Business Incentives
Northern Development offers direct incentives to locate or expand your business in the North:
Northern Industry Expansion Program
The Northern Industry Expansion Program provides small and medium sized manufacturers, resource processing companies, and their first line suppliers with incremental capital to grow in today's marketplace. The Northern Industry Expansion Program provides a guarantee of up to 25% of the authorized loan provided by the Business Development Bank of Canada (BDC), significantly increasing the amount of capital companies can access in the Northern Development Initiative Trust region. A total of $15 million been dedicated to this program by Northern Development. This loan guarantee program expands the capital pool available to small businesses in the region.
Benefits for Business:
- Supports viable growth projects that are lacking sufficient tangible security to secure the necessary level of financing
- Simple single point of contact with the Business Development Bank of Canada (BDC)
- No requirement to be a previous client of the BDC
- Complete requests to Northern Development from the BDC are processed with five working days
- Ability to partner with multiple financial institutions while providing a guarantee to the BDC
Competitiveness Consulting Rebate
The Competitiveness Consulting Rebate provides small and medium sized companies engaged in manufacturing, innovative technologies, resource processing, transportation, distribution and their first line suppliers with a rebate of up to 50% of the cost of business competitiveness consulting. Eligible projects will focus on and measure increased productivity, revenues, profitability and job creation for operations located within the Northern Development Initiative Trust region.
Benefits for Business:
- Customized consulting to suit unique business requirements
- Support to identify and select regional and national consultants with a verified track record of competitiveness consulting expertise
- Access program directly through Northern Development if business has identified a qualified consultant or needs direct help to identify a qualified consultant
- Alternatively, access the program through the Business Development Bank of Canada (BDC) Consulting with a select consultant roster
- No requirement to be a client of the BDC
- Ability to finance consulting contract through the BDC
- Direct payment to reimburse the business owner within weeks of receiving verified completion of the consulting services contract
