Starting up a business is one of the largest financial investments a person can make. Entrepreneurs in Northern Ontario can receive help through the Northern Ontario Heritage Fund Corporation’s Northern Ontario Entrepreneur Fund. Through this fund, entrepreneurs can receive financial support to help with the large fiscal demands related to starting your own business.
The Northern Ontario Entrepreneur Fund (NOE) covers 50% of eligible costs, up to a maximum of $125,000 via non-repayable grant money. The applicant is required to make a cash investment into the company of at least 10% of NOE funding. Eligible costs include:
- Leasehold Improvements
- Capital Expenditures
- Marketing Costs (Not to exceed 20% of project budget)
Applicants must be residents of Northern Ontario. They must be invested in starting a for-profit business within the Northern Ontario region. This funding is intended for entrepreneurs that do not have any other businesses owned by them or their relatives. The created business must be a full-time organization that generates job creation within Northern Ontario.
Entrepreneurs in Northern Ontario who are invested in a business idea should not hesitate to apply for this funding program. This is a great opportunity to decrease the stress on your bank line and give your business a running start. To discover more about the NOE and other funding opportunities for businesses, please contact Mentor Works today.