With the extended deadline of May 6, for Northern Ontario Grow Bonds Business Loan program submissions fast approaching, the Ontario government has appointed four members to the grow bonds board of directors to approve loans.
“Northerners and northern municipalities have already made a commitment to their future prosperity by investing in Grow Bonds,” said Northern Development and Mines Minister Rick Bartolucci.
“Now is the time to put these funds to work for the small and medium-sized business that are the spirit of our northern communities. We encourage entrepreneurs and business owners to take advantage of this opportunity by applying before the May 6 deadline,” he added.
The grow bonds board of directors will be responsible for loan approvals and the management of the board’s affairs. To prepare to evaluate loan submissions from across the North, four experienced northerners have been selected for the corporation’s board of directors.
Austin Davey of Sudbury will continue as interim chair while the board sets to work outlining the objectives and strategic directions within its mandate. Additional appointees will be announced shortly.
“Our board members understand that this pilot program is an important part of the Ontario government’s Northern Prosperity Plan,” Bartolucci said. “Northerners told us that local businesses need better access to capital funding in order to grow and develop the northern economy. We listened and, with the guidance and expertise of board directors, we are eager to see new jobs and innovative projects flourish under the Grow Bonds loan program,” he added.
Proceeds from the sale of Northern Ontario Grow Bonds, which were available to northern residents from March 21 to April 18, will be used to provide capital assistance loans to new and established northern businesses. Loans will provide $125,000 to $1 million for eligible projects that will create new, permanent jobs in the North.
More information on the business loan program is available at provincial and municipal government offices throughout the North, or by calling toll-free 1-866-668-5437. Grow Bonds loan application forms are available online at http://www.northernontariogrowbonds.com.
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