Funding and Financial Assistance Information

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.

Local

West Parry Sound Economic Development

At the West Parry Sound Economic Development Office (WPSEDO), we’re here to help you with your business needs, not bounce you around. The West Parry Sound Economic Development Office connects you to programs, funding and advice to help new businesses and grow existing businesses in the region.

Whether you’re an existing local business, starting a business for the first time, or relocating to the area, our goal is to provide you with what you need to succeed.

Phone: (705) 774-1809
Email: edo@investwps.com

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.

Contact:
Bill Spinney – General Manager
Sherry Keown – Loans Officer
Glen Barnden, Regional Economic Development Officer
Susan Tait – Administrator

Phone: (705) 746-4455

Federal

  • 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.  
  • 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.  
  • 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.  

Contact Information

  • Provincial
    Melanie Altkins – Ministry of Energy & Northern Development Officer Ministry of Northern Development and Mines
    Phone: 1-705-773-4217

  • Federal
    Ron Begin – FedNor Officer for Parry Sound Area Community Business & Development Centre
    Phone: 1-705-494-5314

  • Muskoka Community Futures Development Corporation
    Phone: 1-705-746-4547

  • FedNor Office in Parry Sound
    Address: 74 James Street Parry Sound, ON P2A 1T8
    Toll free: 1-877-333-6673
    Fax: 1-705-746-4934

Provincial

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. 

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. 

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. 

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. 

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. 

Small Business Start-up Projects
This 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. 

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. 

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. 

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