This program is designed for businesses like yours that are expanding in Northern Ontario. It offers significant financial support to help you grow. You can receive up to $1,000,000 in financing, which can be a mix of conditional contributions and term loans. This funding can be used for various purposes, including capital construction, new or used equipment, ICT investments, and marketing for new products.

Why should you apply?

• Substantial Funding: Up to $1,000,000 available.
• Flexible Use: Funds can be used for construction, equipment, technology, and more.
• Job Creation: Your project will contribute to job creation in Northern Ontario.

What’s in it for you?

• Competitive Advantage: Strengthen your business operations and market presence.
• Economic Benefits: Contribute to the economic development of Northern Ontario.
• Ease of Application: The process is straightforward, and you’ll hear back within 2 to 4 weeks.

Applying for this program can provide the financial boost your business needs to expand and thrive.

Type of Financing:

• Conditional Contribution: Up to 20% of total eligible costs, to a maximum of $400,000.
• Conditional Contribution + Term Loan: Up to 20% of total eligible costs, to a maximum of $400,000, plus a term loan of up to 30% of total eligible costs, to a maximum of $600,000.
• Term Loan Only: Up to 50% of total eligible costs, to a maximum of $1,000,000.

Repayment Terms and Interest Rates:

• Term Loan: Specific repayment terms and interest rates will be determined by the NOHFC Board of Directors upon approval.

Eligible Expenses:

• Capital construction
• Leasehold improvements
• New or used equipment, including capital leases
• Land servicing costs
• Information & communications technology (ICT) investments
• Marketing for new products and business initiatives (limited to a maximum of 20% of all other eligible project costs, or $75,000, whichever is less)
• Training costs incurred with third parties (limited to a maximum of 20% of all other eligible project costs)

Ineligible Expenses:

• Retail and consumer service businesses primarily earning revenue from individuals
• Ongoing operating costs, including maintenance
• In-kind contributions
• Restructuring or refinancing existing business operations
• Accommodation & food service businesses and related activities
• Businesses primarily involved in wholesale activities
• Business plans, strategic plans, feasibility studies, etc.
• Assets acquired through operating leases
• Research and development
• Land purchase/lease
• Rolling stock (e.g., cars, trucks, boats, and motors)
• Project management, consulting, and administration costs
• Mineral exploration, mine development, and milling operations
• Working capital
• Cost of inventory
• Cellular and internet service projects
• Capital projects or leasehold improvements to residential or personal properties
• Acquisitions and buy-outs of existing businesses
• Electricity generation projects

Fees:

• There are no specific fees mentioned for this program. However, applicants may need to secure additional funding/financing to implement the project.

This program offers your business a chance to receive up to $1,000,000 in funding. There are three ways you can get this money:

• Conditional Contribution: Up to 20% of your total eligible costs, with a maximum of $400,000.
• Conditional Contribution + Term Loan: Up to 20% of your total eligible costs (max $400,000) plus a term loan of up to 30% of your total eligible costs (max $600,000).
• Term Loan Only: Up to 50% of your total eligible costs, with a maximum of $1,000,000.

You can use the funds for a variety of purposes, including:

• Capital construction
• Leasehold improvements
• New or used equipment
• Land servicing costs
• Information & communications technology (ICT) investments
• Marketing for new products and business initiatives (up to 20% of other eligible project costs or $75,000, whichever is less)
• Training costs with third parties (up to 20% of other eligible project costs)

The program aims to help your business grow by providing financial support for projects that create jobs and bring economic benefits to Northern Ontario. You will need to secure additional funding to cover the rest of your project costs. If you sell any assets financed by this program after the project is completed, you may need to repay some of the funds.

This is a great opportunity to expand your business operations, invest in new technology, and improve your facilities with substantial financial backing.