Advanced Manufacturing Fund: Business Loans for Technology Innovation
According to PLANT Magazine’s publication “Manufacturer’s Outlook 2015”, nearly 80% of Canadian manufacturing businesses will be investing in machinery, equipment, and technology over the next three years. Despite this, only 16% of manufacturers plan to use government funding programs as a means to assist their business expansion initiatives. Substantial funding has been provided by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to enable small business manufacturing success. Up to $200 million in federal contributions have already been committed through the Advanced Manufacturing Fund (AMF) to encourage projects which support the development or adoption of technologies which increase a manufacturer’s productivity. The program also focuses on fostering collaborations between the private sector, research institutions, and post-secondary institutions.
Advanced Manufacturing Fund Business Loans Ontario – Program Streams
Business innovation funding provided by FedDev Ontario is made available through two distinct streams. This program division enables the agency to provide tailored benefits to the following groups:
- For-profit organizations (such as small-and-medium-size enterprise (SME) manufacturers) who may receive repayable funding contributions.
- Not-for-profit organizations (such as research institutions and post-secondary institutions) who may receive non-repayable funding contributions.
This page will further discuss the Advanced Manufacturing Fund program as it relates to for-profit SMEs. If you are a not-for-profit business interested in AMF government grant funding, please contact Mentor Works.
Organization Eligibility to Receive AMF Small Business Loans
SMEs who wish to apply for the Advanced Manufacturing Fund must comply with a couple of eligibility requirements to be considered for government funding. Qualified businesses will:
- Currently have advanced manufacturing activities in Ontario; or
- Conduct manufacturing research and development within Ontario and manufacture outside of the province; and
- Have a sustainable record of profitability.
Therapure Biopharma Inc. is a highly successful business who has won through the AMF program. To learn more about what allowed the organization to receive a maximum $20 million funding amount, read our blog on their government funding success through AMF.
Project Eligibility for AMF Small Business Loans Ontario
The Advanced Manufacturing Fund promotes research, development, and commercialization of technology which provides a new and enhanced manufacturing ability. Eligible project activities include:
- Prototyping, project demonstration, product testing, and practical application research;
- Achieving technological advancement through the improvement of existing materials, devices, products or processes; and
- Adopting or adapting highly innovative products, technologies, and processes that support innovation.
Funding Amount and Intake Period for FedDev Ontario AMF Loans
A total of $200 million has been provided to AMF over the program’s 5 year duration which spans from 2013-2018. Small businesses may receive between $10 million – $20 million (50% of eligible project costs) in Canadian government loans.
Program application intake is currently open, however the 2015 deadline is quickly approaching. Applications must be received by October 1, 2015 to be considered with this year’s proposals. There are no future intake periods announced for the program, so to ensure that you’re able to leverage these funds for your business, please contact Mentor Works to discuss how Advanced Manufacturing Funding may be the right fit for you.
Discover More Advanced Manufacturing Fund News and Updates
Learn more by choosing the appropriate option below:
Get Started Eligibility Criteria Program Update
Small Business Grants and Loans for Manufacturers
Mentor Works provides a wealth of free tools, tips, and government funding news for small businesses in the manufacturing sector. Register for one of our free informative webinars where we’ll discuss the top funding programs available for your business and project type. Not sure which Canadian government funding program is right for your business? Download our Comparing Funding Types tool where we’ll help you discover the unique properties of each funding program so that you can receive the maximum support for your business’ activities. If you would like to discuss government funding with one of Mentor Works’ experts, contact us and we’d be happy to guide you through the process.