Financial incentives

Smooth Rock Falls’ financial incentives are generous, varied and far-reaching and include both residential, commercial and industrial. Highlights include:

• Land offered for up to 90 per cent below market value; serviced land in town and on the golf course can be purchased for $500.
• Enormous tax breaks for new homeowners over three years: 100 per cent the first year, 75 per cent the second year and 25 per cent the third year.
• Economic development incentives for business owners: loans or grants up to a maximum of 15 per cent of eligible costs, up to a maximum of a million dollars.
• Loan guarantees for residential and non-residential construction projects up to 50 per cent of construction costs: up to a maximum of $100,000 for residential and $500,000 for non-residential projects.
• A generous Tax Increment Grant Program for businesses, including: a 75 per cent rebate in year one, 50 per cent rebate in year two and 25 per cent rebate in year three.

There are also several government funding programs that could be leveraged pending approval. The Town municipal staff can help you determine which one or ones would be appropriate based on your needs and situation, and can help you some of the paperwork.

The Northern Ontario Heritage Fund Corporation (NOHFC) is a crown corporation and development agency of the Ontario government that invests in northern businesses and municipalities through conditional contributions, forgivable performance loans, incentive term loans and loan guarantees.

Ontario’s Rural Economic Development (RED) program helps rural communities remove barriers to community economic development. With the support of the program, rural communities are better positioned to attract investment, create jobs, enhance economic growth and make everyday life easier for rural Ontarians.