INVEST North Program — Investment - Grow Stream

INVEST North Program — Investment - Grow Stream

The Grow Stream program aids the expansion of businesses in Northern Ontario, offering financial support through contributions and loans, with applications evaluated in scheduled competitive rounds.
At a glance
Overview
Eligibility
Selection criteria
How to apply

At a glance

Eligible Funding
  • Max. $1,000,000
  • 50% of project cost
Timeline
  • Open Date : April 28, 2024
Financing Type
Loans and Capital investments
Grant and Funding
Eligible Industries
  • All industries
Grant Providers
  • Northern Ontario Heritage Fund Corporation
Status
Open

Overview

The Investment - Grow Stream from NOHFC is designed to support the expansion of existing businesses in Northern Ontario. It offers conditional contributions and loans to fund eligible projects like capital construction and equipment purchase. The program holds competitive rounds for application submissions throughout the year, providing up to 50% of project costs with a cap depending on the funding option chosen.

Eligibility criteria

Businesses expanding existing operations in Northern Ontario are eligible for the investment - Grow Stream under the NOHFC’s Invest North program. Applications are evaluated in competitive rounds based on factors like job creation, level of investment, detailed business plan strength, impact on existing businesses, and economic benefits for Northern Ontario.

  • Businesses expanding existing operations in Northern Ontario
  • Competitive evaluation based on job creation, investment level, business plan strength, impact on existing businesses, and economic benefits for Northern Ontario

Who is eligible

Businesses expanding existing operations in Northern Ontario are eligible to apply for the NOHFC's Invest North - Grow stream grant.

Who is not eligible

Based on the grant information provided, some types of companies that are not eligible for the grant include retail and consumer service businesses, ongoing operating costs including maintenance, and businesses primarily involved in wholesale activities.

  • Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals
  • Ongoing operating costs including maintenance
  • Businesses that are primarily involved in wholesale activities

Eligible expenses

Eligible expenses for the NOHFC's Invest North - Grow Stream grant include capital construction, leasehold improvements, equipment purchases, land servicing costs, ICT investments, marketing for new products, and training costs with third parties.

  • Capital construction
  • Leasehold improvements
  • New or used equipment including capital leases
  • Land servicing costs
  • Information & communications technology (ICT) investments
  • Marketing for new products and business initiatives
  • Training costs incurred with third parties

Eligible projects & activities

Eligible projects and activities for the Invest North - Grow stream grant include capital construction, leasehold improvements, new or used equipment, land servicing costs, ICT investments, marketing for new products, and training costs with third parties.

  • Capital construction
  • Leasehold improvements
  • New or used equipment
  • Land servicing costs
  • ICT investments
  • Marketing for new products
  • Training costs with third parties

Evaluation & selection criteria

Evaluation and selection criteria for the Investment – Grow Stream grant are as follows:

  • Job creation
  • Level of investment from other sources to be secured by the applicant
  • Strength of the applicant’s detailed business plan
  • Does not unreasonably impact existing Northern Ontario businesses
  • Net economic benefits for Northern Ontario

How to apply

  • Step 1: Determine Eligibility
  • Review the eligibility criteria for businesses expanding existing operations in Northern Ontario.
  • Ensure that your project aligns with the eligible activities and costs described in the program guidelines.
  • Step 2: Prepare Detailed Business Plan
  • Develop a comprehensive business plan highlighting your project scope, job creation potential, investment sources, and economic benefits for Northern Ontario.
  • Submit the detailed business plan by the specified deadline for the relevant application round.
  • Step 3: Evaluation Process
  • Your application will be evaluated based on criteria such as job creation, investment level, business plan strength, and economic impact.
  • Applications that meet the evaluation criteria may proceed to funding consideration by the NOHFC Board of Directors.
  • Step 4: Secure Additional Funding
  • If your project is selected for potential funding, secure the remaining financing necessary to implement the project.

  • Step 5: Funding Decision
  • Wait for the funding decision from the NOHFC Board of Directors, as not all projects meeting the criteria will necessarily receive funding.
  • Be prepared to adhere to any specific requirements or conditions set by the funding offer.
Apply to this program