The Northern Ontario Heritage Fund is passing out cheques to Parry Sound and Nipigon to identify challenges and opportunities to attract new investment or assist start-ups.

The partnership of the Town of Parry Sound with Seguin and McDougall Townships are receiving $20,000 for an investment-readiness market study. It will help create an action plan to identify niche industry and find ways to attract business to the area.

The Township of Nipigon gets $40,000 for an economic diversification study to analyse the area's assets, resources and employment prospects.