There are a number of financing options available to entrepreneurs who start or expand a business.  Our business development professionals will work with you through funding/ financing applications to ensure the best chance for approval.

Here are just some of the financing options that may be available to you:

1. Northern Ontario Heritage Fund Corporation (NOHFC) - NOHFC offers programs to assist private enterprise.  Generally, there is at least a 3-month waiting period from the time the application is submitted to receiving funding under these programs, assuming your application meets the conditions and is approved.  For complete details about NOHFC programs visit http://www.mndm.gov.on.ca/nohfc
   
   a. Northern Ontario Entrepreneur Program - Entrepreneurs can access up to $125,000 through a conditional grant from the NOHFC and the grant may cover up to 50 per cent of the eligible costs. The entrepreneur must make a cash investment in the business of no less than 10 per cent of the value of the NOHFC's conditional grant.  NOHFC funding, when combined with other provincial and/or federal government funding will generally not exceed 75 percent of eligible costs. The new venture cannot be an expansion of  a pre-existing business owned by the entrepreneur and/or relatives and must create new jobs in Northern Ontario.
   
   b.  Northern Young Entrepreneur - Geared to youth aged 18-29, entrepreneurs can access up to a $25,000 conditional grant and only have to contribute 15 per cent towards the business.  Starting out a business can be a risky venture and this non-repayable contribution helps reduce the risk.  Generally, this money can be used towards equipment, construction and renovations.  It cannot be used to finance existing debts, inventory, land acquisitions or ongoing operating costs.                                           
                                                                                                                                    
   c.  Enterprises North Job Creation & Private Sector Emerging Technology Programs- These programs have just been revamped and now allow up to 50 per cent of the funding provided by the NOHFC to be in the form of a conditional grant. The remainder of the funding will be in the form of a repayable loan. These programs provide 50 per cent funding assistance up to a maximum of $1 million.  Eligible expenses include equipment, capital construction costs, leasehold improvements, and now training, marketing and land servicing.
   
   d. Youth Internship and Co-op Program- This program helps employers hire youth under the age of 29 who have graduated or are currently attending a post-secondary school.  Under the Internship program, businesses can access up to 50 per cent of a maximum $27,500 salary over a one-year period.  The Co-op program will cover up to 50 per cent  of a maximum $6.00/ hour.  The Co-op program generally will not exceed one semester.  The criteria used to determine funding includes whether or not it will result in full-time employment, the skill development opportunity, type of training and the work plan.
   

2. Small Business Term Loans for new and existing businesses - 
   The Canada Small Business Financing Program allows 90 per cent financing of the cost of the purchase or improvement of new or used equipment and leasehold improvements.  The maximum a business can access under this program is $350,000.  RBC Royal Bank also offers business accounts for a range of business banking needs.  The bank also offer a wide range of loan and leasing options that lets you choose what is right for your business now and in the future. Please contact Terri Scott, Senior Account Manager Business/ Personal at 360-4156 or by email for more information. 
   
    

3. Self-Employment Program- Unemployed or recently unemployed individuals who currently or have received unemployment benefits may be eligible to receive income and entrepreneurial support while they develop and implement their business plan for up to a 42-week period.  Contact Tony Fera with the Commerce Management Group at 268-8308 or visit the Commerce Management Group at 26 Pine St. South. 
   
   

4. Canadian Youth Business Foundation (CYBF)- this program provides business start-up financing, resources and mentoring for young entrepreneurs aged 18-34.  Financing is up to $15,000 over a 3-5 year repayment period.  The first year of the loan is the prime rate plus 2% and decreases to prime in the final year of the loan.  Some additional requirements of this program are that the applicant cannot be in business for longer than one year, must own at least 51% of the business and must work with a mentor for at least a two-year period.  Under this program entrepreneurs approved for CYBF are eligible for up to a $30,000 loan through the Business Development Bank of Canada (BDC).  Visit the TEDC, the community sponsor of this program, for more information. 
   

5. FedNor Internship, Private Sector Program- this program is focused on helping employers hire youth aged 18-29 with skills in Information and Communications Technology (ICT), innovation and trade.  Like the NOHFC internship, this program provides up to 50 per cent of a maximum $27,500 salary over a one-year period.  For more information on this program and to download an application visit http://fednor.ic.gc.ca/epic/site/fednor-fednor.nsf/en/fn02301e.html 
   
   

6. Industrial Research Assistance Program (IRAP)- funded by the Government of Canada, IRAP offers companies support for research and development and youth employment in specialized fields.  For more information call them toll-free at (877) 994-4727.
   
   

7. Community Improvement Plan (CIP)- through the City of Timmins businesses within the CIP eligible zone can potentially access the Tax Increment Rebate Program. The purpose of the Tax Rebate program is to stimulate new and large scale re-development projects located in the Community Improvement Plan Area by providing a rebate for the City portion of tax increases for those properties that have undergone significant property rehabilitation, redevelopment or other significant building improvements (having a minimum investment of $500,000).
   The Tax Rebate program is a 5-year phased program providing grants equivalent to a percentage of the City's portion of the increase in property taxes as a result of substantial property improvements or new development.  The grant shall be an amount, which does not exceed:
   100% of the municipal realty tax increase during the first year
   75% in year two
   50% in year three
   25% in year four
   0% in year five
   
   Interested applicants are encouraged to speak to the CIP Coordinator, David Vallier at (705) 360-2600 x3347 or by email cip@timmins.ca
   
   

8. Timmins Area Organizations- there are a number of organizations in the Timmins area that offer various financing and loan programs:
   
   a. Nishnawbe Aski Development Fund: 268-3940 or toll-free 1-800-461- 9858
   
   b. The Venture Centre: 360-5800 or toll-free 1-800-966-9461
   
   c. Business Development Bank of Canada (BDC): 267-6416