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: February 1, 2023 – March 16, 2023.