Boost Your Business with Ontario's $1.5 Million Investment In Manufacturing & Innovation
The Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream is a funding initiative designed to support advanced manufacturing companies, especially small and medium-sized enterprises, across Ontario. The program aims to bolster investments in:
- Capital equipment
- Technology adoption
- Skills development
Types of Support Available
- Funding Support
- Complementary Services and Support
Eligibility Criteria
The fund supports projects that:
- Create jobs and build talent
- Attract and encourage private sector investment
- Help companies adopt technologies that improve their competitiveness
- Lead to business growth and broad positive economic impacts
- Encourage innovation, collaboration, and cluster development
Eligible Sectors
Businesses and organizations in the following advanced manufacturing sectors are eligible:
- Aerospace
- Automotive
- Chemical
- Information and Communications Technology (ICT)
- Life Sciences
- Steel
Business Requirements
To be eligible, businesses 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 upskilling current jobs
- Invest at least $500,000 in their project
- Be located in, or plan to locate in, a community in Ontario
Funding Details
- Up to 15% of eligible project costs
Loans
- Up to 15% of funding to a maximum of $5 million, interest-free during the project period (up to four years)
- If investment and job or upskilling targets are achieved, up to 30% of the loan (to a maximum of $500,000) may be forgiven
Grants
Grants are available under specific circumstances, up to 15% to a maximum of:
- $500,000 for small companies located in rural communities
- $1.5 million for strategic projects that are foreign direct investments or from companies competing against other jurisdictions, or companies with significant reshoring projects
Deadline
September 26th, 2024