INVEST North Program — Investment - Launch Stream
At a glance
- Max. $200,000
- 50% of project cost
- Open Date : April 28, 2024
- All industries
- Northern Ontario Heritage Fund Corporation
Overview
Eligibility criteria
The eligibility criteria for this grant include businesses starting up operations in Northern Ontario. Eligible projects encompass capital construction, leasehold improvements, new or used equipment, land servicing costs, ICT investments, marketing, and training costs.
- Businesses starting-up operations in Northern Ontario.
Who is eligible
Companies starting up operations in Northern Ontario can apply for this grant. This includes new businesses that are in the initial stages of establishment and meet the eligibility criteria outlined by the Northern Ontario Heritage Fund Corporation (NOHFC).
Who is not eligible
Some types of companies are not eligible for the grant. Specifically, retail and consumer service businesses, ongoing operating costs, accommodation & food service businesses, businesses involved in wholesale activities, and more are not eligible.
- Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals
- Ongoing operating costs including maintenance
- Accommodation & food service businesses and related business activities
- Businesses that are primarily involved in wholesale activities
- Business plans / strategic plans / feasibility studies etc.
- Assets acquired through operating leases
- Research and development
- Land purchase/lease
- Rolling stock (e.g. cars, trucks & boats and motors)
- Project management costs / consulting costs / administration costs
- Mineral exploration, mine development and milling operations
- Working capital
- Cost of inventory
- Cellular and internet service projects
- Capital projects or leasehold improvements to residential or personal properties
- Acquisitions and buy-outs of existing businesses
- Electricity generation projects
Eligible expenses
Eligible expenses for this 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 including capital leases
- Land servicing costs
- ICT investments
- Marketing for new products and business initiatives (up to certain limits)
- Training costs incurred with third parties (up to certain limits)
Eligible projects & activities
Eligible projects and activities for the NOHFC Investment - Launch 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 (limited to a maximum of 20% of all other eligible project costs, or $75,000, whichever is less)
- Training costs incurred with third parties (limited to a maximum of 20% of all other eligible project costs)
Eligible geographic areas
Northern Ontario is the eligible geographic area for the NOHFC Investment - Launch Stream grant. Businesses starting-up operations in Northern Ontario can apply for funding.
- Northern Ontario
Evaluation & selection criteria
Yes, there are evaluation and selection criteria for this grant. The evaluation criteria include factors such as job creation, level of investment from other sources, strength of the detailed business plan, impact on existing businesses, and net economic benefits for Northern Ontario.
- 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
- Other business activities that may result in economic development advantage
How to apply
- Step 1: Review Eligibility and Project Criteria
- Understand the eligibility requirements for businesses starting operations in Northern Ontario.
- Review the list of eligible projects, activities, and associated costs.
- Step 2: Prepare Application and Supporting Documents
- Develop a detailed business plan highlighting job creation, investment sources, and economic benefits.
- Ensure the project does not unreasonably impact existing Northern Ontario businesses.
- Step 3: Submit Application for Funding
- Complete the application form with accurate information.
- Provide all necessary documentation and supporting materials.
- Step 4: Await Decision and Funding Allocation
- Wait for evaluation by the NOHFC Board of Directors.
- Successful projects may receive conditional contributions based on the funding limit.
Invest North Program - Launch Stream Summary
Invest North Program - Launch Stream provides conditional contributions of up to 50% of total eligible project costs to a maximum of $200,000 for businesses initiating operations in Northern Ontario. Eligible projects include capital construction, equipment purchases, ICT investments, and job creation is a key evaluation criterion.
Invest North Program - Launch Stream Detailed Overview
The Invest North Program - Launch Stream is designed to support businesses establishing operations in Northern Ontario through conditional contributions of up to 50% of total eligible project costs up to a maximum of $200,000. Eligible projects encompass capital construction, leasehold improvements, equipment acquisitions, ICT investments, and marketing initiatives for new products.
During the evaluation process, factors such as job creation, the level of investment secured from other sources, the strength of the applicant’s business plan, and the overall economic benefits for Northern Ontario are considered. The program aims to foster economic development and provide advantages to the region by supporting new business endeavors.
Ineligible projects include retail and consumer services, ongoing operating costs, restructuring of existing businesses, and projects related to accommodation and food services. The program does not fund asset purchases through operating leases, research and development activities, or land acquisitions.
Applicants are required to secure the balance of funding necessary for their projects and may need to contribute at least 15% of total eligible project costs from their own resources. Additionally, businesses operating under the Launch Stream are expected to run on a full-time basis, with the entrepreneur or owner actively involved in daily operations.
Assets acquired through NOHFC funding must be retained for a specified duration, typically up to three years, and any disposal or relocation requires prior consent from NOHFC. The program also offers exceptions to eligibility criteria for projects addressing priority economic needs in Northern Ontario, subject to approval by the NOHFC Board of Directors.