Amount: Up to 15% of funding to a maximum of $5 million, interest free during the project period (loan for up to four years).

The Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream is aimed to provide financial support to Ontario-based advanced manufacturing companies with a focus on small and medium-sized enterprises.

It will provide investments in: capital equipment, technology adoption and skills development.

Eligibility Criteria:

  • Have at least three years of operations/financial statements.
  • Employ at least 10 people.
  • Commit to creating at least five new jobs and/or upskilled current jobs.
  • Invest at least $500,000 in their project.
  • Be located in, or plan to locate in, a community in Ontario.

Eligible Industries:

The fund supports business and organizations in advanced manufacturing sectors, including:

  • Aerospace
  • Automotive
  • Chemical
  • Information and communications technology (ICT)
  • Life sciences
  • Steel

Eligible Activities:

  • Create jobs and build talent.
  • Attract and encourage private sector investment.
  • Help companies to adopt technologies that improve their competitiveness.
  • Lead to business growth and broad positive economic impacts.
  • Encourage innovation, collaboration, and cluster development.

Amount:

Types of support available:

Funding

Up to 15% of eligible project costs.

Loans

Up to 15% of funding to a maximum of $5 million, interest free during the project period (up to four years).

If you achieve your investment and job or upskilling targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven.

Grants

Grants are available only for specific circumstances, up to 15% to a maximum:

  • of $500,000 for small companies located in rural communities.
  • of $1.5 million for strategic projects that are foreign direct investments or from companies competing against other jurisdictions or companies with significant reshoring projects.

Deadline:

Application opening: July 29, 2024 – September 26, 2024.