INVEST North Program — Investment - Locate Stream
At a glance
- Max. $5,000,000
- 20% of project cost
- Open Date : April 28, 2024
- All industries
- Northern Ontario Heritage Fund Corporation
Overview
Eligibility criteria
The eligibility criteria for the Investment – Locate Stream grant are as follows:
- Businesses locating new business operations to Northern Ontario are eligible.
- Eligible projects include capital construction, leasehold improvements, equipment, ICT investments, and marketing for new products.
- Training costs with third parties and other factors like job creation, economic benefits, and a detailed business plan will be considered.
- Applicants are required to secure the balance of funding and may need to reimburse NOHFC if assets financed are sold after project completion.
Who is eligible
Businesses locating new business operations to Northern Ontario are eligible to apply for the Invest North – Locate stream grant.
Who is not eligible
Based on the grant context, retail and consumer service businesses, ongoing operating costs including maintenance, restructuring or refinancing of existing business operations, accommodation & food service businesses, businesses primarily involved in wholesale activities, research and development businesses, and business plans/feasibility studies are not eligible for this grant.
- Retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals
- Ongoing operating costs including maintenance
- Restructuring or refinancing of existing business operations
- Accommodation & food service businesses and related business activities
- Businesses that are primarily involved in wholesale activities
- Research and development
- Business plans / strategic plans / feasibility studies etc.
Eligible expenses
Eligible expenses for the Investment – Locate 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 this grant include capital construction, leasehold improvements, equipment purchases, land servicing, 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)
Evaluation & selection criteria
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
- Strength of the applicant’s detailed business plan
- Impact on existing Northern Ontario businesses
- Net economic benefits for Northern Ontario
How to apply
- Step 1: Schedule a pre-application consultation by contacting NOHFC at 1-800-461-8329.
- Step 2: Complete the pre-consultation process with a staff member from the Ministry of Energy, Northern Development and Mines (ENDM).
- Step 3: Submit an initial application online to determine project eligibility under the program guidelines.
- Step 4: If the project is eligible, submit a detailed business proposal for the project.
Summary: Invest North – Locate Stream Grant
This grant is designed to support businesses establishing new operations in Northern Ontario by providing financial assistance for eligible projects such as capital construction, equipment purchases, and ICT investments. ## Detailed Explanation:
Invest North – Locate Stream Grant
The Invest North – Locate Stream Grant is a funding opportunity offered to businesses looking to establish new operations in Northern Ontario. With a focus on economic development in the region, this grant supports eligible projects including capital construction, leasehold improvements, equipment purchases, and investments in information and communications technology (ICT).
Businesses seeking financial assistance under this program must meet specific criteria, such as job creation, securing investments from other sources, and demonstrating a detailed business plan. The grant aims to foster economic growth in Northern Ontario while ensuring that the projects supported do not adversely impact existing businesses in the region.
Funding provided through the Invest North – Locate Stream Grant can take the form of a conditional contribution or a combination of a conditional contribution and term loan, up to a maximum of $5 million. To be eligible for funding, applicants are required to undergo a pre-application consultation with NOHFC staff and must secure the balance of funding necessary to implement their projects.
While the grant offers financial support for a range of project activities, certain costs and activities are deemed ineligible for funding. These include retail and consumer service businesses, ongoing operating costs, research and development, and acquisitions of existing businesses. The NOHFC Board of Directors may consider exceptions to the eligibility criteria for projects that address priority economic needs in Northern Ontario.
Applicants interested in applying for the Invest North – Locate Stream Grant should familiarize themselves with the evaluation criteria, funding limitations, and program requirements outlined by the program. By adhering to the guidelines and submitting a comprehensive application, businesses can potentially secure financial assistance to establish and grow their operations in Northern Ontario.
Overall, the Invest North – Locate Stream Grant presents a valuable opportunity for businesses looking to expand into Northern Ontario, offering financial support and resources to drive economic development in the region.
