CME (Canadian Manufacturers & Exporters) SMART Prosperity Now is funded by Federal Economic Development Agency of Southern Ontario (FedDev Ontario) and is built around assessment and project funding components. CME SMART Prosperity Now is beneficial for small and medium size businesses who are looking for business funding grants that will improve productivity and integrate innovative technologies through the transition to sustainable business models.
Grant funding for business covers 33% of capital equipment expenses, related third party installation, and engineering costs, up to a maximum for $75,000. This does not cover direct labour, training, and software licenses.
Eligibility for Capital Equipment Government Funding for Business
To be eligible for CME SMART Prosperity Now, funding applicants must be a manufacturer in Southern Ontario with 15 – 1000 employees and be incorporated for at least two years. Applicants looking for business funding grants do not have to be a member of Canadian Manufacturers & Exporters (CME) to be eligible. Also, the projects must focus on export expansion and improving operational efficiency.
Projects must have started after October 31, 2011 and will have one year for completion from the date of the contribution agreement or until August 31, 2013. Projects which are small, concise, and will be fairly quick to implement will be considered more favourably for small business funding grants.
Eligible Costs for CME Business Funding Grants
CME grant funding for business can be put towards the following costs applied to foreign development:
- Foreign Legal
- Patents in Foreign Countries
- Trade shows or Foreign customer/dealer shows
- Foreign country regulatory approvals/testing
- Foreign Website development
Business funding grants also goes towards costs of:
- Capital Expenditures
- 3rd party installation
- Consulting fees unrelated to SMART funding applications
- External Administration
- Independent Market Assessment
- New Business Marketing plans
- Third Party designed packaging
- Public relations and releases
Companies can start purchasing their budgeting expenses the day they submit the application, although the overall project cannot be >49% purchased at the time of the submission. Also, costs that have already been incurred before the submission of the application will not be covered.
Small Business Funding Advice via Mentor Works Ltd.
For further information on CME SMART Prosperity Now business funding grants, and other Canadian government funding programs which can assist the development of your business read future Mentor Works blog posts or follow our activity on Facebook, Twitter and Google Plus.