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With a total budget of $40 million CAD, the Ontario government launched the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream. This Stream assists small and medium-sized manufacturing companies with funding for capital equipment, technology adoption, and skills development that will improve the company’s competitiveness.
Financial grants and loans of up to 15% of eligible project costs are available to fund the project.
Grants: A maximum of $500,000 CAD for small businesses and $1.5 million CAD for larger projects (only available for specific circumstances)
Loans: A maximum of an interest-free $5 million CAD loan (up to four years); A maximum of $500,000 CAD (up to 30%) of the loans can be converted into a financial grant when the company reaches certain investment targets.
Eligibility:
Financial assistance will be provided to organizations in advanced manufacturing sectors such as:
In addition, companies have to fulfill below requirements:
Additional criteria apply.
To be considered as an eligible project, it may include:
Manufacturing is a critical element of Ontario's economic success which is considered a source of growth and employment in small and mid-sized cities in Canada. Labour in the manufacturing industry occupied about 11% of total employment in Ontario and contributes more than 10% of the province’s GDP (Moffatt, Coutinho & McNally, 2021).
As the world continues to recover from the impact of the economic slowdown, it is expected there’s a possible economic recession this year in Canada due to high inflation and interest rates (Yue, 2022). The Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream of Ontario’s Regional Development Program was launched to support businesses on investments that can lead to long-term development, higher productivity, and stronger competitiveness. By creating attractive economic environments, the scheme is expected to bring significant economic growth to Ontario as well as the manufacturing industry.
Last year after the launch of the AMIC stream, some companies across Ontario have been benefiting and receiving funding to support their projects.
Funding of $750,000 CAD was provided to a manufacturing company that designs and installs production systems for the sawmill and mining industries. The funding will be invested in new equipment and infrastructure to enhance productivity and capacity, and the company is expected to create 10 new jobs, upskill 15 positions and retain 106 jobs with financial support.
An investment of $1.5 million CAD from the AMIC stream was provided to a global supplier of complex aerostructures to adopt new technologies, which will allow it to perform process work currently executed outside of Canada. The project will result in 60 new positions and 100 upskilled staff.
Funding of $1.5 million CAD has been provided by the AMIC stream to the largest and oldest commercial bakery in the country. The funding supports the expansion of a new production line in Canada to meet growing demand in the market. The project is expected to create more jobs, boost the local economy, and improve food security in the province with financial support from the government.
The 3rd round of applications for the Stream is open on February 1, 2023 and will close on March 16, 2023. More details about the funding are available through the Ontario Government Website.
There’re other programs for different industries in Ontario that you may find helpful for your business. Business Advisory Services from the government of Ontario is also available to offer a hand with growing your business by providing tailored advice and recommendations.
With support from AMIC, your company can get better quality and more advanced technology and machines into your production process to enhance your competitiveness and expand your business.
Berg aims to provide value to our clients through our collaborative approach and by producing engineered innovations that consistently deliver advanced operational competitiveness. We custom design eco-positive thermal management solutions, utilizing cooling, freezing, and pumping products that address the environmental, economic, and functional challenges of their project. Berg has the in-house ability to: design, engineer, manufacture, install, and provide service and support. We pride ourselves on simplifying the project for our customers by providing integrated supply capabilities coupled with project management. With Berg Chilling Systems, more profit can be generated while decreasing operational costs and increasing efficiency.
Contact Berg Chilling Systems Inc. today for all your complex refrigeration needs. Our dedicated experts will provide you with all the useful information you require and at the same time will make sure you get the refrigeration system best suited for your needs.