Koss Aerospace Receives $5M in FedDev Ontario Funding
Mississauga, Ontario based aerospace parts manufacturer, Koss Aerospace, will receive Ontario government funding from one of FedDev Ontario’s Southern Ontario Prosperity Initiatives (SOPI) to support facility expansion efforts, creating jobs in the region. Through the Investing in Business Growth & Productivity (IBGP) Ontario funding, Koss Aerospace will receive an investment of nearly $5M, which will be used to expand the business’ production facilities, including new aerospace grade CNC machinery.
About Koss Aerospace
Koss Aerospace is a Tier-1 manufacturer of structural aircraft components and assemblies. The manufacturing company is vertically integrated with in-house machining and processing and manufacturing capabilities. They currently provide integrated manufacturing solutions for the following:
- High speed multi access machining;
- Complete metal finishing;
- Program management; and
- Supply chain management.
Partnering with Mentor Works for Ontario Government Funding for Business Expansion
After reaching out to Mentor Works Ltd., Alex Cajic, VP of Business Development at Koss Aerospace, was able to align their strategic initiatives with a Canadian government funding. Mentor Works and their Canadian government funding experts helped the company with identify funding, complete the paperwork, and navigate the application process to make obtaining funding simple and time effective.
By streamlining and organizing the application process, Mentor Works was able to connect Koss Aerospace with funding aligned directly with their facility expansion efforts. Having completed the application process with Mentor Works, Koss Aerospace stated that the have gained insight into the Canadian government funding process, and intend to apply for future business funding grants and loans to supplement their internal financial requirements if suitable options align with their future initiatives.
Alex Cajic worked with Mentor Works to identify the optimal funding options and Frankie Ferrao, Controller at Koss Aerospace, coordinated with Mentor Works when navigating the funding application process. Frankie spoke about his experience with the funding process and leveraging the team of Mentor Works funding experts. Frankie stated that Mentor Works was able to identify multiple funding programs, in addition to IBGP based on the business’ upcoming strategic initiatives. Mentor Works was then able to minimize Koss’ time commitment in being comprehensively informed about the program and completing the paperwork, as well as navigating post-submission follow-ups by the government. Through funding, Koss was able to solidify their cash flow planning activities, work plan, and forecasts. FedDev Ontario also allowed Koss to organize payback timelines to further organize cash flows.
Funding Provided through the FedDev Ontario Funding Initiative
The Investing in Business Growth and Productivity (IBGP) is offered through FedDev Ontario and strives to help southern Ontario organizations develop and continually grow. The initiative was launched in 2013 as part of the Economic Action Plan. The initiative is focused on supporting the growth of established organizations through innovation, export expansion, and job creation. The initiative fosters economic growth and job creation by enabling businesses to grow their markets and facilities, and implementing new processes and technologies to increase productivity and business capacity. Combined, these initiatives will enable future integration into global markets and the future job creation in the industry.
How your Business can Benefit from Government Funding
Mentor Works offers complimentary Canadian business funding grants and incentives workshops/webinars to established small to medium sized business that manufacture and/or perform R&D in Canada. For regular updates on Canadian business funding, please sign up for our Canadian government funding e-newsletter.