The Ontario provincial government is actively distributing their Southern Ontario Prosperity Initiatives (SOPIs) to encourage economic growth, job creation, and innovation. Wolf Steel Ltd., a Barrie-based manufacturer of Napoleon Fireplaces, was recently awarded over $4 million in repayable Ontario government funding through the Investing in Business Growth & Productivity (IBGP) small business loan. This funding allocation will lead to 176 full-time jobs across Wolf Steel’s four facilities in Barrie by 2017, in addition to their 800 current staff in the region. 35 of these new positions will be dedicated to research and development.
Wolf Steel: Small Business Loans Ontario
Wolf Steel worked with Mentor Works directly throughout the Ontario government funding application process. Alex Barlow, Business Development Manager at Mentor Works, identified Investing in Growth & Productivity (IBGP) small business loans as a suitable option for Wolf Steel’s facility expansion efforts.
“We are delighted with the Federal government’s investment as this will support us in the expansion of our manufacturing facilities, research and development and technology processes. The demand for Napoleon’s quality products internationally generates a sense of pride that all of our associates acknowledge. The federal government’s staff that we work with has been very insightful.”
– Ron McArthur, President – Wolf Steel Ltd.
In fact, Wolf Steel was able to use IBGP in conjunction with the Southwestern Ontario Development Fund (SWODF) small business grant program to maximize their Ontario government funding contributions. The remaining contributions came from Wolf Steel’s general cash flows.
Ontario Government Funding Process
The process began when Mentor Works identified IBGP as a suitable option for Wolf Steel’s large manufacturing facility overhaul project. Wolf Steel developed a 5-year capital expenditure program that they needed to execute on in order to meet market demands. The company had experienced a strong growth rate for the last three years and expected the momentum to continue. They now needed to ensure the correct amount of manufacturing space and capacity was secured to meet the demands of Wolf Steel’s customers.
“Alex (at Mentor Works) has done an outstanding job for us here at Napoleon (Wolf Steel) in identifying loans and grants available to us and assisting us in putting our documentation together in an orderly fashion to work easily with the federal and provincial government.”
-Ron McArthur, President – Wolf Steel Ltd.
Once the project had been finalized, Wolf Steel and Mentor Works completed the application together, consulted with the FedDev Ontario government officials, answered required follow-up questions, and provided additional information and schedules as required. Ron McArther, President of Wolf Steel Ltd., stated that Mentor Works “helped right from the start, guiding us through the whole process.” The manufacturing businesses will continue to benefit from a wide variety of Canadian government funding grants and loans to assist with training, hiring, capital equipment, and research & development to ensure their market leadership in their key industries of grills, fireplaces, and HVAC
Discover your Canadian Government Funding Potential
If you are an established Canadian business that manufacturers or invests in internal R&D, there are a wide variety of small business loans and grants available to you. To learn more, please register for a free funding workshop or webinar presented by Mentor Works or subscribe to our Canadian government funding e-newsletter. Do you have specific questions? Contact a Mentor Works Canadian government funding expert.