Research and development is a large investment for any company, however it is pivotal in order to keep them competitive in the ever-evolving global marketplace. Fortunately, research and development funding exists to bridge the financial gap through to the commercialization stage. New Ontario government funding is now being offered to Northern Ontario businesses faced with this challenge.
NOHFC Ontario Business Grants for Applied Research and Technology Development Projects
The Northern Ontario Heritage Fund Corporation (NOHFC) has a new funding opportunity called the NOHFC Applied Research and Technology Development Projects Program. This business grants Ontario program will provide substantial financial support to companies in the late stage of development or in the pre-commercialization phase.
Business Grants in Ontario –Project Eligibility
NOHFC Applied Research and Technology Development Projects funding supports projects that are in the priority areas of the NOHFC, as follows:
- Natural resources
- Advanced manufacturing
- Clean technology
- Health sciences
- The bio-economy
- The digital economy
NOHFC Government Small Business Grants –Company Eligibility
Applicants can be private for-profit companies or collaborations between industry and academic partners. One of the priorities of the NOHFC is to promote collaborations between industry and academia and proposals that include these collaborations are more likely to be successful.
Small Business Government Grants Support Critical Aspects of Late Stage Tech Development
Funding from the Applied Research and Technology Development Projects initiative supports several critical aspects of late stage technology development including:
- Direct internal technical labour costs for up to one year of the project’s duration
- Prototyping costs (engineering and design services and component purchase, fabrication and installation costs)
- Product testing
- Intellectual property protection costs
NOHFC Grants for Small Business Ontario –Funding Amount & Timeline
Small business grants Ontario offered through NOHFC will be provided as a conditional contribution for up to 50% of project costs to a maximum amount of $250,000. The application process for this Ontario grants for small business program is currently open and will remain open until March 2019 or until funding has been depleted. If you would like to learn more about if your project is eligible, or how to optimize the application process, please contact Mentor Works.