For Immediate Release
January 24, 2005

Background Information

Northern Ontario Young Entrepreneur Program

Under the refocused Northern Ontario Heritage Fund Corporation (NOHFC), young northerners can take advantage of a Northern Ontario Young Entrepreneur Program to develop their business skills and start their own full-time businesses.

Residents of Northern Ontario aged 18 to 29 can apply for assistance with the capital costs of business start-up. Funding will be a conditional contribution (financial assistance that does not need to be repaid, provided certain conditions are satisfied), generally of up to 85 per cent of eligible costs to a maximum of $25,000 per project.

At the time of approval, the young entrepreneur must also invest in the business by making a cash equity contribution to the business equal to 10 per cent of the NOHFC conditional contribution. Each enterprise is expected to create at least one new full-time job in the North.

The proponent will have to complete a business plan as part of the application to the NOHFC. Then, following the first year of operation, approved applicants will submit a report outlining the economic benefits of their project, including revenues and job creation.

For more detailed information on the program, eligibility criteria and available assistance, please see the NOHFC website at www.nohfc.com or visit an MNDM office, Government Information Centre or Small Business Enterprise Centre in Northern Ontario.

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Contacts:

Laura Blondeau
Minister's Office - Sudbury
(705) 564-7454