Starter Company Plus
Starter Company Plus is an Ontario government program facilitated by the Regional Business Centre to provide entrepreneurs with the resources and knowledge they need to start, purchase or grow their own business. The program provides: training and business skills development to further coach participants in running their own business; advice and mentorship from local business leaders; assistance in writing a comprehensive business plan to better position participants in obtaining financing; and an opportunity for a $5,000 grant to kick off a new or expanding business.
WHO CAN APPLY?
Eligible participants for the Starter Company Plus program are:
- Over the age of 18
- Proposing a new company, expansion of an existing company or buying a business
- A Canadian citizen (or permanent resident) and resident of Ontario
- Not a student and not returning to school
- Not enrolled in any government employment or self-employment related program that include or do not include financial assistance
- Prepared to attend weekly meetings for the entire length of the training period (approximately 4 months)
- Prepared to commit to a minimum average of 35 hours a week running the business
- Can demonstrate 25% matching funds in cash or in-kind assets
- Have not received the Starter Company Plus grant in the past or the Summer Company grant in the last 6 months
- Business must operate in Greater Sudbury, Espanola and/or Manitoulin Island area
- Business is not in the research & development stage
Ineligible businesses for the Starter Company Plus program include:
- Non-profit or charity
- Pay-per-click business
- Commissioned sales
- Multi-level marketing
- Single events
- Part-time/seasonal business
Entrepreneurs interested in Starter Company Plus will actively participate in live weekly training webinars and networking events. They will work with the Regional Business Centre team to create a comprehensive business plan complete with the operational plan, market research and financial statements. In order for a business expansion to be eligible for a grant, concrete growth goals must be established – ideally including the hiring of staff.
No funding will be provided to the participants during the training module.
Participants will be ready to leave the training module and approach the Grant Committee to apply for funding when they have:
- Completed all of the elements in their training phase;
- Willing to commit an average of 35 hours a week to the development and/or operation of their business upon receiving funding;
- Set a minimum of three S.M.A.R.T. goals that they aim to achieve within 3 months following approval by the Grant Committee;
- Produced a viable business plan which will include 3 years of projected income statements;
- Prepared a 5 minute pitch that they will deliver to the Grant Committee; and
- Demonstrated their commitment to the Program to the satisfaction of their service provider.
The Grant Committee will determine whether and how much funding the applicant should receive based on:
- Feasibility of the business
- Quality of applicant – teachability, entrepreneurial aptitude
- Have the ability to create sufficient economic impact, including possibility for job creation
- Start-up budget and/or financing needs of the business
- Ability to fulfil a market demand
The participant may receive up to $5,000 in funding, provided they can match that funding by 25% (may include asset-based in-kind contributions, at fair market value, such as equipment or machinery required to run the business i.e. ladders for a painting company; camera for a photographer; etc.)
The participant will receive up to 75% of total eligible funding at the time of funding being approved. The final amount of the grant will be received when the participant has reached the mutually agreed upon milestones/targets laid out in their business plan and can show receipts from Starter Company Plus funds spent.
- Leasehold Improvements
- One-time Supplies
Any Operational Costs such as:
- Rolling Stock (vehicles)
- Cell Phones
- Office Supplies
TIMELINE & APPLICATION PROCESS
Starter Company Plus is an annual 6-month program. Applications for our 2021 intake are now closed. To add your name to our notification list for next year’s intake, please contact [email protected].