FAQs - Home | NOHFC

Q: How will I receive payment of the approved funding?

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.

Q: How do I go about requesting funds?

NOHFC programs reimburse costs after you've paid them. When requesting funds, you must show proof that all expenses have been paid. Your assigned Project Officer will help guide you through the reimbursement process.

Q: If I'm approved, when can I access my funding?

For conditional contributions and loans, you can request funds after both parties have signed the funding contract and all conditions in the contract are met. For loans, you can submit a request anytime before the deadline stated in your contract, but the same conditions apply.

Q: Will I need to hire a lawyer?

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.

Q: How long do I have to sign my legal agreement?

For conditional contributions, you must sign and return the funding contract to NOHFC within 30 to 60 days, depending on the program. Details about your project will be in the letter with the contract. For loans requiring security, you have 30 days to accept the offer or request an extension. If the funding contract isn’t signed within 180 days of accepting the offer, NOHFC may cancel the financial assistance.

Q: What happens after I'm approved?

For conditional contributions, NOHFC will send a funding contract in about 6-8 weeks after the Minister’s approval. If you request project changes, this timeline may be extended. For loans requiring security, the loan documents will be sent to your lawyer 6-8 weeks after you sign and return the offer. For loans without required security, NOHFC will confirm if you want a lawyer and send the funding contract in about 6-8 weeks.

Q: Who do I get more information on my application or file?

If approved for conditional contributions or loans without required security, you'll receive a letter with your assigned Project Officer. For loans requiring security, you'll get a letter of offer and term sheet following approval, with contact details for further steps.

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

You will receive a letter from the Ministry advising whether or not you have been approved.

Q: How does NOHFC define a "professional service business"?

NOHFC defines professional services as a service requiring specialized knowledge and skill requiring a license, certification, or registration. Professional services may include, but are not limited to: accounting, architecture, engineering, lawyering, veterinarian services, human resources, financial and investment professional services, and health services performed by physicians, dentists, and optometrists.

Q: Does NOHFC fund Cannabis businesses?

No, cannabis manufacturing and retail companies don't qualify for NOHFC programs. However, the Government of Canada offers resources on their website for cannabis cultivation, processing, and medical sales licenses. The Alcohol and Gaming Commission of Ontario also provides support.