No, commercial and industrial land or building development is not eligible under the Invest North program. This includes things like:
- Building infrastructure to lease or sell
- Developing commercial or industrial land
- Projects that only cover site servicing or site development costs
Yes, professional service businesses, as defined by NOHFC, are eligible for funding under this program, where the new business is starting operations in a small community with no existing full-time service provider or no reasonable access to those services is available within an adjacent urban centre. Your proposal must demonstrate how the additional service offering will improve quality of life.
Many tourism businesses that offer accommodation may qualify for the program. This includes businesses that serve as destinations for visitors who stay for longer periods (like remote outfitters or family vacation resorts). However, businesses that mainly provide overnight stays for travelers (such as hotels and motels) do not qualify.
If you want to sell or move assets funded by NOHFC outside of Northern Ontario, you’ll need to get NOHFC consent first. This rule applies for up to three years, and the details will be in your funding agreement.
Yes. NOHFC will consider an application to transition a hobby-business to a full-time sustainable and commercially viable business, if the owner plans to work at the business full-time.
NOHFC will consider businesses as new businesses if they have been operating for 6 months or less before they submit their initial application to NOHFC for funding.
No, beverage alcohol manufacturing companies are not considered eligible under NOHFC’s INVEST North – Launch, Grow or Locate programs. However, Ontario’s Ministry of Agriculture, Food and Rural Affairs has a number of resources available on their website in support of beverage manufacturing in Ontario.
Combined federal and provincial government funding may not exceed 50% of eligible project costs.
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.