A number of funding programs, specific for Northern Ontario are available for eligible projects to assist with capital and operating costs. The Economic Development Officer has a close relationship with the funding providers and is pleased to work with you to customize an approach that suits the needs of your operation.
- No Industrial Development Charges
- Occupied industrial tax rate is one of the lowest in Ontario.
- Competitively Priced Land – Parry Sound offers a variety of municipal owned site options for development, including close to 1,000 acres of fully serviced competitively priced industrial zoned parcels for sale or lease.
- Community Improvement Plans reducing the cost of new investment including:
- Downtown Community Improvement Plan
- Brownfield initiatives
Provincial incentives such as NOHFC offers a number of programs for qualified new investment and business expansion projects to assist with capital costs associated with business growth in Northern Ontario. Projects which are aimed at job creation and align with the sectors identified in the Growth Plan for Northern Ontario may be eligible for funding.
- Northern Business Opportunity Program: Business Expansion:
- Up to 50% to a maximum of $1M for qualified projects
- Up to 20% may be conditional grant
- Focus on new businesses in the Province of Ontario
- Funding based on case by case basis and can be combination of grant and term loan/incentive
Federal incentives such as FedNor can provide support to Northern Ontario businesses to improve their competitiveness and productivity. Funding may be available for qualified projects to help offset costs associated with capital investment and job creation.
- Business Growth and competitiveness
- Repayable and non-repayable contributions depending on the project
- 33-50% of eligible costs (maximums are normally defined with project)
- Repayable contributions for private sector
- 33% of eligible costs up to $500,000
Other Funding Opportunities:
- National Research Council (IRAP)
- Research & Technology Development - focus on technology innovation
- Ministry of Training, Colleges & Universities
- Targeted Wage Subsidy Program – geared to under employed
- Canada-Ontario Job Grant
- Export Marketing Program (Global Affairs Canada) – CanExport
- 50% up to $99,999 towards a $199,998 project
In addition, existing businesses in Northern Ontario can access funding for marketing for export development, 50% up to $10,000 towards a $20,000 project.