Does NECO offer grants or repayable loans?

NECO offers terms loans, loan guarantees, and equity investments to new and existing businesses for business start-up or business expansion. These investments are not considered as grants and are therefore repayable.

However, we do also administer the Local Initiatives Contribution (LIC) Fund, which provides non-profit entities with grants towards their one-time community economic development, growth and competitiveness or innovation projects.

What kinds of programs does NECO offer?

NECO offers the following:

  • Business Development Services
  • Investment in Business
  • Young Entrepreneurship Program
  • Business Planning Initiative
  • Mentorship Program
  • Community Development

Do you help with a Business Plan?

We absolutely can! We can also offer technical advice, business counselling, information and referral services to small and medium sized businesses. NECO is a site for the Canada-Ontario Business Service Centre (COBSC).

What information can you provide about starting a business?

Technical advice, business counselling, information and referral services to small and medium sized businesses.

Do you need a Business Plan to apply for funding?

An up-to-date business plan; forecasted financial statements, market and competitive analysis; proof of Canadian citizenship; financial statements (if available).

Please note that these requirements are not limited as to what is described above. NECO reserves the right to require additional information to properly assess a request for funding.

What is the criteria for getting a loan?

The business plan (CFDC staff can provide advice); personal contribution of time, money and skills; description of experience of the people involved in the business; other lenders who invest; ability to repay the investment; job creation/maintenance in the community.

Please note that these requirements are not limited as to what is described above. NECO reserves the right to require additional information to properly assess a request for funding.