Companies in Canada may be feeling the pinch after one year of economic uncertainty due to the COVID-19 pandemic. However, the Northern Ontario Heritage Fund Corporation (NOHFC) has taken aim at providing businesses in the northern regions of Ontario with support by offering $2.1M in funding for six local businesses. With initiatives already underway, the goal is for Northern Ontario businesses to help stimulate economic growth.
“As we continue to navigate COVID-19 and the effects on the economy, our government is committed to strengthening the local manufacturing, forestry and film sectors.”
– Vic Fedeli, Minister of Economic Development, Job Creation and Trade of Ontario
The NOHFC has been a key player in fostering growth in districts such as Algoma, Parry Sound, Sudbury, Thunder Bay, and other key areas in Northern Ontario. The six companies listed below demonstrate the success of the program so far and what can be accomplished when government funding programs are utilized by businesses.
What are the Projects That Received NOHFC Funding?
Advanced Carbon Engineered Solutions Inc. is scheduled to receive over $600,000 for technology and equipment advancements. These advancements will grow the workforce and transition import purchasing to Canadian products.
FP Innovations will be awarded $525,600 to stimulate technology innovation in Northern Ontario’s forestry sector. FP Innovations is hoping that these changes drive competition and best practices in foresting for Canadians.
JoBro Productions Inc. received $500,000 in production funding to be allocated towards photography and crew expenses for their Canadian feature being filmed in North Bay.
Mark and Peter Kunkel Farms has been awarded $338,235 to advance technology and maintain Canada’s standards for their grass-fed milk program.
Drillers Edge Inc. is receiving $85,000 which has provided for further hiring capacities than forecasted. Drillers Edge is eager to use this work capacity to operate and monitor new equipment and systems for future growth.
SafeSight Exploration Inc. was awarded $65,171 for improving technology and hiring new talent for their drone program meant to make mining in Canada safer for workers. Funding will drive economic growth in both technology and power sectors.
What is NOHFC Funding?
The NOHFC promotes and stimulates economic development initiatives in Northern Ontario by providing financial assistance to projects that stabilize, diversify, and foster the economic growth and diversification of the region. There are currently four programs available:
- INVEST North Program
- People & Talent Program
- NOHFC Community Enhancement Program
- NOHFC Cultural Supports Program
With the NOHFC INVEST North Program, eligible applicants may receive anywhere between $1-5 million. The NOHFC supports individual program streams, each accompanied with unique eligibility requirements and budget for successful applicants.
“This expansion funding means that not only are we doubling our workforce, but we replace imports with domestic products for our Ontario-based clients and we are exporting outside the province to other Canadian, US and South American clients.”
-Mark Mathon, CEO, Advanced Carbon Engineered Solutions Inc.
Contact us today to learn whether the NOHFC program is right for your business.
Government Grants and Loans for Ontario Businesses
Read more on the Northern Ontario Heritage Fund Corporation (NOHFC) to discover the eligibility requirements for each of the previously mentioned four programs available. Your business may benefit from up to $5 million in funding as well as become a leader in recharging Ontario businesses.
Review the various Canadian government funding initiatives that are available to eligible companies through our Types of Government Funding Slide Deck today. To read about more Canadian business news like this, visit our Success Stories page.