Precision Auto Body, a Northwestern Ontario collision repair business, has been recognized as one of only three businesses under Ontario’s Young Entrepreneur Program.
The new small businesses, run by young entrepreneurs, are up and running, creating seven private sector jobs in three Northwestern Ontario communities.
Precision Auto Body, in Sioux Lookout, was joined by two other businesses in receiving start-up funding.
The Northern Ontario Heritage Fund Corporation (NOHFC is providing $25,000 to each of these projects under its Young Entrepreneur Program, which helps northern residents aged 18 to 29 start their own for-profit business in the north.
According to the Ontario government, some 40% of new Ontario businesses are started by young people aged 25-34, and 16% by youth under 25.
Since 2005, the NOHFC has invested nearly $6.6 million in the start-up of some 290 businesses by young entrepreneurs in Northern Ontario.