INVEST North Program: Investment – Grow Stream
$1,000,000.00
Grant, Loan
Description:
The Investment – Grow Stream provides financial support to businesses expanding existing operations in Northern Ontario.
Comments on Funding:
Funding can be provided through three options:
1. Funding in the form of a conditional contribution only of up to 20% of total eligible costs to a maximum of $400,000.
2. Funding in the form of 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.
3. Funding in the form of term loan only of up to 50% of total eligible costs to a maximum of $1,000,000.
The combined federal and provincial government funding (including any contribution from NOHFC) may not exceed 50% of eligible project costs for private sector projects. (Note: for the purposes of this rule, agencies that are arms-length from government, with an independent Board of Directors, are not considered “government funding”).
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.
Rolling deadline
Eligibility:
Applicants:
1. must be businesses expanding existing operations in Northern Ontario;
2. are 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.
Application Steps:
The applicant must:
1. create an online account using the form on the Northern Ontario Heritage Fund Corporation (NOHFC) website,
a3. click “Submit application”.
NOHFC will contact the applicant in 2 to 4 weeks!
Documentation Needed:
Applicants must submit a detailed business plan.
Other Things to Note:
Applications under the NOHFC’s Invest North – Grow stream will be evaluated in competitive rounds.
Round 1: Detailed business plan submission deadline April 30.
Round 2: Detailed business plan submission deadline July 31.
Round 3: Detailed business plan submission deadline October 31.
Round 4: Detailed business plan submission deadline January 31.
About the author
Maurice
