The Automotive Innovation Fund (AIF) is a government funding for research and development loan program dispersed through Industry Canada, focused on supporting Canadian businesses that help advance Canada’s capabilities in fuel-efficient automotive technologies while reducing greenhouse gases.
Automotive Innovation Fund Canadian Government Funding for R&D: Background Information
The Automotive Innovation Fund (AIF) began in 2008, was renewed in January of 2013, and funding for the program was topped up within the announcement of the 2014 Federal Budget. This Canadian government funding for automotive manufacturers program is slated to end in 2019.
The Automotive Innovation Fund (AIF) Government Funding for Research & Development: Details
Industry Canada will consider funding proposals for projects of at least $75 million in size. Projects eligible for loan funding will include vehicle and powertrain assembly operations with significant automotive innovation and research and development (R&D) initiatives. In all, AIF will provide $250 million over 5 years to support firms’ strategic, large-scale R&D projects to build innovative, greener, more fuel-efficient vehicles.
AIF Research and Development Funding Amount
Funding through the Automotive Innovation Fund (AIF) will cover 10-15% of eligible costs. Past projects were funded via loan support from $16 million to $80 million. AIF will cover costs such as overhead, labour, specialized equipment, materials, as well as other costs.
Automotive Innovation Fund: Company Eligibility
Canadian based corporations in the automotive sector with projects valued at $75 million over 5 years. Other large-scale automotive innovation and R&D initiatives will also be considered, provided they meet the $75 million threshold.
Mentor Works Helps Manufacturers Access Canadian Government Grants and Loans
Mentor Works has helped hundreds of small to mid-sized businesses access thousands and even millions of dollars in government funding for research and development, capital expenditures, Human Resources and Training, and Business Expansion. Stay in the know by signing up for Mentor Works’ Canadian government funding weekly e-newsletter. You can also follow Mentor Works on LinkedIn, Twitter, and Google+.