Starting a small business is Northern Ontario is a great idea as there is no shortage of funding programs available to small business operating in the region –in addition to what is available to other Ontario businesses. Recently, the Northern Ontario Heritage Fund Corporation (NOHFC) has announced several new government funding programs, including the NOHFC Small Business Start-up Projects.
What are the requirements for my new business to be eligible for funding from the NOHFC Small Business Start-up Projects?
To be eligible for NOHFC start-up funding your business must be in one of the following priority sectors:
- Advanced manufacturing
- Agriculture, aquaculture and food processing
- Arts, culture and creative industries
- Digital economy
- Forestry and value-added forestry-related industries
- Health sciences
- Minerals sector and mining supply and services
- Renewable energy and services
- Transportation, aviation and aerospace
- Water technologies and services
- Applicant must provide a minimum of 15% of the project costs; project costs can be covered up to 50% through this funding program
- Must employ the applicant full-time
- Must be able to demonstrate how the business will create jobs and benefit the Northern Ontario economy.
What projects or new businesses are not eligible for small business start-up funding through the NOHFC?
The following are not considered eligible:
- Retail businesses
- Consumer services
- Professional services
- Food and accommodation businesses
- Wholesale businesses
- Electricity generation projects
What expenses are eligible for funding from the NOHFC Small Business Start-up Projects program?
The following expenses are eligible expenses:
- leasehold improvements
- new or used equipment
- training costs incurred with third parties
- information and communications technology investments including, but not limited to, software
- marketing costs
What costs are not covered by the NOHFC Small Business Start-up Projects program?
The following costs are not eligible for this small business start-up funding program:
- Business plans
- Strategic plans
- Feasibility studies
- Research and development
- Land purchase/lease
- Rolling stock (e.g. cars & trucks)
- Project management costs
- Consulting costs
- Maintenance costs
- Administration costs
- Working capital
- Information and communications technology service providers (e.g. cellular and internet service providers)
- Other ongoing operating costs
How much funding is available from NOHFC to start my new business?
This small business start-up funding program offers up to 50% of your eligible costs as a conditional contribution to a maximum of $200,000.
According to this NOHFC start-up funding program what is defined as a conditional contribution?
A conditional contribution means that you will sign an agreement with NOHFC to meet certain deadlines and other factors and when you do, they will contribute an agreed upon sum of money towards expenses you have already incurred and paid for.
How do I apply for the NOHFC Small Business Start-up Funding?
Funding for this program is currently available and applications are being accepted. Contact an expert at government funding from Mentor Works to learn more about this program. We also suggest that you can also download a free Canadian government funding for small business checklist.