Are you thinking about starting a new business or growing your existing business in North Simcoe?
Although bank loans tend to be most used source of funding for small and medium-sized business start-ups and growth, it’s a good idea to do some research and see if you can find external sources of funding to support your business dream. Options can include provincial or federal government agencies, or private funders that are looking to support businesses that ‘give back’ to their community. Government agencies may sometimes provide financing such as grants and subsidies that you may qualify for. For example, in 2020-2021, the North Simcoe CFDC team helped to distribute $1.357 million through the Regional Relief and Recovery Fund to business in our region to support their recovery from the pandemic. Almost 60% of this funding does not require payback and has gone directly into rebuilding our local economy.
The North Simcoe CFDC website is a great place to start your search. We have developed an Online Resources page that will link you directly to tools, loans and financing information, and available funding opportunities that could be a fit for your business. And, even if you don’t come across an opportunity that works for you right now, business plan right now, new funds and subsidies become available throughout the year. Visit our Online Resources page to learn more.
An opportunity that is open for North Simcoe businesses is the Government of Canada’s Jobs and Growth Fund. The Jobs and Growth Fund offers funding to businesses and organizations to help create jobs and put local economies on the path to sustained growth. The fund, delivered by Canada’s regional development agencies (RDAs), will provide $700 million nationally over three years, which includes up to $70 million dedicated to businesses that were started after January 2020.
As part of this fund, FedDev Ontario1 is investing $224 million to help job creators and the organizations that support them to “future-proof their businesses, build resiliency and prepare for growth by transitioning to a green economy, fostering an inclusive recovery, enhancing competitiveness, and creating jobs in every corner of the country”.
If you are a business owner or cooperative, a not-for-profit organization, you may be eligible for this fund. Indigenous-led organizations and/or businesses are strongly encouraged to apply, and RDAs may contribute up to 100% of eligible project costs for projects with Indigenous clients. Visit the Government of Canada’s official Jobs and Growth Fund2 page to determine if your business or organization may be eligible to apply.
Get in touch with the North Simcoe CFDC team today to speak to us about this opportunity or other funding programs. We can also talk with you about our loans and financing options, and the free business services and support we have available to help you achieve your business goals.
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