INVEST North Program — Investment - Grow Stream
At a glance
- Max. $1,000,000
- 50% of project cost
- Open Date : April 28, 2024
- All industries
- Northern Ontario Heritage Fund Corporation
Overview
Eligibility criteria
Businesses expanding existing operations in Northern Ontario are eligible for the investment - Grow Stream under the NOHFC’s Invest North program. Applications are evaluated in competitive rounds based on factors like job creation, level of investment, detailed business plan strength, impact on existing businesses, and economic benefits for Northern Ontario.
- Businesses expanding existing operations in Northern Ontario
- Competitive evaluation based on job creation, investment level, business plan strength, impact on existing businesses, and economic benefits for Northern Ontario
Who is eligible
Businesses expanding existing operations in Northern Ontario are eligible to apply for the NOHFC's Invest North - Grow stream grant.
Who is not eligible
Based on the grant information provided, some types of companies that are not eligible for the grant include retail and consumer service businesses, ongoing operating costs including maintenance, and businesses primarily involved in wholesale activities.
- Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals
- Ongoing operating costs including maintenance
- Businesses that are primarily involved in wholesale activities
Eligible expenses
Eligible expenses for the NOHFC's Invest North - Grow Stream grant include capital construction, leasehold improvements, equipment purchases, land servicing costs, ICT investments, marketing for new products, and training costs with third parties.
- Capital construction
- Leasehold improvements
- New or used equipment including capital leases
- Land servicing costs
- Information & communications technology (ICT) investments
- Marketing for new products and business initiatives
- Training costs incurred with third parties
Eligible projects & activities
Eligible projects and activities for the Invest North - Grow stream grant include capital construction, leasehold improvements, new or used equipment, land servicing costs, ICT investments, marketing for new products, and training costs with third parties.
- Capital construction
- Leasehold improvements
- New or used equipment
- Land servicing costs
- ICT investments
- Marketing for new products
- Training costs with third parties
Evaluation & selection criteria
Evaluation and selection criteria for the Investment – Grow Stream grant are as follows:
- Job creation
- Level of investment from other sources to be secured by the applicant
- Strength of the applicant’s detailed business plan
- Does not unreasonably impact existing Northern Ontario businesses
- Net economic benefits for Northern Ontario
How to apply
- Step 1: Determine Eligibility
- Review the eligibility criteria for businesses expanding existing operations in Northern Ontario.
- Ensure that your project aligns with the eligible activities and costs described in the program guidelines.
- Step 2: Prepare Detailed Business Plan
- Develop a comprehensive business plan highlighting your project scope, job creation potential, investment sources, and economic benefits for Northern Ontario.
- Submit the detailed business plan by the specified deadline for the relevant application round.
- Step 3: Evaluation Process
- Your application will be evaluated based on criteria such as job creation, investment level, business plan strength, and economic impact.
- Applications that meet the evaluation criteria may proceed to funding consideration by the NOHFC Board of Directors.
- Step 4: Secure Additional Funding
- If your project is selected for potential funding, secure the remaining financing necessary to implement the project.
- Step 5: Funding Decision
- Wait for the funding decision from the NOHFC Board of Directors, as not all projects meeting the criteria will necessarily receive funding.
- Be prepared to adhere to any specific requirements or conditions set by the funding offer.
Investment – Grow Stream Grant Summary
Investment – Grow Stream Grant Overview
The Investment – Grow Stream grant, offered by the Northern Ontario Heritage Fund Corporation (NOHFC), aims to support businesses expanding existing operations in Northern Ontario. Eligible projects include capital construction, equipment purchases, ICT investments, marketing, and training costs, among others. The grant evaluation considers job creation, investment levels, business plan strength, and economic benefits for Northern Ontario.
Applicants can secure funding through conditional contributions or term loans based on project costs, with a maximum funding limit set by the NOHFC Board of Directors. Ineligible activities include retail businesses, ongoing operating costs, research and development, and acquisitions of existing businesses.
Investment – Grow Stream Grant Details
The Investment – Grow Stream grant targets businesses looking to expand operations in Northern Ontario. Eligible projects cover various expenses such as capital construction, equipment purchases, ICT investments, marketing initiatives, and training costs. The NOHFC evaluates applications based on job creation, investment levels, business plan quality, and economic benefits to the region.
Applicants can receive funding in the form of conditional contributions or term loans, with maximum limits determined by the NOHFC Board of Directors. Ineligible projects include retail and consumer services, ongoing operational costs, research and development activities, and acquisitions of existing businesses. The grant aims to promote economic growth and job creation in Northern Ontario while supporting sustainable business expansion.
Businesses seeking to benefit from the Investment – Grow Stream grant should carefully review the eligibility criteria and program guidelines to maximize their chances of successful funding acquisition. By adhering to the grant requirements and submitting detailed business plans, applicants can enhance their prospects of receiving financial support for their growth initiatives in Northern Ontario.