How to Qualify for the Advanced Manufacturing Fund
In fall 2013, The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) released new government funding initiatives for Ontario businesses. The Advanced Manufacturing Fund (AMF) was developed to provide financial assistance to businesses in manufacturing that are lagging behind and lacking competitiveness with respect to innovation, information and communications technology (ICT) adoption, productivity and market diversification.
Advanced Manufacturing Fund Government Grants Canada: Company Eligibility
The Advanced Manufacturing Fund is available to not-for-profits (NFPs) and for-profit businesses. For profit businesses must meet the following criteria to be eligible for this government funding program:
- Incorporated with a solid financial track record
- Conducting manufacturing operations in Ontario
- Involved in R&D activities in Ontario
- Operating an Ontario business that manufactures and is involved with R&D
NFPs must work in collaboration with an industry partner.
AMF Canadian Small Business Grants: Project Eligibility
AMF Canada government grants are focused on providing funding to businesses that have an innovative concept or innovative application that, with sufficient funding, can be brought to commercialization within 5 years. The types of activities funded by the AMF program include:
- Demonstration projects,
- Advanced product testing,
- Applied research leading to a practical application
- Innovative improvements to an existing product
- Adopting or adapting new technologies or equipment that enable the company to become more competitive and productive, including developing innovative products and processes.
NFPs must be focused on helping their industry partner work through projects towards a commercialization goal.
The Advanced Manufacturing Fund Small Business Grants Canada: Funding Details
The AMF fund is geared towards large scale projects as the funding is provided to for-profit businesses as a loan, typically between $10 million and $20 million dollars for up to 50% of the project costs. The business must be able to demonstrate how they will fund the remaining 50%. Projects requesting less than $10 million in funding support will not be considered. Costs considered eligible for funding include project specific: labour, expertise, capital and non-capital costs. AMF funding will not support any ongoing business costs, overhead costs or non-innovative business improvements. NFPs can apply for funding up to $20 million as a grant from the AMF program towards up to 50% of the project costs. However, none of these funds can be dispersed directly to a for-profit. Funds are distributed when claims for paid eligible costs are submitted to FedDev Ontario. Claims can be submitted as often as once a month and at a minimum once per every 6 months.
Find Out More Information on the Advanced Manufacturing Fund (AMF)
Learn more by selecting from one of the following:
AMF Small Business Grants and Loans Application Support Services
Applications to the AMF program are accepted now through October 1, 2014 and then again in 2015 from January 1 to October 1. To find out more about this government funding program for small businesses, please contact Mentor Works. To stay up to date on Canada business grants and loans news and updates follow Mentor Works on the social media network of your choice, including: LinkedIn, Google+, Twitter, and Tumblr.