The Northern Ontario Heritage Fund Corporation (NOHFC) was created in 1988 as an agency of the Ministry of Northern Development, Mines and Forestry. The NOHFC works towards building strong, prosperous northern communities. For the NOHFC, Northern Ontario is defined as all areas North of, and including, the districts of Parry Sound and Nipissing. The Northern Ontario Young Entrepreneur Program is one of seven programs geared toward promoting and stimulating economic development in North Ontario.
Small Business Grants Ontario for NOHFC Young Entrepreneur Overview
Residents of Northern Ontario who are between the ages of 18 and 29 can take advantage of the small business grants program NOHFC offers to help fund the cost of starting a new business in Northern Ontario. Ontario government funding is available up to a maximum of $25,000 or 85% of the project costs. These Ontario small business grants can support costs such as equipment, office furniture, leasehold improvements and marketing costs associated with starting a new business. Applicants must contribute 10% of the project costs in cash as a personal investment.
Ontario Small Business Grants Success Stories
A young entrepreneur in Sudbury, Ontario received NOHFC government grants Ontario to help jump-start a fitness and yoga studio.
“The NOHFC was amazing in helping me start my business and it’s been a very interesting experience. You have an idea in your head about what your business will be, but until you’re living it and working it, you have no idea how it will change your life – it changes everything,” said Chantal.
Another success story comes from a couple from Sault St. Marie that used their Ontario small business grants funding their data mapping business.
“I think it was a great experience to go through the program from start to finish,” said Gerard.
Once the NOHFC approved their application, they used the small business grant
to purchase the computer hardware and software that Gerard needed to create GIS maps.
Additional Ontario Small Business Grants and Loans Programs
If you are an early stage start-up company, please look to our previous article on resources for start-ups titled, Small Business Grants and Loans for Early Stage Start-ups. If you are a later stage start-up with 10 or more employees and have been incorporated for at least 2 years, please contact a Canadian government funding expert for a free consultation. You can also come visit one of our Free Canadian government funding workshop, and please don’t forget to follow us on LinkedIn!