Funding available for advanced manufacturers in Ontario
The Government of Ontario recently launched the 2-year, $40 million Advanced Manufacturing and Innovation Competitiveness (AMIC) program. Advanced automotive manufacturing companies, with a focus on small and medium sized businesses, can access financial support for investments in capital equipment, technology adoption, and skills development.
There are two application intake periods throughout 2022. The first closes on February 10, 2022; the second will take place later in the year.
The fund supports projects that:
- create jobs and build talent;
- attract and encourage private sector investment;
- help companies to adopt technologies that improve their competitiveness;
- lead to business growth and broad positive economic impacts;
- encourage innovation, collaboration, and cluster development.
Loans and grants are available worth up to 15% of project funding, to a maximum of $5 million, interest free for the duration of the project period (up to 4 years).
Eligibility is limited to companies that:
- employ 10 or more people;
- can provide three years of business operations and financial statements;
- will create or upskill at least five jobs;
- plan to invest at least $500,000 into their project;
- are based in Ontario.
Learn more about the program and how to apply here.