Foam Solutions manufactures a range of products, from insoles to underlayments to yoga mats. As a leader in the development of advanced manufacturing technologies, Foam Solutions delivers innovative products and services to domestic and international markets.
Foam Solutions’ (FSI) head office is in Markham, Ontario.
To support their continued growth and innovation, FSI accesses Canadian government funding programs. This is a strategy they’ve used for years to reduce project costs and improve productivity.
Ontario small business grants, including the Canada-Ontario Job Grant, FedDev Ontario Training Program and CME SMART Advanced Technologies for Global Growth have allowed the company to focus on workforce training and export expansion. Their international expansion strategy has been greatly accelerated thanks to increased cash flow and better project return on investment (ROI).
How Ontario Small Business Grants Increased Foam Solutions’ Productivity
Recently, the Mentor Works team connected with Andrea Morris, President of Foam Solutions, to discuss how small business grants have assisted the company’s strategic direction. Andrea explained that without government funding, the company would not have moved forward with some of their expansion projects.
“Anytime that we invest in new equipment, we always do an ROI and payback assessment, and factor funding into that. This funding improves our payback time and increases the chance of improving the investment.”
– Andrea Morris, President, Foam Solutions Inc.
The company has used most of their Ontario government funding programs to purchase more efficient production equipment and train employees to become more skilled. With better equipment and employees who can use it efficiently, Foam Solutions successfully increased their output and productivity, thus making them more competitive on an international scale.
Foam Solutions Accessed Government Funding Through Mentor Works
Foam Solutions has been so successful with Canadian government grants because of their forward-thinking, proactive management team. Before any large-scale investment, whether into their facilities or workforce, Foam Solutions evaluates how government grants and loans could improve the project.
This progressive management technique led to the partnership between Foam Solutions and Mentor Works. During this relationship, Mentor Works has been able to educate them on upcoming funding opportunities and has accelerated their application submission for several funding programs, including:
- Canada Ontario Job Grant
- Industrial Research Assistance Program (IRAP Grants)
- FedDev Ontario Training Program
- CME SMART Advanced Technologies for Global Growth (Now Closed)
“Mentor Works improved our timelines in the sense that applying for the grants was that much faster because of their knowledge, dedicated focus, and support of the application process.”
– Andrea Morris, President, Foam Solutions
Based on the company’s past funding successes, FSI will look to access additional government grants in the future.
Ontario Government Funding to Accelerate Business Expansion Projects
Foam Solutions is one of many companies who have has success with Ontario government funding programs. Your business may be able to have similar success by leveraging government grants and loans, including:
Canada-Ontario Job Grant: Funding to Train Employees
The Canada-Ontario Job Grant provides Ontario small business grants to offset the costs of providing third-party employee training programs. This supports the development of a more skilled workforce, and should lead to the professional development of specific employees.
Eligible third-party training programs may receive grant contributions of up to 66% to a maximum of $10,000 per trainee.
FedDev Ontario Training Program
Please Note: At the time of this article’s posting, the FedDev Ontario Training Program may have limited funding available. Consider applying for another training grant.
The FedDev Ontario Training Program provides training grants in support of a skilled manufacturing workforce. Southern Ontario manufacturers can gain a competitive edge by training their production employees to perform innovative tasks more efficiently.
Eligible manufacturers may receive up to 25-50% of related training costs to a maximum of $50,000.
CME SMART Advanced Technologies for Global Growth
Please Note: At the time of this article’s posting, the CME SMART Advanced Technologies for Global Growth program is no longer accepting funding applications. Consider applying for the CME SMART Green program.
The CME SMART Advanced Technologies for Global Growth program supports the assessment and implementation of advanced manufacturing technologies. Projects should result in increased productivity and output, supporting expansion into new or existing global markets.
Eligible manufacturers may receive up to 35-50% of expenses to a maximum $15,000 to $100,000.
Access Canadian Small Business Funding Programs
Canadian small and mid-sized businesses have the opportunity to apply for government grants and loans to offset investment costs. Most business owners and executives are unaware of the true opportunity this presents, and as result, are not as competitive as they could be.
To improve your international competitiveness, download the Canadian Small Business Funding Guide. It details the types of projects most suitable for funding, and identifies resources to get started.