Viscor Inc. is a Toronto, Ontario-based manufacturer of lighting and sheet metal products for commercial and industrial use. Since 1952, the company has had incredible domestic success and has expanded to offer three product lines, Visioneering, Certolux, and TBR Lighting Brands.
Although Viscor Inc. is the leading producer of LED and fluorescent lighting products in Canada, the business also realized the potential for expanding into new international markets. To expand the business and enable international sales, the business applied for CME SMART Advanced Technologies for Global Growth, an Ontario government grant that supports technology assessments and adoption. Viscor’s application was successful and the company was granted $100,000 in Ontario government funding.
Related Blog: Therapure’s $20 Million AMF Canadian Government Funding Success – Ontario-based biologics manufacturer, Therapure Biopharma Inc., received $20 million in government funding through the Advanced Manufacturing Fund (AMF). Discover more details about their winning project.
Up to $100,000 in Ontario Government Grants Awarded through CME SMART
The government business grants provided to Viscor will be spent purchasing new equipment. New equipment will enable the development of innovative products for industrial, commercial, and institutional clients. As result, an increase to the manufacturer’s productivity will let the business begin exporting a larger amount of projects.
Viscor is able to leverage up to $100,000 in government funding for this project, the maximum amount of funding that a business can receive through CME SMART. This amount of funding awarded suggests that the project incurred at least $285,000 in expenses and clearly showed how the new equipment would expand exports over time.
Small Business Funding Infographic: The Mentor Works Advantage – Clients from across Canada received over $303 million in government funding during 2015. Learn how this funding was awarded and how your business can receive its share this year.
About CME SMART Advanced Technologies for Global Growth
Funded by the Federal Development Agency for Southern Ontario (FedDev Ontario) and administered by Canadian Manufacturers and Exporters (CME), the Advanced Technologies for Global Growth program provides southern Ontario manufacturers with up to 50% of project expenses to a maximum $100,000 in small business grants. Manufacturers can access two streams of funding through this program, depending on their goals and types of expenses:
- Operational Assessments
Many Ontario manufacturers benefit from receiving third-party operational assessments from a CME SMART trained professional. These assessments often uncover productivity impairments, such as bottlenecks and other inefficiencies. Businesses may receive up to 50% of the value for these assessments to a maximum $15,000 in grant funding.
- Capital Investments
Other program applicants, such as Viscor Inc., have already established their investment needs, but require additional financing in order to complete the project. Through the Capital Investments stream, manufacturers can receive up to 35% of project expenses to a maximum $100,000. Eligible technologies include (but are not limited to) robotics, 3D printing, and green technologies/cleantech.
CME SMART Program Focus: Advanced Manufacturing and Export Expansion
Successful CME SMART Advanced Technologies for Global Growth projects will require:
1. Upgrades to enhance manufacturing capabilities; and
2. A viable export market/international customer upon project completion.
- Federal Government Invests $44.5M in 201 R&D Projects
- FedDev Ontario Funding Supports Development of Simplified COVID-19 Ventilator
- NRC Awards Research and Development Funding for COVID-19 Prevention Projects
- St. John’s-Based Kraken Robotics Gets $2.9M Grant from IRAP
- FedDev Ontario Invests $30M in Waterloo Companies