Grow bonds now on sale until April 11

The new Northern Ontario Grow Bonds went on sale yesterday and will be available for northern investors to purchase until April 11.
Northern residents can buy grow bonds in increments of $100 to a maximum of $500,000. Proceeds from the sale of the bonds will be used to fund loans to small- and medium-sized businesses in the north.
Investors have the opportunity to make a safe investment while contributing to local business growth and northern economic prosperity.
The bonds feature a competitive interest rate of 4.0 percent for a five-year term.
“We promised a new northern investment and loan opportunity program in the 2004 Ontario budget and now we are delivering a program that is good for investors and businesses as well as the northern economy,” Finance minister Greg Sorbara said in a press release yesterday.
“We are offering a competitive rate that is fully guaranteed by the government,” he added. “The capital raised will stay in the north for new and expanding businesses.”
“I am very proud of the grow bonds program because it is all about stimulating investment, job growth, community development, and business opportunities here in Northern Ontario,” echoed Northern Development and Mines minister Rick Bartolucci in the same press release.
“I urge people in the north to take advantage of this safe and competitive investment opportunity, and I encourage small- and medium-sized businesses to apply for loans through this worthwhile pilot program,” he added.
This initiative is part of the government’s Northern Prosperity Plan designed to help build a strong and prosperous economy that provides a high quality of life and increased investment opportunities in the north.
Purchases are available by telephone, on the Internet, and by acquiring application forms from local municipal offices, Chambers of Commerce, local participating businesses, and a variety of Ontario government offices in the north.
For details, call toll-free 1-866-668-5437 or visit www.northernontariogrowbonds.com
The Ontario Financing Authority (OFA) of the Ontario Ministry of Finance will oversee the grow bond issue. The OFA is the agency responsible for all provincial borrowing and debt management activities.