Northern Ontario Grow Bonds

Grow Bonds Invest in Northern Ontario

A strong and prosperous North is a priority for us all. Close to $13 million in funds was raised for the Business Loan Program through the sale of Northern Ontario Grow Bonds, which provided residents of Northern Ontario with the opportunity to invest in a safe and competitive savings instrument, while actively contributing to the economic future of the North.

The Northern Ontario Grow Bonds Business Loan Program is dedicated to enriching northern communities by supporting new and established businesses and the creation of new jobs. This unique program will assist new and expanding small and medium-sized businesses throughout Northern Ontario by investing in capital projects that directly result in permanent, full-time employment in the North.

Thank you to all Grow Bonds Business Loan applicants. Together we are building a prosperous future for the North.

• 2005 Business Loan Program brochure (in PDF)
• Learn more about Northern Ontario Grow Bonds

News:

• January 28, 2008 - Hornepayne Mill Expansion Helps Retain And Create Jobs
• June 18, 2007 - Ontario Government Funding Strengthens Transportation Infrastructure In Sudbury
• June 5, 2007 - Ontario Investing In Northern Iron And Steel Manufacturer
• December 1, 2006 - Ontario Announces Grow Bonds Investment In Wawa
• Novermber 23, 2006 - Ontario Government Helps Local Specialty Cleaning Business
• September 21, 2006 - Northern Ontario GROW BONDS Helps Emo Sawmill Expand
• July 28, 2006 - Ontario Government Funding Strengthens Air Service To the Far North

Speeches:

• February 25, 2005 - Launch of the Grow Bonds Pilot Program
• June 10, 2004 - The Northern Prosperity Plan
• May 18, 2004 – 2004 Ontario Budget

NOTE: The loan application period closed May 6, 2005

 

Eligibility

Potential candidates for the Northern Ontario Grow Bonds Business Loan Program included:

• New small and medium-sized businesses that are located in, and controlled by residents of Northern Ontario.
• Established small and medium-sized businesses that are located in, and controlled by residents of Northern Ontario.
• Corporations, joint ventures, partnerships or sole proprietorships that carry on or that will carry on business for profit in the North are all eligible to apply.

NOTE: If the business is a corporation with share capital, generally shares cannot be held by a government, or by a government agency.

What is eligible for funding?

Funding must be used for capital investment projects that either establish a new business or expand an existing business in Northern Ontario.

Eligible capital investments include, but are not limited to, investments in physical infrastructure, leasehold improvements, new or used equipment or intellectual property.

Costs directly related to capital investment will be considered eligible for funding. This does not include non-capital business costs and activities such as strategic business plans, feasibility studies, research and development, training, marketing, project management, consulting, land acquisition, vehicles, working capital and ongoing business operations.

Please note, funding cannot be used to set up or expand a retail, construction or hospitality business.

For more information please call 1-866-575-5797. The Northern Ontario Grow Bonds Corporation, 159 Cedar Street, Suite 601, Sudbury ON P3E 6A5