Local startup companies now have a chance to get a $100 000 loan.

Business Development Officer for Renfrew County Community Futures Development Corporation, Mike Thompson, says the second edition of the competition has officially kicked off.

He says their contest, which will award a company a loan of $100 000 is a way to create local employment. He says that the winner has to agree to establish a presence within Renfrew County. Although they have received applications from companies in Toronto and Ottawa, he says that community presence could be set up in different ways. He says that the company could set up a development team or their head office here.

Thompson adds that the competition is important for the Renfrew County’s growth. According to Thompson, they want to see the County innovate and they also want to create employment within the County’s municipalities.

“You don’t have to invent something” Thompson says. He states that they are looking for innovation, but that could mean taking something we have and improving it, “a better mousetrap” he says.

He says that they received 40 applications last year and that they hope to have a lot more this year. Applications are accepted until April 30th. For more information and to apply, click here.