plus a term loan of up to 30% of total eligible costs to a maximum of $600,000; or a term loan only of up to 50% of total eligible costs to a maximum of $1,000,000 (combined federal and provincial funding may not exceed 50% of eligible project costs)
Quick eligibility check
Who can apply
Businesses growing their existing business operations in Northern Ontario are eligible to apply.
Before you begin, check if you fall within the eligible region of Northern Ontario.
If accomodations are not eligible, are tourism businesses potentially eligible?
Many tourism businesses offering accommodation may qualify for the program. This includes businesses that are destinations for local, regional, and international visitors who stay for longer periods (like remote outfitters or family vacation resorts). However, businesses that mainly provide overnight stays for travelers (like hotels and motels) are not eligible.
Can I submit more than one application to the Grow program at a time?
No.
Are professional service businesses eligible for funding under this program?
Yes, professional service businesses, as defined by NOHFC, are eligible for funding under this program, where the new business is starting operations in a small community with no existing full-time service provider or no reasonable access to those services is available within an adjacent urban centre. Your proposal must demonstrate how the additional service offering will improve quality of life.
Do I have to work at my business on a full-time basis to receive NOHFC assistance?
Business owners must work at their business on a full-time basis.
Other business activities that, in the opinion of the NOHFC Board of Directors, will result in an economic development advantage for Northern Ontario may be considered.
The NOHFC Board of Directors may consider exceptions to these eligibility criteria for projects that address a priority economic need in Northern Ontario.
The applicant is expected to secure balance of funding/financing necessary to implement the project. For growing a business, it is expected that the project will result in full-time equivalent jobs creation or retention in Northern Ontario.
The applicant may be required to reimburse NOHFC if assets financed by NOHFC are sold after project completion.
About the funding
- Funding can be provided through three options:
- Funding in the form of a conditional contribution only of up to 20% of total eligible
costs to a maximum of $400,000.
- Funding in the form of a conditional contribution of up to 20% of total eligible costs
Show all funding details
to a maximum of $400,000, plus a term loan of up to 30% of total eligible costs to a maximum of $600,000.
- Funding in the form of term loan only of up to 50% of total eligible costs to a
maximum of $1,000,000.
Funding for each project is determined by the NOHFC Board of Directors, and limited funding is available. Not all projects meeting the criteria will necessarily receive funding.
Combined Federal and Provincial government funding may not exceed 50%
of eligible project costs.
Eligible projects, activities and associated costs include, but are not limited to:
- Building construction
- Upgrading leased spaces
- Buying new or used equipment
- Land development costs
- Investments in IT and communications
- Marketing new products or businesses (up to 20% of eligible costs or $75,000)
- Third-party training costs (up to 20% of project costs)
Similar programs
| Program | Type | Amount | Status |
|---|---|---|---|
| INVEST North Program: Investment – Locate Stream | Grant, Loan | Up to $5 million | Open |
| INVEST North Program: Investment – Launch Stream | Grant | Up to $200,000 | Open |
| Regional Development Program: Advanced Manufacturing and Innovation Competitiveness Stream | Grant, Loan | Up to 15% of eligible project costs | Open |
| AgriScience Program – Projects | Grant, In-Kind Support | Up to $5 million per project and $10 million per applicant over the program's duration (2023 to 2028) | Open |
