Invest North - Grow Stream

Overview of the Invest North - Grow Stream program:

The Grow stream is designed to assist with the growth and expansion of existing business in Northern Ontario.

Benefits of the Invest North - Grow Stream program:

• The NOHFC holds four application intake rounds during the year for the Grow a Business Stream.
• Funding can be provided through three options:
• Funding in the form of a conditional contribution only of up to 20% of total eligible costs to a maximum of $400,000.
• Funding in the form of a conditional contribution of up to 20% of total eligible costs to a maximum of $400,000, plus a term loan of up to 30% of total eligible costs to a maximum of $600,000.
• Funding in the form of term loan only of up to 50% of total eligible costs to a maximum of $1,000,000.
• Funding for each project is determined by the NOHFC Board of Directors, and limited funding is available. Not all projects meeting the criteria will necessarily receive funding.
• Eligible projects, activities and associated costs include, but are not limited to:
• 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)

Eligibility criteria of the Invest North - Grow Stream program:

• Factors that will be considered during evaluation of applications will include but not limited to:
• Job creation
• Level of investment from other sources to be secured by the applicant
• Strength of the applicants detailed business plan
• Does not unreasonably impact existing Northern Ontario businesses
• Net economic benefits for Northern Ontario
• Other business activities that, in the opinion of the NOHFC Board of Directors, will result in an economic development advantage for Northern Ontario may be considered.
• The NOHFC Board of Directors may consider exceptions to these eligibility criteria for projects that address a priority economic need in Northern Ontario.