If you’ve been thinking about getting into a new business in northwestern Ontario, there’s an opportunity coming to learn some essential skills and get yourself a leg up.
The Northwest Business Centre is now accepting applications for their Starter Company Plus program, a Government of Ontario funded program designed to create sustainable jobs for northwestern residents through entrepreneurship. The program will begin on September 3, 2024.
The Starter Company Plus program is aimed at those looking to start, expand or buy a small business and can provide training, mentorship and a small grant to help get what you need to make your new business a success, or to keep your existing small business growing. Rainy Rive Future Development Corporation (RRFDC) executive director Angela Halvorsen Smith said the program is an excellent opportunity for those living within the region to get some hands on training with business professionals and even a chance to receive some extra funding for their business idea or expansion.
“It’s a program that’s actually administered through the Northwest Business Centre out of Kenora, and they cover this area as well,” she said.
“It’s a program that’s been around for a really long time, and it’s really designed to help people that want to start a business, also for people who have a new business and want an expansion or to increase their inventory. What’s really nice about it is that part of that program is that they actually walk you through the business plan, including the financial forecast and things like that. That’s really nice because it gives you that sort of hands on experience through the training program they have.”
The Starter Company Plus program is open to individuals age 18 or older and who are a resident of the Kenora or Rainy River Districts. Those interested in applying must also meet a number of additional eligibility requirements such as:
- the business they looking to start, expand or buy must be operational within three months of applying to the program
- must not be attending school full-time, nor returning to school
- must be a Canadian citizen or permanent resident
- must not be enrolled in other provincial employment or self-employment-related initiatives and programs that include or do not include financial assistance
- must not be working a full-time job (no more than 20 hours per week at a part-time job) or must be planning to work at the business full-time within three months
- be prepared to commit to a minimum average of 35 hours per week running the business
As part of the program, individuals will have the opportunity to participate in both one-on-one and self-directed training with the program provider in order to create a comprehensive business plan, complete with operational plan, market research and financial statements.
Halvorsen Smith noted that once a participant has gone through the program and completed the training, they can then potentially be eligible to apply for a $5,000 grant to help them get their business off the ground, or to purchase more inventory for their existing business. The program also notes that in order to qualify for the opportunity to receive the grant portion of the program, the applicant must demonstrate 25 percent in matching funds in cash or in-kind assets. A newer portion of the program, Halvorsen Smith said, is that those who are eligible to apply for the grant can do an in-person pitch to the selection committee, allowing the participant to show the strength of their business and answer questions posed to them by the committee.
“As somebody that’s done this type of work for many years, often you get a feel for the person by meeting them and get to understand their excitement about the business or their dedication to it, you can tell those types of things by meeting someone,” she said.
“And, of course, the business plan itself speaks for itself, so that’s a big part of it. IF they’re successful and awarded the grant, then they do get to take that money and apply it towards their business.”
Once an applicant is successful in receiving the grant, they are also then paired up with a mentor who can help guide them for the first few months of their fledgling business, or those tricky days of expanding, as the case may be. The mentor portion of the program runs roughly three months, Halvorsen Smith said, and allows for a new business owner to be matched with someone who has a similar vision, drive, or business themselves.
The Start Company Plus program is open to applications now, but the deadline for applications is next Thursday, August 15, 2024, giving interested entrepreneurs a little over one week to submit their idea to the program. Halvorsen Smith said the program is worthwhile for those who are thinking about starting their new business, and that the staff at the RRFDC are also there to help entrepreneurs get up on their feet.
“Unfortunately, there’s a very short window of opportunity,” she said.
“Of course, our organization is here to help them as well. We’ve worked in partnership with the Northwest Business Centre, and I’ve mentored some of the successful candidates in the past as well. It’s always neat to see some of these new businesses. Sometimes it’s young entrepreneurs. It’s just nice to see young people jumping in and getting into business.”
For more information or to apply to the Starter Company Plus program, visit www.nwbiz.ca/programs-and-funding/#starter-company-plus. Those with questions about the program can email Cierra Parkhll at cparkhill@nwbiz.ca.
