Ontario advanced manufacturing is getting a boost from the provincial government through a new funding stream for the Regional Development Program (RDP). This new initiative is called the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream and is projected to provide another $40 million in funding support to advanced manufacturing companies in Ontario.
“Since Day 1, our government has endeavored to make Ontario a more attractive investment destination, but we know there is more work to do. With increased international competition for investment, our government wants to help Ontario’s advanced manufacturers continue to thrive and be global leaders in innovation. This program will create the right conditions for our businesses and job creators to invest, grow and attract investment all across Ontario.”– Vic Fedeli, Minister of Economic Development, Job Creation and Trade
AMIC is placing an emphasis on growth and investment attraction for companies that are eager to spend on purchasing capital equipment, adopt new technologies, and accelerate employee skills and talent.
How Much Funding Is Available?
The Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream will be providing funding to successful applicants via grants or loans.
Successful applicants may receive loans up to 15% of eligible project costs at a maximum of $5 million (interest-free) for up to four years. If the business meets or exceeds their investment or upskilling milestones, up to 30% may be forgiven. Applicants receiving grants may access a maximum of 15% of eligible project for $500,000 if they are a small business and $1.5 million for larger organizations.
Total funding for this stream may amount to approximately $40 million in total.
“Manufacturing is critical to Ontario’s prosperity; it provides high-quality, well-paying jobs and is an important contributor to strong economic growth in the province. The new Advanced Manufacturing and Innovation Competitiveness Stream under the Regional Development Program will contribute to long-term growth, productivity and competitiveness of Ontario’s manufacturing sector, which is undergoing significant change.”– Rocco Rossi, President and CEO of the Ontario Chamber of Commerce
Applicants for the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream may be eligible if they meet the following criteria:
- Are a business in one of the following advanced manufacturing sectors:
- Information and Communications Technology (ICT),
- Steel, and
- Life Sciences.
- Have three years of business and financial statements;
- Have more than 10 employees;
- Can commit to creating or upskilling a minimum of five new or current jobs;
- Are committed to investing at least $500K in the application project; and
- Are located in, or plan to locate in, a community in Ontario.
If you want to learn more about eligibility requirements for the AMIC please refer to the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream program page.
The Ontario government has outlined a few key impacts that a project funded through this stream should support. AMIC will fund projects that:
- Will create jobs in Ontario,
- Stimulate innovation and cluster development,
- Acquire capital equipment,
- Adopt technology,
- Support skills development,
- Help manufacturing companies acquire and implement new technologies for greater global competitiveness,
- Attract private sector investments, and/or
- Stimulate Ontario’s economy by increase sector growth.
Learn more about program criteria by reviewing the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream program page.
Applications for AMIC opened on January 17, 2022, and currently have a February 10, 2022 deadline. A second application period may be added later in the 2022 calendar year.
Exploring Government Funding Opportunities
Want to learn more about the advanced manufacturing industry in Canada? Download our free Lean Manufacturing Guide today. If you want a broader variety of funding opportunities, visit our general government funding directory. To discover more about government funding opportunities in manufacturing, visit our news channel for daily updates, or contact a Mentor Works representative.
Mentor Works truly believes in connecting Canadian businesses with government funding news, resources, and opportunities to foster innovation, productivity improvements, and strong economic growth throughout Canada.