Does the Northern Ontario Heritage Fund’s Invest North program fund small businesses?

The Northern Ontario Heritage Fund Corporation (NOHFC) is a corporation continued by the Northern Ontario Heritage Fund Act, and Invest North is one of its programs for private-sector businesses. This page covers Northern Ontario only. It is not a description of every Ontario lender, and a business outside Northern Ontario is outside what these NOHFC pages describe. Invest North has two streams on NOHFC’s pages, Launch for businesses starting up operations and Grow for businesses growing existing operations. Neither page describes itself as a loan for buying an existing business, and the Launch page says outright that business acquisitions are not eligible. Read this page as a map of what to ask NOHFC, not as a prediction of what it will fund.

What NOHFC is and what its Act allows

Under the Northern Ontario Heritage Fund Act, the Corporation is continued under its English and French names, and one of its objects is to promote and stimulate economic initiatives in Northern Ontario. Section 7(1) lets it use money deposited in the Northern Ontario Heritage Fund to further its objects and, for the purpose of that economic-initiatives object, provide financial assistance by way of grant or loan and guarantee any loan. The Act also says the Minister chairs the board, and that every other director is appointed by order of the Lieutenant Governor in Council. The objects tie the Corporation to Northern Ontario, so Invest North is a regional program, not an Ontario-wide small business lender.

Launch: businesses starting up operations

NOHFC describes Launch as designed specifically to assist with the launch of new businesses in Northern Ontario. The Launch page says funding is in the form of a conditional contribution, capped at a share of total eligible project costs and a dollar maximum that the page states, and that applicants must contribute a minimum share of those costs from their own resources. It expects the new business to operate full time, with the entrepreneur or owner working at it full time, and says the applicant may be required to reimburse NOHFC if assets NOHFC financed are sold after project completion. Its “What is not eligible?” list names land purchase or lease and business acquisitions. A buyer taking over a going concern therefore cannot rest on Launch, and the page gives a buyer no route around that line.

Grow: businesses growing existing operations

The Grow page says businesses growing their existing operations in Northern Ontario are eligible to apply. Funding takes one of three forms on the page: a conditional contribution, a contribution plus a loan, or a loan alone. Each option has a percentage cap and a dollar maximum stated on the page, so read the current figures there. The page says Grow applications are evaluated in competitive rounds, that the NOHFC Board of Directors determines funding for each project, and that not all projects meeting the criteria will necessarily receive funding. The not-eligible list includes retail and consumer service businesses that primarily earn revenue by providing products and services directly to individuals, accommodation and food service businesses, working capital, restructuring or refinancing of existing operations, and land purchase or lease. The page adds that this list is not exhaustive and points to its full program guidelines for a more comprehensive list. One FAQ narrows the accommodation line: it says many tourism businesses offering accommodation may qualify, such as remote outfitters or family vacation resorts, while businesses that mainly provide overnight stays for travellers, like hotels and motels, are not eligible. The Grow page, as read on October 25, 2026, does not mention business acquisitions. That silence is not an approval, so read the full guidelines and ask NOHFC directly.

Check the region, the lawyer requirement and the security

Both pages tell applicants to check first whether they fall within the eligible region of Northern Ontario. Both also carry an FAQ on whether you need a lawyer. It says that in most cases the decision to hire a lawyer rests with you. Where NOHFC funding is provided by way of a secured loan, or a secured loan and conditional contribution, the page says you will need to hire a lawyer to represent you on the transaction, and that lawyer must provide a legal opinion to NOHFC and do other legal work needed to complete it. Budget for that cost and time before you commit to a closing date.

Where that leaves a buyer

If you are buying an existing business in Northern Ontario, the sources above go only this far: the Launch page excludes business acquisitions, and the Grow page does not list them either way while pointing to its full guidelines for more exclusions. The federal Canada Small Business Financing Program is a separate, national program. Its guidelines say the Canada Small Business Financing Act aims to increase the availability of financing to establish, expand and modernize Canadian small businesses. Which uses a given loan can cover is a different question, answered in what a small business loan can be used for. Put these questions to NOHFC and to any lender in writing:

• Is the purchase of an existing business an eligible cost under Grow, or only the growth spending after closing?
• Does the business fall into a type that the Grow page lists as not eligible, such as retail, consumer services, or accommodation and food service?
• Is the business located within the Northern Ontario region NOHFC uses for the program?
• If the funding is a secured loan, what must my lawyer deliver to NOHFC, and when?
• Can the project start before approval, or does NOHFC need to approve it first?