The NOHFC Has Invested $11.8M in Northern Ontario Tourism Sector in 2022
Since June 2018, the Northern Ontario Heritage Fund Corporation (NOHFC) has invested more than $559 million in 4,748 projects in Northern Ontario, leveraging more than $1.8 billion in overall investment funding and creating or sustaining over 7,500 jobs.
One of the largest sector-specific allocations of NOHFC funding in 2022 has thus far been the investment of more than $11.8 million to 46 tourism-sector business projects that aim to boost economic growth and recovery of the Northern Ontario regions.
“Northern Ontario is an incredibly scenic region, with limitless potential for tourism. These investments will help northern tourism operations expand their offerings, create jobs and promote regional prosperity, while showcasing this beautiful part of Ontario to visitors from across the province and around the world.”
– Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry
NOHFC Investments to the Tourism Sector in 2022
There have been 46 tourism-sector projects that have been awarded NOHFC funding in 2022 alone. The funding amounts provided to each businesses range from $18,484 for the building of a new modern yurt for Minaki Yurt Adventures in Kenora, to as high as $1,730,329 for the nearly full renovation of Searchmont Ski Resort in Algoma.
“With the help we have received from the Ontario government and NOHFC, we have been able to stay on track with the improvements and redevelopment of Searchmont Resort. This assistance has been crucial, and it will help to ensure the success of the ski resort. I can’t thank NOHFC and the Ontario government enough for this support, which will enable us to continue on successfully.”
– Joseph Kosik, President, Searchmont Resort Inc.
What Are the Top 10 Funded NOHFC Tourism-Sector Projects of 2022?
As per the official Northern Ontario Heritage Fund Corporation – Announced Project List, the following are the top 10 funded NOHFC tourism-sector projects in 2022, listed in order from highest to lowest funding amount:
- $1,730,329 for the Searchmont Ski Resort in Algoma to renovate, purchase, and install ski equipment such as chairlifts and snow guns.
- $1,000,000 for the Algoma Traditional Music & Dance Group in Algoma to build and establish a permanent facility.
- $750,000 for the YES Theatre in Sudbury to build an outdoor performance venue.
- $611,051 for the Enaadmaagehijik Wikwemikong Development Commission in Algoma to implement Phase 1 of developing and building the Point Grondine Eco Resort and Campground Capitalization Project.
- $540,000 for the Tri Town Ski and Snowboard Village in TimiSkaming for business expansion to become a multi-season, outdoor recreation facility.
- $500,000 for the Sault Ste. Marie Economic Development Corp in Sault Ste. Marie for the marketing and product development on the Agawa Canyon Tour Train.
- $500,000 for the Algoma Conservatory in Algoma for the renovation of the historic building to redevelop the facility to house a new recording studio and 170 seat performance venue.
- $502,500 for the Kivi Park Community Foundation in Sudbury to expand the community trail.
- $495,480 for the Corporation of the Township of Bonfield in Nipissing to develop park land to create uses for residents.
- $455,400 for the Town of Kapuskasing in Cochrane to renovate the Sports Palace, a year-round, multi-use recreational and community building.
About the NOHFC Funding Programs
The Northern Ontario Heritage Fund Corporation (NOHFC) promotes and stimulates economic development initiatives by providing grant and loan funding for Northern Ontariodistricts such as Algoma, Cochrane, Kenora, Manitoulin, Nipissing, Parry Sound, Rainy River, Sudbury, Thunder Bay and Timiskaming.
By accessing NOHFC funding programs, companies can reduce eligible project expenses by up to 75% or more.
With four ongoing government funding NOHFC programs that each have their own unique streams, the NOHFC has supported a variety of economic growth projects for the region.
How to Apply for Northern Ontario Business Funding
To apply for funding support from the NOHFC, businesses are required to develop and apply for a package for further evaluation based on which specific program and stream that their project applies to. Applications generally describe the project’s intended benefits, as well as the business’ capacity to complete the proposed project.
Prior to starting an application, it’s critical to ensure that your company has explored its full range of government funding options. NOHFC is one government funding body that awards funding to Northern Ontario businesses, however there are a wide range of federal and provincial programs that can also provide support.
Contact Mentor Works to learn more about your eligibility for NOHFC funding and explore if there are additional funding programs for your business.