The Ministry of Northern Development and Mines established a new program that gives grants to entrepreneurs to open businesses in the North on May 19.
The ministry has stated the Northern Ontario Entrepreneur Program (NOEP) will fuel the entrepreneurial spirit that drives innovation, creates jobs and promotes economic growth throughout Northern Ontario.
The program, which is funded by the Northern Ontario Heritage Fund Corporation (NOHFC), is designed to encourage northern entrepreneurs and community builders to put their ideas for new business into action by providing up to $125,000 in conditional grant funding.
Previously, there was the Northern Ontario Young Entrepreneur program, but only people under 29 can apply.
“This means that anyone, regardless of age, in the North who wants to set up a business can apply for funding,” said Anne-Marie Flanagan, a spokesperson for the ministry.
To be eligible to receive funding, the NOHFC may provide a conditional grant of up to 50 per cent of eligible costs of the business. The entrepreneur must make a cash investment in the business of no less than 10 per cent of the NOHFC’s conditional grant.
The applicant must be a resident of Northern Ontario who plans to start his or her own for-profit business in the North. The new venture cannot be an expansion of a similar business owned by the entrepreneur or relatives. Also, the proposed new business must operate full-time and result in job creation in Northern Ontario.
To apply, e-mail to nohfc.ndm@ontario.ca or call 1-800-461-8329.
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