INVEST North Program — Investment — Grow Stream

• Detailed business plan

Who is eligible?

• Businesses growing existing business operations in Northern Ontario.
• Professional service businesses, as defined by NOHFC, 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 within an adjacent urban centre, and the proposal demonstrates how the additional service offering will improve quality of life.
• Tourism businesses that are destinations for local, regional, and international visitors who stay for longer periods, such as remote outfitters or family vacation resorts.

Who is not eligible

• Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals.
• Businesses that are primarily involved in wholesale activities.
• Businesses that mainly provide overnight stays for travelers, such as hotels and motels.
• Beverage alcohol manufacturing companies, including spirit distilleries, breweries, wineries and cideries.

Eligible expenses

• Capital construction and leasehold improvements.
• New or used equipment, including capital leases.
• Land servicing costs and information & communications technology investments.
• Marketing for new products and business initiatives, limited to a maximum of 20% of all other eligible project costs or $75,000, whichever is less.
• Training costs incurred with third parties, limited to a maximum of 20% of all other eligible project costs.

Ineligible Costs and Activities

• Ongoing operating costs including maintenance, in-kind contributions, working capital, and cost of inventory.
• Restructuring or refinancing of existing business operations, and acquisitions and buy-outs of existing businesses.
• Land purchase or lease, assets acquired through operating leases, rolling stock, and capital projects or leasehold improvements to residential or personal properties.
• Business plans, strategic plans, feasibility studies, project management costs, consulting costs, administration costs, and research and development.
• Commercial and industrial land or building development for lease or sale, including building infrastructure to lease or sell and projects that only cover site servicing or site development costs, as well as mineral exploration, mine development and milling operations, cellular and internet service projects, and electricity generation projects.

Eligible geographic areas

• Northern Ontario

• Job creation potential in Northern Ontario.
• Level of investment secured from other sources by the applicant.
• Strength and quality of the detailed business plan.
• No unreasonable negative impact on existing Northern Ontario businesses.
• Net economic benefits generated for Northern Ontario.

• Check whether the location of your project falls within the eligible region of Northern Ontario.
• Submit your application in a competitive round by the detailed business plan deadline: April 30, July 31, October 31, or January 31.

• Applications are reviewed in competitive rounds.
• Applications are first checked against the program guidelines.
• Additional information may be requested during evaluation.
• The Board of Directors makes the final funding decision.
• Unsuccessful applicants may reapply in one future round.

• Only one application to the Grow program may be submitted at a time.
• An unsuccessful applicant may reapply in one future round to have the decision reconsidered.
• The applicant may be required to reimburse NOHFC if assets financed by NOHFC are sold after project completion.
• Where NOHFC funding is provided by way of a secured loan or a secured loan and conditional contribution, the applicant will need to hire a lawyer, who must provide a legal opinion to NOHFC and complete other legal work required for the transaction.