Enhanced FAQs

Approved Projects

How will I be notified if I was approved for NOHFC funding?

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You will receive a letter from the Minister of Northern Development and Mines advising whether or not you have been approved.

Who do I call with questions about my file?

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For conditional contributions: If approved, you will receive a letter that will note the Project Officer assigned to your project.

For loans or loan and conditional contribution combinations where security is required by NOHFC: If approved, you will receive a letter of offer and term sheet in approximately 2 weeks from the date of the Minister’s approval letter and you may contact the individual identified in the letter of offer.

For loans or loan and conditional contribution combinations where security is not required by NOHFC: If approved, you will receive a letter that will note the Project Officer assigned to your project.

What are the next steps, if approved?

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For conditional contributions: NOHFC will prepare a funding contract and will send it to you in approximately 6-8 weeks from the date of the Minister’s approval letter. If you request changes to your project after your project has been approved, the timeline for providing a funding contract to you may be extended in order to evaluate your request.

For loans or loan and conditional contribution combinations where security is required by NOHFC: After you have accepted the letter of offer by signing and returning a copy of the signed offer and term sheet to NOHFC, the loan documents will be provided to the lawyer you identified on the signed letter of offer. This will occur in approximately 6-8 weeks from the date that NOHFC receives the signed letter of offer back from you.

For loans or loan and conditional contribution combinations where security is not required by NOHFC: NOHFC will contact you to confirm whether you wish to retain a lawyer to act for you on the transaction. NOHFC will prepare a funding contract and will send it to you or the lawyer you designate in approximately 6-8 weeks from the date of the Minister’s approval letter.

How long do I have to sign the funding contract?

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For conditional contributions: The funding contract should be signed and returned to NOHFC within 30 to 60 days of receiving it, depending on the NOHFC program. Additional information about your project will be provided in the letter accompanying your funding contract.

For loans or loan and conditional contribution combinations where security is required by NOHFC: You have 30 calendar days from the date of the letter of offer to (1) accept the offer by signing and returning to NOHFC a copy of the signed offer and term sheet or (2) request a reasonable extension. If you require an extension, please contact the Financial Services Manager identified in the letter of offer within the 30-day deadline. If a funding contract has not been signed by both parties within 180 days of your acceptance of the letter of offer, NOHFC may terminate the offer of financial assistance.

Do I need to hire a lawyer?

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In most cases, the decision to hire a lawyer rests with you. However, where 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. Your lawyer will need to provide a legal opinion to NOHFC and conduct certain other legal work required to complete the transaction.

Payment Claims

When can I access the approved funding?

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For conditional contributions: A request for funds can be submitted once the funding contract has been signed by both parties, and all conditions to funding specified in the funding contract have been satisfied.

For all loans or loan and conditional contribution combinations (secured and unsecured): A request for funds can be submitted at any time up to the commitment termination date specified in your funding contract. Funding can only be received once the funding contract has been signed by both parties, and all conditions to funding specified in the funding contract have been satisfied.

What is the process to request the approved funding?

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NOHFC programs are funded on a cost reimbursement basis. Together with your request for funds, you will need to provide evidence that all costs have been incurred and paid. The Project Officer assigned to your project will be able to provide guidance and information regarding the reimbursement process.

How will I receive payment of the approved funding?

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NOHFC requires an original signed Electronic Funds Transfer (EFT) Authorization Form to be completed so funds can be deposited directly into the bank account that you designate.

Monitoring

What if I have changes to my project?

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For conditional contributions: Please notify the Project Officer assigned to your project with details of any proposed change to your project. You will be asked to provide details of the project change to NOHFC in the change request form attached to the funding agreement. The Project Officer assigned to your project will notify you of any additional requirements. Project changes must be approved by NOHFC, in its discretion, and will be considered on a case by case basis.

For all loans and loan and conditional contribution combinations (secured or unsecured): Project changes must be approved by NOHFC, in its discretion, and will be reviewed by us on a case by case basis. Please notify the Project Officer assigned to your project with details of any proposed change to your project, and NOHFC will let you know if an amendment to the funding contract is required.

Will I be required to submit any reporting about my project?

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Yes. All reporting requirements will be noted in the funding contract. Any questions about the reports should be directed to the Project Officer assigned to your project.

Loan Repayments

How do I make my loan repayments to NOHFC?

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The timing and amount of your required loan repayments will be set out in your funding contract. You will be asked to complete and return an original signed Pre-Authorized Payment Form (PAP) to NOHFC. NOHFC will withdraw scheduled payments from the bank account identified on the PAP form provided by you.

How do I get an amortization schedule for my loan?

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Contact the Project Officer assigned to your project.

May I repay my loan early?

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Unless otherwise provided in your funding contract, you may make voluntary prepayments at any time without penalty. For further details, please refer to the specific repayment provisions set out in your funding contract. Should you have any questions please contact the Project Officer assigned to your project.

Still have questions?

Please call NOHFC at 1-800-461-8329 and have your project number ready.