Manitoba Industrial Opportunities Program: Business Expansion Loans
Manitoba’s diverse economy offers extensive opportunities for business growth. One of the reasons for this is that the Provincial Government of Manitoba encourages new, large-scale business investments with lucrative government grants and loans for businesses. This access to capital provides organizations a unique incentive for expanding their business in Manitoba.
The Manitoba Industrial Opportunities Program (MIOP) provides repayable government funding to help businesses relocate to (or expand within) the province. Manitoba government loans ranging from $500,000 to $5,000,000 may be awarded to support business expansion projects.
All MIOP projects should create new jobs as result of the investment. Organizations making a large-scale business expansion within Manitoba should determine whether their project is a good fit for government grants and loans.
Manitoba Industrial Opportunities Program: Funding for Business Expansion
The Manitoba Industrial Opportunities Program (MIOP) was designed to accelerate business growth and increase the revenue potential of Manitoba companies. Projects considered for funding will provide significant investment, in addition to demonstrating innovation, increasing productivity, and encouraging exports.
MIOP supports commercially viable businesses currently operating or looking to establish operations in Manitoba.
Unlike government grants (non-repayable funding), MIOP provides repayable funding (secured loans) ranging between $500,000 and $5,000,000. Repayment terms are based on a 5-7 year period at RBC prime plus 2%. Businesses must secure loans with up to 20% of the project’s value; MIOP will contribute the remaining 80% in repayable funding.
Businesses Eligible for the Manitoba Industrial Opportunities Program
The Manitoba Industrial Opportunities Program provides small business loans to commercially viable businesses who are:
- Starting or expanding operations in Manitoba; and
- Able to provide a minimum of 20% investment to support project costs.
Please Note: MIOP loans must be secured; high risk projects may require contributions greater than 20% of project costs.
Project Eligibility Criteria
MIOP government loans will support projects:
- Providing economic benefits to grow Manitoba’s economy;
- Attracting new business opportunities;
- Expanding existing business operations; and
- Creating sustainable jobs.
How to Apply for the Manitoba Industrial Opportunities Program
MIOP is a continuous intake program; this means businesses can submit applications throughout the year without having to wait for intake periods. To be considered for funding, eligible organizations must complete and submit a full application prior to the start of their project.
To apply for the Manitoba Industrial Opportunities Program, businesses will submit a comprehensive 15-20 page package, including a detailed business plan, project timelines, and financial statements.
Contact Mentor Works to confirm your company’s eligibility for the Manitoba Industrial Opportunities Program and receive support completing the program’s application process.
Hi Katlynd. My name is M. Reza Bahiraei. I have become Permanent Resident since last Feb. based on Manitoba Nominee Program on Business to set up a business in Manitoba with minimum investment of around $195,000. Due to the new situation in the economy resulting from COVID-19, I am looking for new business opportunities for setting up in Manitoba so I would like to get your assistance on the following issues:
1- To assist finding the businesses which has priority in Manitoba and are supported by the provincial government.
2- To get financial supports based on Manitoba Industrial Opportunities Program.
So you are kindly requested to get in touch with me through my email address of bahiraei@yppcanada.com and my local number of 204-583-7863 (preferably from 1:00 pm onward till 05:00 pm). Thanks and regards., Reza
Hi Reza – Thank you for your message. As a new business, we would recommend that you explore the options listed in our Startup Resources Page, as they would be the most appropriate opportunities for your growth stage. Once you are 3+ years incorporated and have 15+ payroll employees, you become a candidate to work closely with Mentor Works, as a lot more funding programs become available to you and we can provide customized funding education, identification, and application support. All the best with your new venture.