I must admit I am surprised. Neither the Federal nor the provincial budgets have been announced yet, but there is a new government funding program to share with you. The FedDev Ontario launched Steel and Aluminum Initiative, a new non-repayable funding program to support steel & aluminum manufacturers hit by the tariff war. But hurry, this is the limited-time opportunity with April 8, 2019 deadline.
Eligibility requirements:
- For-profit firm located in southern Ontario
- Must employ between 10 to 499 full-time employees
- Steel and/or aluminum expenditures must equal to or be greater than 20% of the total cost of goods sold (input cost)
- Must demonstrate plans for projects to enhance productivity or to increase competitiveness by adopting new innovative technologies.
Eligible projects:
- Acquiring, adapting, adopting new technologies (e.g. Equipment & Software)
- Adopting best management practices (e.g. Lean)
- Market development/expansion
- Process re-engineering
- Improving manufacturing capacity
- Technology showcasing and technology demonstration
Reimbursement:
45% of eligible cost up to a maximum of $1 million (minimum request must be $150,000) in non-repayable funding.
Interested in Steel and Aluminum Initiative funding? Here are 3 easy steps to follow.
1. Check the breakdown of the cost of goods sold as per your most recent financial statement or income statement reported to CRA (T2 Schedule 125).
2. Calculate % of steel and/or aluminum cost of the cost of goods sold. Is it over 20%?
3. If so, Check eligibility of your company and your project by submitting eligibility check form at http://www.fgwinc.ca/
