Are you looking to start your own business in Northern Ontario? The Northern Ontario Heritage Fund Corporation (NOHFC) has announced a new funding program aimed at supporting the growth and development of the Northern Ontario economy. The Small Business Start-up Projects program provides Ontario small business grants to cover the capital costs associated with starting a new business.
Business Grants in Ontario for Start-up Projects –Project Eligibility
NOHFC is interested in start-up projects that fit with one of the following priority areas:
- 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
NOHFC Small Business Grants Ontario: Ineligible Projects
Projects that are not eligible include: retail and consumer service businesses and business activities that primarily earn revenue through providing products and services online.
NOHFC Grants for Small Business Ontario: Eligible Expenses
Although this business grants Ontario program will not cover the every day costs of doing business, it will provide substantial support for capital costs – an essential need when starting a new business. Costs covered include: leasehold improvements, equipment costs, third party training costs, information and communication technology services – including software, and marketing costs.
Government Grants for Small Business Ontario: Funding Amount
Funding through the Small Business Grants Start-up Projects Program will provide applicants with a conditional contribution covering up to 50% of their project costs to a maximum of $200,000. It is expected that applicants will contribute a minimum of 15% of the costs for the project. To be eligible for the government funding program, the entrepreneur must be employed full-time by the business and be able to demonstrate the economic benefits of the business to Northern Ontario, particularly with respect to job creation.
Prepare Your Startup to Access Canadian Government Funding
Government grants and loans are generally only provided for mature, incorporated businesses with a proven track record of profitability. As a startup, you should be trying to position your business for funding success once it is widely eligible for funding programs. To help align yourself for future funding success, download the free Startup Funding Checklist.