There are many grant and financing options available to entrepreneurs and businesses in Northern Ontario.  The chart below shows a sample of the funding opportunities and programs that are available to new businesses, business expansion opportunities, and young entrepreneurs.

Starter Company

In partnership with the Ontario Ministry of Economic Development, Employment and Infrastructure, The Business Enterprise Centre provides Starter Company support to help youth (aged 18-29) start, expand, or purchase a business.

The Business Enterprise Centre provides:

• Training, workshops and business skill development related to business planning, marketing, human resources and financial management;
• One-on-one business consultations;
• Mentor opportunities with local business leaders;
• The opportunity to apply for a grant of up to $5,000.

Contact The Business Enterprise Centre  to learn more.

Northern Ontario Heritage Fund Corporation (NOHFC)

NOHFC offers a number of grant and loan programs designed to assist businesses in sectors identified by the Northern Ontario Growth Plan.  NOHFC’s programs assist with business start ups and expansions in Northern Ontario and provide pre-commercialization funding to entrepreneurs working with applied research, prototype development and securing intellectual property for the invention of new products and processes. 

For more information on current NOHFC programs, visit www.nohfc.ca or contact a team member of The Business Enterprise Centre.

Futurpreneur 

Futurpreneur provides a full spectrum of financing, mentoring and support to help entrepreneurs aged 18-39 successfully launch and grow their business. 

Financing:  Up to $45,000 in character-based start-up financing, in partnership with the Business Development Bank of Canada.

Pre-launch Coaching:  Free webinars, workshops and guidance to help you evaluate your idea and create a viable business plan.

Mentoring:  Free one-on-one mentoring from knowledgeable business professionals for up to two years.

The Business Enterprise Centre is the community provider for Futurpreneur and can provide additional information and assistance with registering for the program.  You can also visit their website for information and to register yourself:  www.futurpreneur.ca. 

Community Futures Development Corporations (CFDCs)

There are five CFDCs across The Business Enterprise Centre region that have an array of loan and business support programs for entrepreneurs and businesses.  The CFDCs are funded by the Federal Government with a mandate to act as a “last-resort lender” for entrepreneurs and businesses who cannot secure financing from traditional financial institutions.  

The Business Enterprise Centre works in close partnership with the CFDCs to help leverage financing from CFDC programs that might complement other financing/funding that our clients may be eligible for. 

Contact the CFDC in your area :

Timmins:
The Venture Centre / Le Centre de développement
Suite 207  – 38 Pine St. N. (The 101 Mall)
Timmins, ON
Phone: (705)360-5800
Toll Free: (800) 966-9461

Black-River Matheson:
Kirkland & District Community Development
23 Government Road East
Kirkland Lake ON P2N 2M6
Phone: (705) 567-3331

Iroquois Falls/Cochrane/Kapuskasing:
North Claybelt Community Futures Development Corporation
6 Ash St.
Kapuskasing, ON  P5N 2C8
Phone: (705) 337-1406
Toll Free: (888) 289-4233

Hearst:
Nord-Aski Regional Economic Development Corporation
1500 Front St. (Hwy 11 West)
Hearst, ON  P0L 1N0
Phone: (705) 362-7355
Toll Free: (800) 495-7750

Moosonee/Moose Factory/Fort Albany:
Wakenagun Community Futures Development Corporation
8 Amisk, Moose Cree First Nation Reserve #1
Moose Factory, ONP0L 1W0
Phone: (705) 658-4428
Toll-free: (800) 989-4850

Canada Small Business Financing Program

The Canada Small Business Financing Program makes it easier for small businesses to obtain loans from financial institutions as the risk is shared between Industry Canada and the lenders.  The program operates in all provinces and territories through a network of lenders that includes chartered banks, credit unions and Caisses populaires.

Through the program, eligible businesses and entrepreneurs are able to obtain loans that would not otherwise be available, or that would be obtained under less favourable terms (e.g. restaurants, franchises, start-ups).

The program finances up to 90% of the cost of buildings used for commercial purposes, land, leasehold improvements, and equipment.

For more information contact your preferred lender/financial institution, or visit: http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/Home

Nishnawbe Aski Development Fund (NADF)

NADF is an aboriginal financial institution providing financing and business support services to aboriginal and Métis businesses in Northern Ontario.  NADF’s goal is to provide clients with the tools, resources, information, and inspiration to successfully establish, expand, and manage their business.

For more information, contact:

251 Third Avenue, Suite 9
Timmins, ON
Tel: (705) 268-3940
Toll Free: 800-461-9858

Business Development Bank of Canada (BDC)

The mission of the BDC is to help create and develop Canadian businesses through financing, venture capital, and consulting services.  The BDC maintains a focus on small and medium-sized enterprises (SMEs) and is solely dedicated to Canadian entrepreneurs.

For more information, contact:

Joel Briere, Account Manager
Phone:  (705) 670-6312
Toll-free:  (877) 232-2269

National Research Council – Industrial Research Assistance Program (NRC-IRAP)

NRC-IRAP is Canada’s premier innovation assistance program for small and medium-sized enterprises (SMEs).

NRC-IRAP assists SMEs by providing funding for innovative research and development projects.  The organization also offers advisory services; networking opportunities; links to industrial technology advisors, industry experts and potential business partners; and a youth employment program.

For more information, contact:

Kathy Keast, Industrial Technology Advisor
Phone:  (705) 671-4472
Toll-free:  (877) 994-4727