MiMi Foods produces premium dough products for the Grocery and Food Service industries. Making a range of products from frozen pizza dough balls to pizza crusts, flatbreads, and focaccia, they have established themselves as a premier producer of artisan doughs and breads. Increasing success in recent years has maximized production output at their facility in Vaughan, Ontario, and has enabled the business to begin expanding its capacity. After applying for Ontario government funding, they were awarded up to $950,000 under FedDev Ontario’s Investing in Business Growth and Productivity (IBGP) 0% interest loan initiative.
Impact of IBGP Small Business Funding
MiMi Foods will use this capital investment for a number of projects. While they currently have a presence in Metro, Sobey’s, Longo’s, and other small Canadian retailers, they will increase their Canadian and United States networks to capture more customers. An additional revenue stream will be created through direct selling to the food service industry. These projects will increase competitiveness and build market share to support the company’s future growth. IBGP will enable MiMi to purchase new equipment, upscale production, and provide an additional 18 full-time positions by 2018.
“This is exciting for MiMi Foods and its industry partners. As the success of any one company hinges on many factors, [this] announcement not only assists MiMi Foods in its growth strategy, but also celebrates the commitment of FedDev Ontario to assist SMEs in that growth.”
– Mike Primucci, President of MiMi Food Products Inc.
Enhance Productivity with IBGP Ontario Government Funding
Since 2009, FedDev Ontario has committed nearly $350 million in funding to 2,100 southern Ontario manufacturers like MiMi Foods. Investing in Business Growth and Productivity (IBGP) is one of FedDev’s most successful programs and provides businesses with up to $20 million in repayable government funding (up to 25% of eligible project expenses). The government funding program enables for-profit businesses to adopt new technologies, grow facilities, and diversify business operations. Applicants must employ at least 15 people, be incorporated for at least two years, and show sustained profitability over that time.
Canadian Government Funding for Capital Investment and Business Expansion
Investing in Business Growth and Prosperity is just one of the programs that FedDev Ontario has released through their Southern Ontario Prosperity Initiatives (SOPI) group of funding grants and loans. Many of Canadian government funding programs for capital and technology adoption and business expansion also tend to be fit well for SMEs who are interested in pursuing funding options such as IBGP. To better understand which Canadian government grants and loans are right for your small business, contact Mentor Works and one of our government funding experts will diligently answer all of your questions.
Businesses are constantly moving through the Business Funding Cycle. Wherever you are, there are government grants and loans to help. Register for a free Canadian government funding webinar to receive advice tailored towards your industry or business funding activity. You can also follow Mentor Works on Twitter or LinkedIn for daily updates on the best in small business funding news.