Advanced Manufacturing and Innovation Competitiveness Stream: Assisting SMEs within the Manufacturing sector

The Manufacturing and innovation sectors play a key role in the success and competitiveness of our economy. We can see this as manufacturing generates around 18% of Ontario’s GDP and helps employ over 12% of the total workforce. Due to the pandemic, Ontario has been trying to grow and diversify these sectors in various ways. Specifically, by generating the growth of businesses, and creating more employment opportunities for people in Ontario. Which is why the Regional Development Program has introduced the Advanced Manufacturing and Innovation Competitiveness Stream. The Stream provides small and medium sized businesses with investments in capital equipment, technology adoption and skills development. Overall, the goal is to promote innovation within the sector by creating jobs and generating a positive economic impact for Ontario.

 Type of Funding Available 

With this Stream one could receive interest-free loans for up to 15% funding with a maximum of $5 million, for the project durations (can be up to four years).

As for grants, they are available only for certain conditions and are up to a 15% maximum:

1. Of $500,000 for small companies located in rural communities
   • Small and rural can be defined as a company totaling less than 100 full-time employees and is located in a municipality with a population of less than 100,000 people or a population density of less than 100 people per square km.
2. Of $1.5 million for strategic projects that are foreign direct investments or from companies competing against other jurisdictions or companies with significant reshoring projects
   • To be viewed as significant, the project must lead to 15 new jobs in Ontario 

Eligible Applicants 

This stream funds enterprises that are in advanced manufacturing sectors as well as:

• Aerospace 
• Automotive
• Chemical
• Information and Communications Technology (ICT)
• Life Science
• Steel

Eligibility Criteria

In order to be eligible a business must:

• Have at least three years of operations/financial statements
• Employ at least 10 people
• Commit to creating at least five new jobs and/or upskilled current jobs
• Invest at least $500,000 in their project
• Be located in, or plan to locate in, a community in Ontario

Eligible Projects 

• Job Expansion and Skills/Talent Improvement
• Create new job opportunities and help build their current employment’s skills/talent. 
• Equipment/Technology Improvements that Increases Competitiveness and Productivity
• Invest in new equipment to scale up and grow business while increasing exports to global markets, and reshore jobs and production.
• Generating Business Growth to Create a Positive Economic Impact
• Accelerate growth through new enhanced processes and more efficient and cost-effective ways of working.
• Innovation, Collaboration and Cluster Development
• Promotion of Private Sector Investments

Deadline

For this stream there are two intake period per year, for the upcoming application periods:

Application Period 3:

• Application Opening:
• Application Deadline:

Application Period 4:

• Application Opening:
• Application Deadline:

Call EVAMAX today to get started on your application!