SSMIC monitors and works to obtain funding sources (government, angel and commercial) for SME’s.
Funding Programs offered by SSMIC
Broadband for E-Business and Marketing (BEAM)
With the assistance of FedNor, the BEAM program provides eligible small to medium enterprises (SMEs) in the Algoma district funds to assist with the adoption and implementation of E-Business solutions. “E-business” is defined as using information communication technology (ICT) to conduct business via the internet, including buying/selling goods and services, servicing customers and business partner collaboration. The key objective of this process is to support SME growth, resulting in more modernized and competitive businesses locally, improving efficiencies and reducing costs. Some examples of eligible activities are: creating/upgrading websites (including mobile, social media and apps), e-commerce integration, search engine optimization/marketing, CRM/ERP software integration, and custom software development. Click here for more information.
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Professional Services Program (PSP)
The program is funded by the National Research Council Canada (NRC) through its Industrial Research Assistance Program (IRAP). The objective of the Professional Services Program (PSP) is for a qualified technology SME developing its own products and services to access a new professional advisor for initial assistance relevant to its growth. The program will provide one-on-one consultation and assistance to qualified SMEs within a professional domain. Services will include but are not limited to the following professional services: Accounting, Business Strategy, Commercial Law, Human Resources Intellectual Property, Technology Development. Click here for more information.
Small Firm Assistance Program (SFAP)
The program is funded by the National Research Council Canada (NRC) through its Industrial Research Assistance Program (IRAP). The objective of the program is to support any qualified technology small medium enterprise (SME) i.e. a growth oriented Canadian incorporated technology SME developing their own products or service to access technical or business services from qualified professionals that can assist them in their growth and competitiveness. This program encourages clients to work with both SSMIC and NRC-IRAP to accelerate their growth and achieve increased profitability. Click here for more information.
Innovation Accelerator Program (IAP)
In Northern Ontario, many small and medium sized enterprises (SME’s) have difficulty funding the initial commercialization steps required to accelerate product introduction and marketplace positioning. The intent of this program is to provide funding to assist SME’s with the development and commercialization of new innovations and promote innovative business growth. Click here for more information.
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Other Funding Resources
SSMIC’s team of advisors has considerable experience in guiding SMEs on securing public funding, particularly in support of R&D and commercialization projects. Funding can range from supporting finding expertise for your project, to the purchase of capital, to supporting the hiring of Northern Ontario graduates. Review the programs outlined below and contact our team of advisors to discuss your project’s needs.
Northern Ontario Hertitage Fund Corporation (NOHFC)
National Research Council of Canada - Industrial Research Assistance Program (NRC-IRAP)
FedNor Northern Ontario Development Program
Canada Revenue Agency Scientific Research & Experimental Development (SR&ED) Tax Credits
The Northern Ontario Enterprise Gateway (NOEG) has been funded by FedNor as a non profit organization providing education and information to entrepreneurs to help them become investor ready and act as a catalyst to form and support angel investor groups in Northern Ontario. NOEG has established a pool of angel investors in Sault Ste. Marie and SSMIC has collaborated with NOEG to support their efforts in Sault Ste. Marie.
SSMIC supports its clients in navigating the process of obtaining conventional commercial financing (i.e. bank loans). We are also able to find your business the appropriate contacts at the banking institution of your choice. Sault Ste. Marie features a number of commercial lending institutions including: