Many inquiries are being made about the Lambton Innovation Challenge as a local corporation aims to boost economic growth.
The Sarnia-Lambton Business Development Corporation (SLBDC) is accepting applications for financial support.
The award is a $150,000 repayable loan with no interest for three years. The top three entrants will compete for the top prize during a formal presentation to the SLBDC board of directors.
The successful business must operate within Lambton County for a least 60 months after the loan is disbursed and must create a minimum of five full-time equivalent positions.
"The thought is to help in the early stages of commercialization and getting product to market," said SLBDC General Manager Don Anderson. "We've brought a few partners on board to help with mentoring and other things to help get folks over the curb so to speak."
Anderson said SLBDC hopes to support established local businesses, as well as start-up companies, entrepreneurs from outside of the community and former Lambton residents looking to relocate to the area.
"What we're hoping to encourage is investment locally in some new technologies, new processes, new types of businesses just to diversify the local economy."
Anderson said the Lambton Innovation Challenge hasn't been held locally in the past but similar initiatives have taken place in other communities.
"We've kind of tailored it somewhat after what we've seen elsewhere," he said.
Applications must be submitted via email at info@slbdc.com by 5 p.m. on August 22. Further details about the Lambton Innovation Challenge and application requirements can be found on the SLBDC'S website.
SLBDC will announce a winner on October 25.