The Triple-P Program: Northern Ontario Funding for Economic Growth
Although Northern Ontario encompasses 88 per cent of the land area of Ontario, its roughly 780,000 citizens equal to only about six percent of the total province’s population. Due to a greater land mass than any other region in Ontario, the business landscape is scattered across 10 territorial districts including 144 municipalities, 106 First Nations communities, and more than 150 unincorporated areas. This land separation has caused a continuously unique challenge for the Government of Ontario when offering funding programs for Northern Ontario businesses because parts of the Great White North can quite literally be too great.
Due to past obstacles in accessing funding such as lack of resources and knowledge of existing programs, Northern Ontario businesses have often missed out on business development opportunities that come easier for Southern Ontario businesses to access.
The Triple-P Program provides small and medium-sized businesses in Northern Ontario with up to $10,000 in grant funding towards innovative technology and/or equipment purchases related to productivity, prototype, or process improvements.
In an effort to continue and strive for long-term growth and success of Northern Ontario businesses, the Ontario provincial government has created numerous grant and loan funding programs, such as the Triple-P Program, that aim to be more accessible for a large variety of industries in the region.
Funding Snapshot: The Northern Ontario Triple-P Program
Supported by FedNor Canada and administered through the regional innovation centre Innovation Initiatives Ontario North (IION), the Triple-P Program has been established to drive economic development for eligible Northern Ontario businesses by offsetting costs of purchasing innovative equipment and/or technology related to high-potential products, processes, or services in three focus categories, each starting with the letter P (in reference to the program’s name):
- Prototype; and
- Process Improvements.
Eligible businesses located in Ontario can access up to 50% of eligible costs at one of three funding levels:
- Level 1: $5,000 grant for a minimum project spend, before tax of $10,000.
- Level 2: $7,500 grant for a minimum project spend, before tax of $15,000.
- Level 3: $10,000 grant for a minimum project spend, before tax of $20,000.
Eligible applicants for the Triple-P Program must:
- Be a for-profit entity;
- Be registered as a sole proprietor; and
- Have their partnership or corporation located in the districts of Nipissing, Timiskaming, Parry Sound or Muskoka.
Please note: Distributors, resellers, or wholesalers are ineligible.
Funding support from the Triple-P Program could be applicable, but not limited to, projects that have the following outcomes:
- Increased efficiency
- New product development
- Entered a new geographic or product markets
- Added production capacity
- Reduced waste
- Strengthened competitiveness
- Continual intake process, with monthly reviews.
- The last day of every month is the submission deadline.
If you believe your Northern Ontario organization could be a good fit for the Triple-P Program, please get in touch with the Mentor Works team to see if your business qualifies for a grant of up to $10,000 towards your region’s economic growth and development.
Other Government Grants and Loans for Northern Ontario
Visit the Northern Ontario Funding Directory to explore available business funding programs that support a wide range of strategic projects including hiring and training, business expansion, research and development, and capital investment.
One funding resource that all businesses in the region should be aware of is the Northern Ontario Heritage Fund Corporation (NOHFC). NOHFC currently offers a wide range of unique government funding programs that promote and stimulate economic development in Northern Ontario by providing funding of up to $5 million for eligible projects that stabilize, diversify, and foster economic growth and diversification.
“Funding programs that support more projects in rural and northern communities, target existing and emerging industry sectors, provide more work opportunities for Indigenous people, and address the skilled labour shortage across the north are making it easier for more people, more communities and more businesses to succeed.”
– Greg Rickford, Kenora-Rainy River MPP, and Ontario Minister of Energy, Northern Development and Mines
New to the world of government funding and eager to learn more? Register for a free upcoming webinar with Mentor Works to discover which grants and loans may be available to help your business reach your projects goals and future company objectives.