Northern Business Opportunity Program - New Investment Projects
Table of Contents
The Northern Business Opportunity Program supports the vision of the Growth Plan for Northern Ontario by encouraging business productivity and expansion, and global investment in northern communities.
Who is Eligible?
Competitive businesses that currently do not have a presence in Ontario that will expand operations to Northern Ontario and create jobs.
What is Eligible?
Preference is given to those projects that demonstrate the following:
- creation of new jobs
- ability to become a new anchor for investments and/or support regional cluster development
- alignment with the priority sectors identified in the Growth Plan For Northern Ontario, 2011
What is Not Eligible?
Ineligible projects, costs and activities include but are not limited to:
- businesses with an existing presence in Ontario
- business plans
- strategic plans
- feasibility studies
- rolling stock (e.g. cars & trucks)
- maintenance costs
- administration costs
- mineral exploration, mine development costs and milling operations
- other ongoing operating costs
- acquisitions and buy-outs of existing businesses
- electricity generation projects
- The proposed project should not unreasonably impact existing Northern Ontario businesses.
- The proposed project should result in net economic benefits for Northern Ontario.
- The business will have to identify other funding sources necessary to implement the project.
- Consideration of funding will be based upon the creation of full-time equivalent jobs in Northern Ontario.
NOHFC will provide assistance in the form of a conditional grant or a combination of a conditional grant and term loan/incentive term loan on a case-by-case basis.
Not all projects meeting the program criteria outlined above will receive funding. Applications will be accepted under this program until March 31, 2017. This is subject to change without any prior notice.
How to Apply
Send completed application forms to:
Northern Ontario Heritage Fund Corporation
70 Foster Drive, Suite 200
Sault Ste. Marie, Ontario
For more information call our toll free line 1-800-461-8329.