FedNor is a Canadian Government funding organization that offers financing and government grant funding for small businesses in Northern Ontario through programs such as their Northern Ontario Development Program (NODP). FedNor sets high priority for business growth and competitiveness strategies by providing wage subsidies and government funding for small business capital investments and hiring activities.
Funding Amounts for Business Growth and Competitiveness Strategies
To promote business growth and competitiveness, the NODP provides Canadian Government funding for small business investments and wage subsidies for new IT and communication specialists. Grant funding may be allocated to eligible recipients as follows:
- Up to $27,500 in non-repayable grants or 50% of a new employee’s salary, benefits, training, and associated travel costs for 12-months.
- Up to 33% coverage of eligible capital expenditures, and up to 50% for eligible non-capital related expenses; funding is normally repayable where businesses stand to generate profits from the proposed project.
Funding may be stacked with other Canadian Government Funding Programs; applicants are expected to contribute a minimum of 10% of project expenses.
Funded Projects and Activities
Funding is intended to promote growth and improve the competitiveness of Northern Ontario SME through projects and activities should involve the following priorities and objectives in order to be considered eligible:
- Improving Business Management Capacities (Supply Chain, Research & Development etc.)
- 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
Eligible Capital and Project Expenditures
Funding is designed to promote business expansion and improve business innovation through investment attraction and improved business management strategies. Applicable project costs and capital investments must be incremental to the project and deemed necessary for project success.
Eligible Capital Expenditures:
- Leasehold improvements
- Machinery, equipment, and technology
- Servicing of industrial lands
Eligible Non-Capital Expenditures
- Sub-contractor fees for technical services and expertise
- Business management training costs
- Strategic planning
- Marketing expenditures; including tradeshows, product demonstrations, design, promotional materials, and advertising.
- Travel expenses and labour costs
Eligible Applicants for Canadian Small Business Funding Grants
In order to be considered eligible to apply, organizations must fall under one of the following criteria:
- Northern Ontario for-profit businesses with less than 500 employees
- Municipalities or First Nation Organizations in Northern Ontario
- Non-profit organizations in Northern Ontario (Industry associations, networks, alliances etc.)
Preference may be given to organizations that operate within one of the key sectors for Northern Ontario; including mining, forestry, tourism, agri-food, Information and communication technologies, energy, and advanced manufacturing.
Receive Canadian Government Funding Advice and Support
Mentor Works Ltd. provides advice and support to small businesses across Ontario in search of Small Business Funding Grants, Loans, and Tax Credits. Those interested in learning more about our services can contact our Team of Canadian Government Funding Experts or sign-up for one of our upcoming Canadian Government Funding Workshops. Our readers can stay up-to-date with the latest government funding news and insights by subscribing to our Weekly Canadian Business Funding E-Newsletter or by following us on Twitter, LinkedIn, and Google+.