How Ontario Manufacturers Can Receive Funding in 2023
Manufacturing makes up a significant portion of the Canadian economy with a growth of over 35.7% in motor vehicle/parts and accessories exports, accumulating to nearly $395 million in net economic growth. This contributed to an annual sector contribution of approximately $29 billion to Canada’s economy in 2022, a growth trend that continues to rise.
As the global and North American electric vehicle (EV) markets progress over the next few years, Canada’s participation will undoubtedly play a critical role in the success of the North American and global markets. It is a mandate of the Canadian government to ban the sale of internal combustion engines (ICE)-powered vehicles by the year 2035, and in the meantime, there is an EV mandate in place.
To remain competitive in the automotive industry, many domestic suppliers and innovators are having difficulties adjusting to the new supply chain realities regarding electric vehicle parts. The reason that the Canadian automotive supply chain needs to make significant changes to their product lines as well as focus production facilities on electric vehicles and electric vehicle parts is that it will be critical to remain a leader in the global vehicle market as it transitions from ICE vehicles to EVs.
CME’s Technology Investment Program (TIP)
As a result of taking advantage of CME’s Technology program, SMEs in southern Ontario will be able to automate production, reduce their environmental footprints, and become more competitive on the global stage as a result of being able to automate production.
“Ontario’s manufacturing industry is the engine that drives our national economy and our government is investing in the people that make it run. By making smart investments across supply chains, we will work together to grow local economies, create good paying jobs for our communities, and ensure a healthy environment for generations.”The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
Applicants may be eligible for up to $50,000 per applicant per project.
- Southern Ontario manufacturer
- An established business that has been in business for two years or more continuously and can demonstrate financial stability
- Employ more than 15 and fewer than 500 full-time employees in Southern Ontario
Enhancing production capacity and reducing emissions by investing in and implementing long-term production assets and technology
The following technologies may be used:
- The robotics field
- Artificial Intelligence
- Applications of machine learning
- Networks with advanced capabilities
- The internet of things.
Until funds run out, applications will be handled on a first come, first served basis. There may be eligibility for projects beginning April 1st, 2022 (retroactive).
Government Funding for Canadian Manufacturers
Manufacturers in Canada have greater access to government funding than any other sector, and they can apply for a wide range of grants and loans to help offset the costs associated with strategic growth projects that address these challenges. To build a successful funding plan, make sure that your upcoming projects are aligned with manufacturing grants and loans.
Mentor Works can be a valuable partner for Canadian manufacturers. In addition, we notify our clients when new programs that are a good match for their business become available. Get in touch with us today to learn how you can access funding for your next growth project.