The Northern Ontario Development Program (NODP) is the flagship program of the regional economic development agency for Northern Ontario (FedNor). NODP features several programs and initiatives to stimulate economic investment and innovation in Northern Ontario communities.
NODP Program Funding Grants for Small Business Development
The Northern Ontario Development Program features 3 key initiatives that provide financial funding incentives to organizations located in Northern Ontario, these initiatives include:
1. FedNor Community Economic Development (CED)
Funding to support Northern Ontario municipalities and aboriginal communities looking to build up their infrastructure and attract investment opportunities to improve the local economy and strengthen the local labour force.
- Funding: FedNor can support up to 33% of the eligible capital costs and up to 50% of the eligible non-capital costs through repayable and non-repayable funding contributions for projects lasting up to 5 years. Eligible funding allocations and types will be determined through discussions with your regional FedNor Development office.
- Eligible Activities: Those considered eligible may receive funding for those activities related to the economic development and implementation of strategic regional initiatives including but not limited to: Strategic planning, industry/sector analysis, marketing, engineering studies, planning/developing industrial business parks, downtown revitalization, waterfront development.
Northern Ontario SMEs and non-profits may be eligible to receive funding for small business investments and growth strategies that would improve competitiveness and strengthen the local economy.
- Funding: FedNor provides support for up to 33% of the eligible capital costs and up to 50% of the eligible non-capital costs through repayable and non-repayable funding contributions. Funding contributions are generally repayable when the organization stands to profit from the project.
- Eligible Activities: Program funding is directed towards activities that would allow businesses to expand and develop a competitive advantage over other competitors in their sector; eligible activities might include but are not limited to: Improving business management capacities, developing access to new export markets, foreign investment attraction and retention, job creation and retention, industry collaboration, including the development/strengthening of information sharing through industry networks and associations.
The final initiative of the NODP supports innovation and the formation of research partnership alliances to develop new technologies and products that would stimulate the local economies and improve productivity.
- Funding: FedNor supports up to 33% of the eligible capital costs and 50% of the eligible non-capital costs for applied R&D, commercialization, and technology adoption projects.
- Eligible Activities: SMEs and non-profits may be eligible to carry out various activities related to the applied R&D and commercialization of new technologies and products; while organizations operating in identified key sectors may receive funding to expand their research platforms and improve their capacities to innovate.
Canadian Small Business Funding Grant Advice
Mentor Works Ltd. provides expert advice and support to small businesses in search of Canadian Business Grants to fund their expansion or development initiatives. To learn more about our company and services, please fill out the General Inquiry Form and one of our Canadian Government Funding Experts will follow up with you shortly thereafter. Those interested in staying current with the latest program releases and application deadlines are encouraged to subscribe to our Weekly Ontario Small Business Funding Newsletter or follow our updates on Facebook, Google+, LinkedIn, and Twitter.