Strategic Innovation Fund Awards $1.1M to Lakeside Plastics Ltd.
Lakeside Plastics Ltd. is a Tier 1 and Tier 2 supplier of plastic injection-molded automotive products. Based in Windsor, Ontario, the company is a top supplier to General Motors and other top automotive assemblers in the region, both in Canada and the United States.
Recently, Lakeside Plastics was announced as recipients of the Strategic Innovation Fund (SIF), a Canadian government funding program aimed at supporting cutting-edge research and development projects. With funding through SIF, Lakeside will ambitiously embark on a project focusing on making plastic trim components more lightweight and environmentally friendly.
Through the Strategic Innovation Fund, Lakeside Plastics will receive up to $1,100,250 in Canadian government grants for research and development activities.
The Strategic Innovation Fund was launched in 2017 as part of the federal government’s ambitious plans to support innovative projects among Canadian businesses and post-secondary institutions. The program awards Canadian government grants for innovative research projects which lead to the development of new products and services.
Lakeside Plastics Awarded Over $1.1M in Automotive Research Grants
Since 1977, Lakeside Plastics Ltd. has been an industry-leader in the production and assembly of high-volume injection molded plastic parts for the automotive industry. They serve Tier 1 and Tier 2 customers in North America, Central America, Europe, and Asia. The innovative company continues to grow and build a competitive advantage through investments in its products and services.
One of Lakeside’s latest projects involves investing into the research and development of plastic trim components. As automotive industry trends are increasingly shifting to light weight parts, the company will develop an innovative molding process which enables the production of lighter, more environmentally-friendly parts. This will help the company expand its customer base and drive greater profits.
The Strategic Innovation Fund (SIF) will provide Lakeside Plastics with up to $1,100,250 in Canadian government grants to develop an innovative molding process.
As result of the project, the company expects the addition of 60 skilled jobs. This will help fuel the company’s success in Canada and across all of Lakeside Plastics’ export destinations.
About the Strategic Innovation Fund (SIF) for Businesses
The Strategic Innovation Fund offers industrial and technology-based companies government grants and loans to fuel the research and development of innovative products, processes, and services. Eligible businesses may offset a portion of costs related to strategic investments which lead to long-term competitive advantages within the organization.
SIF offsets up to 50% of project costs in either repayable or non-repayable funding.
To qualify for the Strategic Innovation Fund, businesses must be incorporated and operating in Canada with sufficient capacity to complete the project. Applications are accepted and reviewed on a continuous basis.