Northern Ontario’s keen focus on profiting from natural resources has helped and hindered the area’s economic development. While these industries have led to wide scale investment for northern Ontario, the global market for natural resources has deteriorated over recent years and has reduced the amount of incoming business investments. However, northern Ontario is slowly beginning to diversify its economic opportunities, making room for technology and other innovative companies to grow and succeed.
Small and mid-sized businesses (SMBs) throughout northern Ontario should access Ontario government funding to grow and become more competitive in a changing economy. Businesses operating in northern Ontario can apply for federal grants and loans specifically for the region with FedNor Ontario government funding programs.
Related Blog: Northern Ontario Government Funding Programs: NOHFC Grants and Loans – Businesses operating in northern Ontario can receive government grants and loans for their business expansion projects through NOHFC. Discover how their unique funding programs can be used to assist your project’s completion.
FedNor Northern Ontario Government Funding Programs
Federally-provided Ontario government grants and loans will be offered through FedNor for a variety of business projects. While each program has its own unique focus and set of eligibility criteria, all FedNor programs will provide up to 33% of eligible capital costs, up to 50% of eligible non-capital costs, and up to 50% of eligible internship wages (small businesses) or 90% of eligible internship wages (not-for-profits), to reduce the cost (and therefore risk) of undertaking these projects.
Economic Development Initiative (EDI)
Businesses undertaking projects in northern Ontario’s Francophone communities can become more competitive, increase trade/exports, and spur tourism by receiving this funding. Providing a total of $4 million between 2013 and 2018, FedNor’s Economic Development Initiative (EDI) will support the development of bilingual marketing materials, providing internships to youth, and developing a digital presence through websites and social media.
Northern Ontario Development Program
Since 2006, over $329 million in northern Ontario government funding has been awarded to over 1,600 projects through FedNor’s Northern Ontario Development Program. The program has developed three priorities which applicants must demonstrate in their projects, including community economic development, innovation, and business growth/competitiveness. Through this Development Program, communities in northern Ontario will be strengthened from economic growth, job creation, and economic diversification.
Related Blog: $30K FedNor Northern Ontario Business Funding Awarded to Muskoka SME – Four Seasons Greens, a Muskoka-based food producer will receive northern Ontario government funding to test and fine-tune a new food production system. Funding was provided by FedNor’s Northern Ontario Development Program.
Youth Internship Initiative
Northern Ontario businesses can receive up to 50% of eligible salaries and benefits provided to youth interns who have recently graduated from a post-secondary institution. Firms can access a maximum of $31,500 of funding to provide employment to these youth for a 12-month period, after which funding assistance will cease. In special circumstances, small communities and First Nations will be able to extend internships to 24 months for increased value.
Targeted Manufacturing Initiative for Northern Ontario
With modern equipment, manufacturers can become more competitive with enhanced capabilities and increased production output. To help small and mid-sized businesses in northern Ontario become more competitive with domestic and international competitors, FedNor offers businesses 33%-50% of eligible project costs as a repayable funding contribution. Businesses can use this extra cash flow to purchase new equipment, upgrade existing equipment, and train employees.
Related Blog: Crofter’s Food Ltd. Canadian Government Funding Success – Organic food manufacturer, Crofter’s Food Ltd. Has been awarded more than $820,000 to upgrade its processing lines to become more efficient and increase annual production. Crofter’s Food leveraged FedNor’s Targeted Manufacturing Initiative to secure funding for the project.
Access FedNor Ontario Government Funding Grants
Businesses in northern Ontario can leverage a range of government grants and loans for their upcoming projects. Significant funding contributions can be received from the FedNor and NOHFC government agencies, while province-wide, as well as Canada-wide government funding programs are also available.
Understanding how to access the right mix of these funds can be a confusing and time-consuming process for many small businesses in northern Ontario. If you would benefit from discussion your options with an experienced government funding grant writer, consider contacting Mentor Works. Our knowledgeable team is available to respond to your questions about northern Ontario business expansion funding.