Regional Funding Resources – Top 5 Smart Development Programs
Are you looking for help financing your business, but having difficulty covering the expenses through conventional financing channels? There are several regional funding resources at your disposal to aid your business. These development programs aim to help businesses and create jobs to help the local economy. We, here at Mentor Works, have outlined a few resources to look into if your business requires additional funding.
1. Community Futures Development Corporations (CFDC) in Ontario
Currently supporting 61 CFDCs in Ontario, this program assists a wide variety of companies. The CFDC operates as a source of financing (loans of up to $150,000 to a single business) when conventional business financing is not available. Companies are chosen based on the communities’ needs, concerns and future development priorities.
2. Eastern Ontario Development Fund (EODF) – Business Stream
For existing businesses that meet certain criteria, this fund can provide up to 15% of project expenses for new technologies, new equipment, or skills training for employees that will drive your competitiveness and help your company grow.
3. Canadian Technology Network (CTN)
Businesses in Québec can tap into the wealth of knowledge provided by CTN to help ensure the success of their company. CTN is a network of more than 300 experts in technology and business to advise innovative SMEs by providing them with rapid access to specialized resources likely to contribute to their success.
4. Rural Economic Development (RED) Program – Ontario Ministry of Agriculture, Food and Rural Affairs
RED assists with the costs of projects that benefit rural Ontario. RED focuses on three priority areas: community revitalization, support the food processing sector, and access to skills training and enhancement. The provincial government will invest up to 50 per cent of the project’s eligible cost.
5. NOHFC – Enterprise North Job Creation Program
The Northern Ontario Heritage Fund Corporation (NOHFC) will support initiatives that bring economic benefits and new jobs to the North by providing financial assistance to eligible small and medium enterprises. Additional programs include the Northern Ontario Youth Internship and Co-op Program, NOHFC – Private Sector Emerging Technology Program and Rural Economic Development (RED) Program. For more information on funding resources available in your region, please contact Mentor Works today! Also, be sure to stay up-to-date with new government grants by following us on Twitter, Facebook, and LinkedIn.