A new innovation challenge program aims to give Peterborough-area businesses funding opportunities to grow or expand their businesses.
The program was launched Thursday.
Entitled “ignite100,” the competition, created and hosted by Community Futures Peterborough, is open to any organization within the city and county of Peterborough that has been in business for more than two years, or any business willing to relocate to the region.
Watch: Community Futures Peterborough discusses “ignite100”
“This program is about giving area businesses another avenue to gain a competitive advantage,” said Peter Gaffney, chairman of Community Futures Peterborough. “We wanted to develop something specific for our community and allow as many businesses as possible [to] participate in the competition.”
Those who enter ignite100 are competing for a three-year, interest-free loan, with no payments for the first year. They will also have access to up to $1 million as a repayable loan(s) or equity position through Community Futures Peterborough partnerships.
“The Greater Peterborough community has done an amazing job supporting our youth and startups, and Community Futures Peterborough is a major partner of both the Bear’s Lair and Win this Space programs,” said Gail Moorhouse, CFP executive director.
“We believe that now is the time to focus on business expansion and provide an opportunity for entrepreneurs to catapult their business forward,” Moorhouse added. “ignite100 is the catalyst to do just that.”
The ignite100 website opened for applications on Thursday and applications will be accepted until March 15.
The winner will be announced at the Community Futures Peterborough annual AGM and community BBQ on June 26.
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