$3 Million in Funding Available for Forestry Sector Improvements!
The Forest Sector Investment and Innovation Program (FSIIP) offers a remarkable opportunity to secure funding for transformative investments in the forestry industry. With a focus on enhancing productivity and fostering innovation, this program also aims to boost competitiveness, facilitate new market access, and provide substantial benefits to Ontario's forest sector. By supporting strategic initiatives, the FSIIP plays a pivotal role in strengthening regional economies and driving sustainable growth in the forestry industry.
Funding Overview
Business Projects:
Applicants have the opportunity to secure financial support amounting to a maximum of 30% of eligible expenditures through a performance-based loan, with the potential for up to 50% of the loan to be forgiven. In exceptional circumstances, grants representing up to 15% of eligible costs may be considered, subject to the discretion of the province.
It is important to note that combining this support with other provincial funding programs is not permissible. However, applicants may stack this support with other government assistance, such as federal or municipal support, up to a limit of 50% of eligible project costs.
Collaboration Projects:
For collaboration projects, applicants are eligible for funding support of up to 30% of eligible costs in the form of a grant, with a maximum cap of $3 million. In this case, stacking with other government funding programs, including federal, provincial, and municipal sources, is permitted up to a limit of 75% of eligible project costs.
Eligibility Requirements
To be selected for funding, projects must demonstrate strong alignment with the program’s objectives, which are to:
- Enhance productivity and competitiveness
- Increase innovation
- Create greater market access for Ontario firms
- Improve the competitiveness of Ontario’s broader forest sector
- Strengthen regional economies
Funding is approved through a competitive rounds-based process.
Eligible Activities
Business projects:Support is available for projects with at least $3 million in eligible costs undertaken by for-profit manufacturers and processors of wood and forest biomass across Ontario, including:
- Saw mills
- Pulp and paper mills
- Secondary wood manufacturers
- Bio-economy projects
- Harvesting and resource extraction projects are not eligible for funding.
Collaboration projects:
Support is available for Ontario-based projects with at least $3 million in eligible costs undertaken through a collaboration of:
- Forest sector for-profit businesses
- Not-for-profit research organizations
- Forest industry associations
- Academia
Eligible collaborations should develop, diversify and transform Ontario’s forest sector through innovation in technology, process and/or products.
A minimum of three partners are required (including at least one Ontario-based for-profit forestry/wood products company).
December 15th, 2023.