SWODF Awards Four Manufacturers $2.7M in Business Development Grants
Two manufacturers in Cambridge and two in Kitchener have recently been awarded business expansion grants from the Southwestern Ontario Development Fund (SWODF). The companies will use their Ontario government funding to drive economic growth for the province by purchasing and upgrading equipment, expanding facilities to increase production, and supporting over 330 jobs.
The Southwestern Ontario Development Fund (SWODF) has invested a combined $2,711,852 in business expansion funding to four local manufacturers.
The Southwestern Ontario Development Fund is designed to support capital investment projects which enable companies with high growth potential to create new jobs within the province and enhance their competitiveness. SWODF funding can offset up to 10-15% of eligible capital investments.
Four Businesses Receive $2.7M in Funding for Manufacturing Projects
The four Cambridge and Kitchener partners to receive SWODF funding serve a variety of industries on a global scale, including automotive, retail, food and beverage, appliance, construction, and data management. With the support of provincial business expansion grants, the companies will be completing projects ranging from product line extension, to new equipment purchases. These projects will also result in 83 jobs being created, and 250 being retained.
Up to $2.7M in grants from the Southwestern Ontario Development Fund will be shared among four manufacturers.
The businesses awarded Ontario government funding include:
National Pasta
National Pasta makes authentic dried and fresh frozen Italian products including pastas, sauces, and entrees using high-quality, locally-sourced ingredients. They offer a wide range of healthy products such as whole grain, gluten-free, and high-fibre.
The company will receive up to $280,500 from the Southwestern Ontario Development Fund.
National Pasta will upgrade their Cambridge manufacturing facility with new automated equipment including continuous mixers, sheeters, and pasta cutters to improve productivity and labour costs. In addition, 10 new jobs will be created and 15 will be retained.
Leoni Elocab
Leoni Elocab is a global provider of products, solutions, and services for energy and data management in the automotive sector. They manufacture high performance custom cables, wires, optical fibers, and assembled systems, as well as intelligent products and smart services.
Leoni Elocab will receive up to $1,500,000 in business development grants.
They are using the funding to expand their facility in Kitchener and purchase new equipment to develop new product lines. In addition, this project will create 19 new jobs and help retain 79 existing positions.
New World Friction
New World Friction manufactures private label passenger car and light truck brake pads for major US auto parts retailers and distributors. Their product line extends to cabin air filters, exhausts, and rotors and drums.
$456,100 in SWODF funding for manufacturing will support New World Frictions business expansion projects.
The company is using its funding for equipment upgrades to improve the Cambridge plant’s capacity and output to increase overall productivity. This project will create 40 new jobs and help retain 103 prior positions.
Trillium Metal Stampings
Trillium Metal Stampings is a certified manufacturer of metal stampings, weld assemblies, and electromechanical assemblies serving the automotive, appliance, construction, electrical, healthcare, and material handling industries.
Trillium Metal Stampings will receive up to $475,252 from Ontario government funding.
They will expand their facility and purchase new equipment that will increase production. These upgrades will help the company boost competitiveness. In addition, this project will create 14 new jobs and allow 53 existing positions to be retained.
Southwestern Ontario Development Fund for Business Expansion Projects
The Southwestern Ontario Development Fund (SWODF) provides financial assistance to promote the expansion and attraction of investment in Southwestern Ontario and can offset a portion of expenses for strategic growth projects.
Projects that are supported through SWODF include capital spending, skills development, productivity enhancements, infrastructure needs, and other initiatives that promote economic advancement within the province.
By applying for the Southwestern Ontario Development Fund, businesses may leverage up to 10-15% of project expenses to a maximum $1.5M in business development grants.
To access SWODF funding, companies must develop a competitive application that details the project’s purpose, budget, timelines, and expected outcomes. The Ontario government funding program is open year-round and is currently accepting submissions.
To learn more about funding for manufacturing such as SWODF, and to access key tips on growth projects, please download Mentor Works’ Expanding Production in Canada.
Posted: June 14, 2018 by Myra Bredin. Updated: June 14, 2018 by Myra Bredin.