Starting & Growing Your Business

 

Financing & Startup Programs

In the Sault Ste. Marie area, there are a number of financing options for businesses and prospective businesses to take advantage of. The team at the SSMEDC helps its clients access these funding sources.

The most commonly accessed sources of financing for new business start-up and expansion include:

Northern Ontario Business Opportunity Program - Small Business Start-Up Projects

Through the Northern Ontario Heritage Fund Corporation, this program support regional entrepreneurs with up to $200,000 in funding per project.

The NOHFC website lists guidelines and eligibility requirements.

Northern Ontario Business Opportunity Program - Business Expansion Projects

Offered by the Northern Ontario Heritage Fund Corporation, this program provides financial assistance to the private sector to help bring new jobs and economic prosperity to the region. Funding assistance is in the form of repayable loans, and projects will normally receive funding based on the number of full-time equivalent jobs created in the North.

The maximum contribution from the Business Expansion Projects to any one project will generally not exceed 50 per cent of eligible costs up to $1 million.

Community Development Corporation (CDC) of Sault Ste. Marie & Area

The CDC works with individuals, businesses and community partners to facilitate the creation and maintenance of jobs and to build healthy, sustainable communities.

As part of its mandate, the Community Development Corporation of Sault Ste. Marie & Area has programs that provide financial support to small businesses.

FuturPreneur Canada

FuturPreneur Canada is a national non-profit organization that provides low-interest financing, mentoring and business resources to help aspiring young entrepreneurs.

Summer Company

Want to operate your own business during the summer months?

Summer Company provides up to $3,000 for students between the ages of 15 and 29, who are returning to school, with the opportunity to start and operate a business for at least eight weeks during the summer.

Funded by the Ontario Ministry of Economic Development, Employment and Infrastructure, the program is administered by SSMEDC.

For more information, visit the Summer Company website from the Province of Ontario.