The Parry Sound Area is the first look at the geographic area known as Ontario North. Parry Sound Area provides the perfect opportunity to be a part of the beautiful northern section of the province while still being close to the southern cities. With being in Ontario North there are many funding opportunities for businesses that are not available in the southern part of the province. Listed below are some of programs that are offered in Ontario North.
The Business Centre
The main funding opportunities that The Business Centre (TBC) facilitates are grants through the Northern Ontario Heritage Fund Corporation (NOHFC). TBC is also a Community Partner for the Canadian Youth Business Foundation (CYBF), which is a loan organization for youths aged 18-39.
Carly Hughes – Business Development Advisor
The Community Business & Development Centre (CBDC)
The Parry Sound Area Community Business & Development Centre Inc. (CBDC) is one of 268 Community Futures Corporations that serve rural Canadian communities. The CBDC administers investment funds to finance new or existing small business with start up, expansion or stabilization plans that help create or maintain jobs.
Repayable financing of normally up to $150,000 (possibly up to $500,000) for loans, loan guarantees or equity investments are available when financing from other conventional sources is either unavailable or insufficient to meet the clients’ needs.
All CBDC lending decisions are made here in West Parry Sound by a volunteer local Board of Directors.
Bill Spinney – General Manager
Sherry Keown – Loans Officer
Susan Tait – Administrator
Northern Ontario Heritage Fund Corporation (NOHFC)
The Northern Ontario Heritage Fund Corporation (NOHFC) offers seven funding programs designed to help municipalities, entrepreneurs and businesses build, expand and grow. NOHFC is investing in a strong and prosperous North. Listed below are the programs that would be most beneficial in the Parry Sound Area.
Community Capacity Building Initiatives
The Community Capacity-Building Program helps northern communities develop the capacity to promote, attract, and support economic growth in the existing and emerging priority economic sectors identified in the Growth Plan for Northern Ontario. For community-based projects, the amount of NOHFC assistance will generally not exceed the lesser of 50 per cent or $50,000. Click here for more information.
Opportunity Assessment Projects
The purpose of this program stream is to help Northern Ontario businesses with identifying opportunities for new technology development projects and to provide them with vital decision-making information on the overall feasibility of the proposed project to justify additional investments of time and money. Finance assistance is limited to 75% of eligible costs to a maximum of $15,000 as a condition contribution. Click here for more information.
Applied Research & Technology Development Projects
The purpose of this program stream is to assist Northern Ontario businesses to undertake applied research or pre-commercialization activities required to further develop their technologies and move them to market. Financial assistance is limited to 50% of eligible costs to a maximum of 250,000 as a conditional contribution. Click here for more information.
Pilot Demonstration and Commercialization Projects
The purpose of this program is to stream is to help Northern Ontario businesses with reducing the technical and financial risks associated with scaling-up and demonstrating their new and innovative technologies. It is also intended to support them as they ramp-up for commercial production. Funding assistance is limited to 50% of eligible costs to a maximum of $500,000. Click here for more information. Click here for more information.
Business Expansion Projects
This program is for businesses in Ontario that intend to expand and/or retain their operations within Northern Ontario to improve competitiveness, grow revenues and create jobs in the multiple different sectors identified and further described in the Growth Plan. NOHFC assistance will generally not exceed 50% of eligible project costs up to a maximum of $1 million per project maximum on a case-by-case basis. Click here for more information.
Small Business Start-up ProjectsThis program aims to assist new businesses in Northern Ontario that intend to commence operations in the sectors identified and further described in the Growth Plan. NOHFC assistance will be in the form of a conditional contribution and will generally not exceed 50 % of eligible project costs up to a maximum of $200,000. Click here for more information.
New Investment Projects
The purpose of this program is support new investment projects that currently do not have a presence in Ontario that will expand operations to Northern Ontario and create jobs. NOHFC will provide assistance in the form of a conditional grant or a combination of a conditioning grant and term loan/incentive term loan on a case-by-case basis. Click here for more information.
Northern Ontario Internship Program
The intent of the Northern Ontario Internship Program is to strengthen Northern Ontario’s competitive advantage and build economic development capacity by attracting and retaining graduates in the North. The program provides recent graduates who are interested in launching and building their careers in Northern Ontario access to internships. Click here for more information.
Northern Ontario Development Program
Through the Northern Ontario Development Program, FedNor encourages economic growth, diversification, job creation and self-reliant communities in Northern Ontario. To achieve these objectives, FedNor provides financial support to viable projects led by businesses, municipalities, First Nations, and other organizations and institutions. FedNor also supports youth internships, providing project partners with bright young minds while giving post-secondary graduates valuable work experience in Northern Ontario. Currently, FedNor has 3 main priorities. Please click the links below to determine if your project meets the funding criteria.
Community Economic Development: Activities related to community economic development, including those that leverage key economic sectors, such as mining and forest industries, tourism, agri-food, information and communications technology, renewable energy and manufacturing. Click here for more information.
Business Growth and Competitiveness: Activities related to helping Northern Ontario SMEs get established, grow and increase their competitiveness in key sectors, such as the mining and forest industries, tourism, agri-food, information and communications technology, renewable energy and manufacturing. Click here for more information.
Innovation: Activities that enable organizations and SMEs to increase the level of innovation, productivity, quality and competitiveness in key sectors, such as biotechnology, the mining and forest industries. agri-food, information and communications technology, renewable energy and manufacturing. Click here for more information.
Kara McCaig, Northern Development Officer Ministry of Northern Development and Mines
FedNor Officer for Parry Sound Area Community Business & Development Centre
Muskoka Community Futures Development Corporation
FedNor Office in Parry Sound:
74 James Street Parry Sound, ON
Toll free: 1-877-333-6673