INVEST North Program — Investment — Grow Stream

• Conditional contribution of up to 20% of total eligible project costs, to a maximum of $400,000.
• Option for a conditional contribution (up to 20% of eligible costs, max $400,000) plus a term loan (up to 30% of eligible costs, max $600,000).
• Term loan only option of up to 50% of total eligible project costs, to a maximum of $1,000,000.
• Total government funding from federal and provincial sources (including NOHFC) may not exceed 50% of eligible project costs for private sector projects.

• The applicant must be a business expanding existing operations in Northern Ontario.
• The project must result in the creation or retention of full-time equivalent jobs in Northern Ontario.
• The applicant must provide a detailed business plan for evaluation.
• The applicant is expected to secure the balance of funding or financing necessary to implement the project.

Who is eligible?

• Businesses expanding existing operations in Northern Ontario
• Professional service businesses expanding to a small community with no existing full-time service provider or creating a new service, process, or product not currently available in the community or Northern Ontario
• Tourism businesses that operate as a tourist destination for local, regional, and international visitors for extended stays (e.g., remote outfitters, family vacation resorts)

Who is not eligible

• Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals.
• Accommodation and food service businesses and related business activities (e.g., hotels and motels serving only overnight travellers).
• Businesses primarily involved in wholesale activities.
• Beverage alcohol manufacturing companies, including spirit distilleries, breweries, wineries, and cideries.
• Businesses developing land or capital infrastructure for resale or lease, including commercial or industrial land development.

Eligible expenses

• Capital construction costs.
• Leasehold improvements.
• Purchase of new or used equipment, including capital leases.
• Land servicing costs (excluding land purchase/lease or commercial/industrial land development).
• Investments in information & communications technology (ICT).
• Marketing expenses for new products and business initiatives (up to a maximum of 20% of other eligible project costs, or $75,000, whichever is less).
• Training costs incurred with third parties (up to a maximum of 20% of other eligible project costs).

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.

• Applicants may be required to reimburse NOHFC if financed assets are sold after project completion.
• If a secured loan over $250,000 is involved, clients are required to retain the services of a lawyer.
• Applicants can resubmit their application once for reconsideration in a future round if initially unsuccessful.
• The combined federal and provincial government funding for private sector projects may not exceed 50% of eligible project costs.