INVEST North Program — Investment — Launch Stream
Highlights
This program is designed for businesses like yours starting up in Northern Ontario. It offers a conditional contribution of up to 50% of total eligible project costs, with a maximum of $200,000. This funding can help you cover essential expenses such as capital construction, new or used equipment, ICT investments, and marketing for new products.
Why should you apply? This program provides significant financial support, reducing the burden on your resources. Unlike traditional loans, this funding does not need to be repaid if you meet the program requirements. Additionally, the evaluation criteria focus on job creation and economic benefits, which align with your business goals.
What’s in it for you? By securing this funding, you can accelerate your business growth, improve your infrastructure, and enhance your market presence. The application process is straightforward, and if approved, you will receive the support needed to make a substantial impact in Northern Ontario.
Financing Details
Type of Financing: Conditional Contribution
Repayment Terms and Interest Rates:
- No repayment required unless specific conditions are not met.
- If the assets financed are sold within three years, reimbursement to NOHFC may be required.
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 (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)
Ineligible Expenses:
- Retail and consumer service businesses primarily serving individuals
- Ongoing operating costs, including maintenance
- In-kind contributions
- Restructuring or refinancing existing business operations
- Accommodation and food service businesses
- Wholesale activities
- Business plans, strategic plans, feasibility studies
- Assets acquired through operating leases
- Research and development
- Land purchase or 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 and inventory costs
- 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:
- No application or processing fees associated with the program.
Qualifications
- Must be starting-up operations in Northern Ontario.
- Must be a new business operating for 6 months or less before submitting the initial application.
- Business owners must work at the business on a full-time basis.
- Must secure the balance of funding/financing necessary to implement the project.
- Launch applicants are required to contribute at least 15% of total eligible project costs from their own resources.
- Professional service businesses are eligible if starting operations in a small community with no existing full-time service provider or no reasonable access to those services within an adjacent urban center.
Tourism businesses that operate as a tourist destination for extended stays (e.g., remote outfitter, family vacation resort) are potentially eligible.
Disqualifications:
- Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals.
- Accommodation & food service businesses and related business activities.
- Businesses primarily involved in wholesale activities.
- Beverage alcohol manufacturing companies, including spirit distilleries, breweries, wineries, and cideries.
- Projects that develop land for resale or lease, including commercial or industrial land development.
- Businesses that only serve the overnight traveling public (e.g., hotels and motels).
- Ongoing operating costs including maintenance.
- In-kind contributions.
- Restructuring or refinancing of existing business operations.
- 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 costs, consulting costs, 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.
Description
This program offers your business a conditional contribution of up to 50% of total eligible project costs, with a maximum of $200,000. This funding can help you cover a wide range of expenses, such as:
- 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)
This financial support is designed to help you launch or expand your business in Northern Ontario. The funding is conditional, meaning you may need to repay it if you sell the assets financed by the program within three years of project completion.
Why is this valuable for your business? It provides significant financial assistance, reducing your initial investment burden and allowing you to focus on growing your business. The program also encourages job creation and economic development in Northern Ontario, benefiting both your business and the community.
Program Steps
Create Your Account:
- Go to the application portal.
- Fill in your personal and business details.
- Create a username and password.
Log In:
- Use your newly created credentials to log into your account.
Prepare Documentation:
- Detailed business plan.
- Financial statements.
- Quotes for capital construction or equipment.
- Lease agreements (if applicable).
- Marketing plan for new products or initiatives.
- Training cost estimates from third parties.
Complete Application Sections:
- Follow the onscreen instructions to fill out each section of the application form.
- Ensure all required fields are completed accurately.
Secure Additional Funding:
- Ensure you have secured the balance of funding/financing necessary to implement the project.
- Prepare documentation showing your contribution of at least 15% of total eligible project costs.
Review and Submit:
- Double-check all information and attached documents.
- Click "Submit application."
Await Response:
- Wait for feedback from the NOHFC, which typically takes 2 to 4 weeks.
Follow Up:
- Be prepared to provide any additional information or documentation if requested by the NOHFC.
