INVEST North Program — Investment — Launch Stream

Who is eligible?

• Businesses starting up operations in Northern Ontario.
• Professional service businesses, as defined by NOHFC, when the new business starts operations in a small community with no existing full-time service provider or no reasonable access to those services in an adjacent urban centre.
• Tourism businesses that provide accommodation services and operate as destinations for visitors who stay for extended periods.

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.
• Businesses that are primarily involved in wholesale activities.
• Beverage alcohol manufacturing companies, including spirit distilleries, breweries, wineries and cideries.
• Businesses that only serve the overnight travelling public, such as hotels and motels.

Eligible expenses

• Building construction and upgrading leased spaces.
• Buying new or used equipment, including capital leases.
• Land development costs.
• Investments in IT and communications.
• Marketing new products or businesses, up to 20% of project costs or $75,000, whichever is less, and third-party training costs, up to 20% of project costs.

Ineligible Costs and Activities

• Ongoing operating costs, including maintenance, and in-kind contributions.
• Business restructuring or refinancing, business plans, strategic plans and feasibility studies.
• Assets acquired through operating leases, research and development, land purchase or lease, and rolling stock such as cars, trucks, boats and motors.
• Project management, consulting and administration costs.
• Mineral exploration, mine development and milling operations; working capital; inventory; cellular and internet service projects; residential or personal property projects; acquisitions and buy-outs of existing businesses; and electricity generation projects.

• Job creation.
• Level of investment from other sources to be secured by the applicant.
• Strength of the applicant’s detailed business plan.
• The project does not unreasonably impact existing Northern Ontario businesses.
• Net economic benefits for Northern Ontario, and other business activities that the NOHFC Board of Directors considers to provide an economic development advantage may also be considered.

• Check whether you fall within the eligible region of Northern Ontario before you begin.
• Submit your application.

• NOHFC will review your application and make sure your project meets the program guidelines.
• NOHFC may request additional information on your project and review it in greater detail.
• NOHFC will share its review with the Board of Directors, who will make the final decision on your application.

• Use the regional eligibility checker by entering the first three digits of the postal code of the project location to see if it is within NOHFC’s boundaries.
• If NOHFC funding is provided by way of a secured loan or a secured loan and conditional contribution, you will need to hire a lawyer to represent you on the transaction.
• If you want to sell or move assets financed by NOHFC outside Northern Ontario, you need NOHFC consent first, and this requirement can last for up to three years.