Northern Ontario News | Local Breaking | CTV News Northern Ontario
Northern Ontario Angels helping new and existing businesses grow regional economy
SUDBURY -- A non-profit organization in the north, Northern Ontario Angels, is helping entrepreneurs and existing business owners create jobs and spur economic growth in the region.
The investment group matches business people with mentors, also known as "angels," and those investors get a stake or equity in the company.
"We don’t have any other investment groups in northern Ontario. Venture capital wasn’t available," said Mary Long-Irwin, executive director of Northern Ontario Angels.
The organization was created in 2005 following public consultation to address two key issues in northern Ontario:
- Entrepreneurs struggle with the "equity gap"
- Entrepreneurs are challenged to locate investors and to become "investor ready"
As of March 2020, the group has been instrumental in creating 344 deals; companies have received more than $155-million in investment and over 4,000 part-time/full-time jobs have been created.
Northern Ontario Angels help business people throughout the northwest and northeast regions of the province.