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INVEST North Program — Investment — Grow Stream
ON, Canada
Financial help to grow a business in Northern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateFebruary 1, 2023
- grant_single|closingDateApril 30, 2023
- grant_single|grantStatusClosed
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Construction
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
- Other services (except public administration)
grant_single|grantors
- Government of Ontario
- Northern Ontario Heritage Fund Corporation (NOHFC)
grant_single|status
grant_card_status|closed
grant_single_labels|preview
If you are expanding your existing business operations in Northern Ontario, you can apply for funding in the form of a contribution up to $400,000 to cover 20% of the project costs, with an optional term loan of up to $600,000 to cover an additional 30% o
grant_single_labels|terms_and_conditions
The Invest North Program's Grow Stream provides various financing options to support business expansion in Northern Ontario. The modalities cater to different financial needs of eligible projects.
- 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 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 a term loan only of up to 50% of total eligible costs to a maximum of $1,000,000.
grant_single_labels|projects
The Invest North Program - Grow Stream aims to support businesses in Northern Ontario through specific investment activities. These eligible projects are designed to encourage business expansion and technological advancements in the region.
- Capital construction projects necessary for business growth.
- Leasehold improvements to enhance operational spaces.
- Acquisition of new or used equipment, including capital leases, to improve business operations.
- Land servicing costs to facilitate business expansion.
- Investments in information and communications technology (ICT) to upgrade business processes.
- Marketing for new products and business initiatives, with specified limits on costs.
- Training costs incurred with third-party providers to improve workforce skills.
grant_single|admissibleProjectsExample
$ 50,000
Developing a marketing campaign for a new product in Sault Ste Marie
$ 100,000
Purchase of new CNC machinery for wood manufacturing
$ 30,000
Training program for new software implementation
$ 60,000
Implementing a new ICT system for service provision
$ 40,000
Expansion of office space with leasehold improvements
$ 80,000
Land servicing for a new agricultural facility
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and proposed activities.
- Businesses must be expanding existing operations in Northern Ontario.
- The project must result in full-time equivalent job creation or retention in Northern Ontario.
- The applicant must secure the balance of funding/financing necessary to implement the project.
- The business activities must not unreasonably impact existing Northern Ontario businesses.
- The project must demonstrate net economic benefits for Northern Ontario.
grant_eligibility_criteria|who_can_apply
Businesses located in Northern Ontario seeking to expand their existing operations are eligible to apply for the Investment – Grow Stream under the NOHFC's Invest North program. The program is specifically designed for such businesses aiming to undertake projects like capital construction, equipment acquisition, marketing initiatives, and workforce training to foster growth and economic development in the region.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries from eligibility due to their status or main activity. These restrictions are in place to ensure support is directed toward sustainable and impactful business expansions in Northern Ontario.
- Retail and consumer service businesses providing products and services directly to individuals.
- Accommodation and food service businesses and related business activities.
- Businesses primarily involved in wholesale activities.
- Beverage alcohol manufacturing companies, including spirit distilleries, breweries, wineries, and cideries.
- Projects involving land development for re-sale or lease.
- Tourism businesses serving only the overnight travelling public, such as hotels and motels.
- Projects related to electricity generation.
grant_eligibility_criteria|eligible_expenses
This grant supports businesses in Northern Ontario to expand their operations through targeted investments. Eligible projects focus on infrastructure improvements, equipment acquisition, and strategic marketing initiatives.
- Capital construction projects to enhance operational capacities.
- Leasehold improvements to existing facilities.
- Purchase of new or used equipment, including capital leases.
- Servicing costs related to land development.
- Investments in information and communications technology (ICT).
- Marketing initiatives for new products and business expansions (capped at 20% of other eligible costs or $75,000, whichever is less).
- Third-party training programs (capped at 20% of other eligible project costs).
grant_eligibility_criteria|zone
This grant is available specifically for businesses expanding operations in Northern Ontario. The eligible regions are targeted to promote economic growth and development in these areas.
- Businesses operating in Northern Ontario.
grant_single_labels|criteria
The evaluation and selection of projects for this grant are based on specific criteria that assess the potential economic benefits and feasibility of the proposal.
- Job creation potential of the project.
- Level of investment from other sources secured by the applicant.
- Strength and viability of the applicant’s detailed business plan.
- Assessment that the project does not unreasonably impact existing Northern Ontario businesses.
- Net economic benefits provided to Northern Ontario.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility
- Review eligibility criteria to confirm your business project qualifies for the grant.
- Step 2: Develop a Detailed Business Plan
- Prepare a comprehensive business plan that outlines your expansion project, investment requirements, and expected outcomes.
- Ensure the plan addresses job creation, investment levels, and net economic benefits for Northern Ontario.
- Step 3: Compile Required Documentation
- Gather supporting documents including project budgets, financial statements, and any other relevant information required by the NOHFC.
- Step 4: Submit the Application
- Prepare to submit your application in accordance with the specified deadlines (April 30, July 31, October 31, or January 31).
- Visit the NOHFC's official website or portal to upload your completed application and business plan.
- Step 5: Confirmation of Submission
- After submission, receive a confirmation acknowledgment from NOHFC, including any reference or application number for tracking purposes.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The maximum combined federal and provincial funding for private sector projects, including NOHFC contributions, may not exceed 50% of eligible project costs.
- Applicants can appeal and reapply for funding in one future round of applications if their initial application is unsuccessful.
- Secured loans above $250,000 necessitate the retention of legal services by the applicant.
grant_single_labels|contact
807-475-1648
