Entrepreneurship project expected to generate $20 million in business investment and create good local jobs
(CORNWALL) — Ontario is recruiting 100 international entrepreneurs to start or grow businesses in regions outside of the Greater Toronto Area that have been hit hard by pandemic job losses through the Entrepreneur Stream of the Ontario Immigrant Nominee Program (OINP). This initiative will create more local jobs in a variety of sectors including information technology, life sciences, and tourism while bringing new investments to cities and towns often overlooked by entrepreneurs.
Through this two-year project, international entrepreneurs will be able to purchase or start new companies, hire local workers and drive economic growth in their new communities.
“As we continue to build back better, we want people across Ontario – no matter where they live – to find rewarding, well-paying careers in their communities,” said Monte McNaughton, Minister of Labour, Training and Skills Development. “Our government is working for workers and spreading the jobs and opportunities that entrepreneurs bring to every corner of our province, not just our big cities.”
“Communities across Ontario are looking for investment, and immigrants are looking for opportunities,” said Peter Bethlenfalvy, Minister of Finance. “Through Build Ontario, our government is working to bridge the gap between the two. Our government is working for workers, and laying a foundation for prosperity in every corner of our province.”
“By welcoming and helping newcomers to set up shop, we could create new economic activities and job opportunities ,” said Jim McDonell, MPP Stormont-Dundas-South Glengarry. “This strategy will assist in solving our labour challenges as we strive to successfully reopen Ontario.”
Each entrepreneur who is selected will be required to invest a minimum of $200,000 into their business – generating at least $20 million for Ontario’s economy. The project will prioritize applications from entrepreneurs looking to start or grow their business outside of the GTA, especially in communities hit hard by job losses resulting from COVID-19.
Although the Entrepreneur Stream of the Ontario Immigrant Nominee Program was initially established in 2015, only two nominations have been made to date. To improve this program, this project will better support entrepreneurs that apply and help connect them with business opportunities that best fit them.
In 2021, over 100,000 immigrants have been granted permanent residency status by the federal government. Only 8,600 were nominated through the Ontario Immigrant Nominee Program. To better fill critical labour shortages and drive economic growth, Minister McNaughton has called on the federal government to double Ontario’s allocation in 2022.