Kromet International is a leading engineer and manufacturer of finished metal components and assemblies. Their range of customized products serve the household appliance, automotive, LED lighting, health care, furniture, and transportation industries. As a multi-continent manufacturing network, the company provides low-cost manufacturing capabilities in addition to local, specialized support.
For over 45 years the business has been expanding to deliver unparalleled service to a growing customer base. This growth has led to numerous investments within the company’s manufacturing plants in Cambridge and Hamilton, Ontario. On several occasions in the past, Kromet has used Canadian government funding to secure additional investment and move forward with their projects.
In their most recent government funding success, Kromet will be granted over $800,000 in small business grants through the Southwestern Ontario Development Fund (SWODF). The program is designed to encourage business investment and job creation and may provide businesses with a combination of grants and loans valued up to $5 million.
Kromet’s Project Invests in their Cambridge, Ontario Manufacturing Facility
The company’s most recent expansion project includes a $5.3 million investment into productivity and additive manufacturing equipment. Specifically, Kromet will be investing in robotics and 3D printing equipment to increase the company’s efficiency and ability to custom manufacture solutions for clients.
“It allows us to respond to our customers quicker. We can print it overnight with this technology.”
– Mike Owens, CEO of Kromet International
Kromet’s new 3D printing technology will be especially useful when it comes to attracting and retaining some of its biggest clients. The company currently manufacturers parts for Bombardier, Jeep, Whirlpool, GE, and Sharp, to name a few. 3D printing technology will enable the company to demonstrate their abilities by developing product samples and prototypes.
“We’re buying new sales opportunities with this technology.”
– Mike Owens, CEO of Kromet International
Other robotics will increase the company’s ability to manufacture products for a greater number of customers. This will increase the business’ profitability and ability to export Canadian products around the world. Increased production will also mean the increase of skilled manufacturing jobs in the province. As part of the project, Kromet has committed to adding 50 new jobs at their Cambridge facility. The business also predicts an increase of jobs at their Hamilton facility due to an increased number of orders.
About the Southwestern Ontario Development Fund (SWODF)
The Southwestern Ontario Development Fund is an Ontario government funding program that provides a combination of grants and repayable funding (loans) for growing businesses. The funding program seeks to attract new business investment in Ontario while creating sustainable jobs.
Projects with an investment of less than $10 million may receive up to 15% of expenses to a maximum $1.5 million in Ontario government grants. Alternately, projects surpassing $10 million in expenses may be eligible for up to $1.5 million in grants plus an additional $3.5 in business loans.
Projects that are a good fit for SWODF funding will provide:
- New investments in southwestern Ontario businesses;
- Sustainable, high-value jobs in the southwestern Ontario region; and
- Productivity enhancements, new innovative capabilities, and the ability to export goods internationally.
Become the Next Canadian Government Funding Success Story
Most business owners and executives across Canada are unaware of the government funding opportunities available to them. Like Kromet International, your business may have the ability to extend cash flow and grow more rapidly with the use of government funding programs.
Want to get started and determine how much government funding your company may be able to access? Simply fill in this Project Funding Calculator and it will calculate the range of business grants and loans that your company may be able to access. The spreadsheet’s built-in eligibility checker will even let you know what types of funding you may be able to apply for.
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