Have you attended the Canadian Manufacturing Technology Show? Whether you had a chance to attend it or not, you should know about the following government funding programs that help you buy equipment and software.
- Canada Digital Adoption program (CDAP) is set to open in October as well. It will support technology consulting and implementation like ERP, CRM, AI, Industry 4.0 and other types of software. This program combines a grant for assessing your digital needs and an interest-free loan to acquire digital technology, up to $100K.
- Federal expansion funding programs like Jobs & Growth Fund, Aerospace Regional Recovery Initiative, Business Scale-Up and Productivity and Strategic Innovation Fund are the interest-free government loans to support large-scale capital projects that typically include purchasing equipment and building expansion. The government provides 35% to 75% of those expenses depending on the program.
- If your business is located in Southwestern, Eastern or Northern Ontario, you may qualify for a provincial expansion grant of 15% of your equipment, software and building expansion expenses if all these expenses are part of a large expansion project. The programs are Southwestern ON Development Fund, Eastern ON Development Fund, and the Northern Ontario Heritage Fund.
- Canada Small Business Financing Program (CSBFP) provides interest-bearing loans to purchase equipment up to $350K. However, 85% of the amount of such a loan is guaranteed by the government.
- Later this year, we also expect the renewal of the Ontario Automotive Modernization Program, which provides a grant of 50% of your software acquisition or upgrade program if you are part of an Ontario automotive industry.
Need help with applying for the above or other government funding programs? Fill out the Eligibility Check form now to find out if your business qualifies http://www.fgwinc.ca/