Tag Grants for governmentloans

Intake Started: AMIC grant for expanding manufacturers

The Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream has launched a new round of intakes on February 1, 2023. The program aims to provide financial support to Ontario-based advanced manufacturing companies with a focus on small and medium-sized enterprises.

It will facilitate investments in capital equipment, technology adoption and skills development. The fund supports business and organizations in advanced manufacturing sectors, including aerospace, automotive, chemical, information and communications technology (ICT), life sciences, and steel.

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.
  • Be located in, or plan to locate in, a community in Ontario.

Amount:

Types of support available:

1) Funding

Up to 15% of eligible project costs.

2) Loans

Up to 15% of funding, 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 may be forgiven.

3) Grants

Grants are available only for specific circumstances, up to 15% to a maximum of $500K.

Deadline

The AMIC grant extended its deadline to September 14, 2023.

Need help with this or other government funding programs but don’t know where to start or how to prepare an application?

CHECK ELIGIBILITY

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Regional Development Program: Advanced Manufacturing and Innovation Competitiveness Stream

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

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Why you should look closely on government loans?

Last week we announced the launch of two new Federal loans for businesses: the Jobs and Growth Fund and the Aerospace Regional Recovery Initiative (ARRI). However, many readers of our newsletter and blog were skeptical about them because they were not grants.

We see the trend across all levels of government that grants are being slowly replaced with interest-free loans. Given the tremendous amount of money the governments spent on fighting pandemic, we think that the business community should start getting used to government loans. We expect that they will replace many grants.

The good news, however, is that government loans have three key advantages:

  1. No interest.
    Although the interest rates are generally low, don’t get confused that there is no big difference between 0% and 5%. If you add up all the interest accumulated over the years, you will see significant savings if you apply for government loan.
  2. No collateral or personal security.
    As my banker friend jokes, the bank would have taken a first child as loan security if it was allowed to do so. The government doesn’t even demand your business assets or personal property as security.
  3. Flexible repayment schedule.
    The government loan is repaid over 5-7 years, and the payment schedule may be negotiated at the time of approval. Furthermore, in most cases, you don’t start repayment until after 12 months of the project completion. And the project may last 3-4 years.

I hope the above information helps to demystify some of the misconceptions about government loans.

Fill out the Eligibility Check form now, to make sure you don’t miss this funding opportunity http://www.fgwinc.ca/eligibility.

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Aerospace Regional Recovery Initiative – Aerospace sector recovery interest-free loan

Amount: up to 50 percent of eligible costs with up to 10 million per project.

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Jobs and Growth Fund

Amount: up to 50 percent of eligible costs with up to 10 million per project.

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No grant for equipment or building? No problem

It is not uncommon in the government funding universe that the grants for equipment or leasehold improvement come and go. Others depend on the location of your business and you only qualify if you are located in a remote or rural area. It is also extremely rare that the government pays for things like buying land or building.

One solution in this situation is to do nothing and wait for the government to launch the funding on day. But can your business afford to wait uncertain amount? Would you rather consider the alternative program?

In case of equipment, building or leasehold improvement, the alternative is the Canada Small Business Financing Program (CSBFP). This is not a grant though. This is a loan, 85% of which is guaranteed by the Federal government. If something goes not according to the plan, your business will only be liable for 15% of the loan amount.

The program works for both established companies and start-ups. It will also be soon modified, and the maximum amounts of the loan will be increased, so stay tuned.

We assist our clients with finding the right financial institution that offers this program, writing business plan to support the application, and collecting documentation.

Need help with other government funding programs but don’t know where to start or how to prepare an application?

Fill out Eligibility Check form at http://www.fgwinc.ca/eligibility to find out.

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The Digital Media Tax Credit Guide For Gaming Companies In Canada (IDMTC)

Amount: up to 40% tax credit on qualifying wages/salary.

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Canadian Film or Video Production Tax Credit (CPTC)

Amount: refundable tax credit of 25% of your qualified labour expenditures.

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Film or Video Production Services Tax Credit (PSTC)

Amount: refundable tax credit of 16% of qualified Canadian labour expenditures.

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Productivity Innovation

Amount: A term loan funding up to 100% of a project with a minimum contribution of $ 50,000.

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Interest-Free Federal Operational Loan – RRRF

The Regional Relief and Recovery Fund (RRRF) is an interest-free loan for businesses and organizations impacted by the pandemic. The main goal of this program is to support operational funding needs and cash flow of businesses.

Eligibility Criteria:

  • An incorporated business, co-operative, partnership or an Indigenous-owned business with 1 to 499 full-time employees;
  • Located in Ontario;
  • Facing funding pressures with fixed operating costs, as a result of the pandemic;
  • Have applied to other Government of Canada relief measures for which they are eligible, as outlined in the program guidelines;
  • Were operational prior to March 15, 2020;
  • Are financially viable;
  • Plan to continue to operate or resume operations; and
  • Have an active business chequing/operating account.

Eligibility Cost:

Liquidity support for fixed operating costs to maintain regular operations where business revenues or cash flows have been affected by the COVID-19 pandemic. Such as:

  • Capital lease payments for existing equipment and machinery;
  • Salaries and benefits*(only if not eligible or supported by other available federal COVID-19 relief measures);
  • Property taxes;
  • Utilities;
  • Bank charges and interest payments;
  • Professional fees;
  • Monthly insurance payments;
  • Rent;
  • Personal protective equipment / safety measures;
  • Cleaning expenses; and
  • One-time stabilization expenditures (including sanitary, distancing measures and/or one-off adaptation costs related to operating in the context of COVID-19).

Amount:

  • Funding of $60,000 or less: Conditionally repayable contribution (interest-free loan)
  • Funding up to $1,000,000: Unconditionally repayable contribution (interest-free loan)

Do you qualify for RRRF or other government funding programs and would like to submit your application ASAP?

Fill out Eligibility Check form at http://www.fgwinc.ca/eligibility to get help.

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Proof of Concept Program

Amount: Up to 50% of the cost of the proof of concept plan to a maximum of $100,000 during the Program Period (not to exceed 12 months). The applicant will be required to contribute 50% of the cost over the Program Period.

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