REGI — Targeted Manufacturing Initiative for Northern Ontario
Highlights
This program is designed for established manufacturers in Northern Ontario looking to enhance their productivity and competitiveness. By participating, you can access funding to upgrade your capital equipment, including digital hardware and software, which can significantly improve your manufacturing processes.
Why Apply?
- Enhanced Manufacturing Capability: Modernize your production facility with new equipment and technology.
- Efficient Production Facilities: Implement lean manufacturing, ISO certification, and quality controls.
- Increased Export Sales and Profitability: Boost your competitiveness in the market.
What’s in it for You?
- Repayable Assistance: Up to 33% of eligible capital costs and up to 50% of eligible non-capital costs.
- Comprehensive Support: Funding covers equipment purchases, installation, training, and operational improvements.
- Easy Qualification: If your business is already established and planning for growth, you likely meet the criteria.
Contact a FedNor officer to discuss your project and start your application process. This is a valuable opportunity to invest in your business's future and drive growth.
Financing Details
Type of Financing: Repayable Sum
Repayment Terms and Interest Rates:
- Assistance available for SMEs is repayable.
- FedNor will contribute up to 33% of eligible capital costs and up to 50% of eligible non-capital costs.
Eligible Expenses:
- Plant equipment purchases, including digital hardware and software that are a direct part of the manufacturing process.
- Installation and commissioning of new equipment.
- Training on the use of new equipment.
- Implementation of recommendations from an Operational Assessment, such as lean manufacturing, ISO certification, quality controls, information and communications technology, or other operational and managerial improvements.
- Modernizing the production facility through upgrades to existing production equipment (e.g., automation, robotics, ancillary systems).
Ineligible Expenses:
- Land, building, vehicles, marketing, studies, overhead, depreciation, and salaries.
- Costs for which the applicant has entered into a legal commitment/incurred prior to the eligibility date.
Fees:
- No specific fees are mentioned for the application or participation in the program. However, costs incurred prior to approval are not eligible for reimbursement unless written consent is provided by FedNor.
Qualifications
- Must be an established manufacturer.
- Must be located in Northern Ontario.
- Must be currently operating.
- Primary line of business must be the manufacture of a commercial product.
Must be planning for growth.
Disqualifications:
- Businesses not located in Northern Ontario.
- Businesses whose primary line of business is not manufacturing.
- Businesses not currently operating.
Description
FedNor's program is designed to help your business in Northern Ontario become more competitive and productive. You can receive up to 33% of eligible capital costs and up to 50% of eligible non-capital costs. This funding can be used for various improvements, such as buying new manufacturing equipment, installing and commissioning it, and training your staff to use it.
Eligible costs include:
- Purchasing plant equipment, including digital hardware and software.
- Implementing recommendations from an Operational Assessment, like lean manufacturing or ISO certification.
- Upgrading your production facility with automation, robotics, and other modern systems.
The assistance provided is repayable, but it offers a great opportunity to modernize your operations without bearing the full financial burden upfront. By participating in this program, your business can enhance its manufacturing capabilities, improve efficiency, and increase profitability.
Program Steps
Contact a FedNor Officer: Call 1-877-333-6673 to discuss your project with a FedNor Officer. This step is crucial due to the limited budget availability.
Prepare Required Documentation: Gather the following documents to support your application:
- A work plan detailing the productivity improvement or equipment upgrade, including milestones/timelines.
- A description of how the project will improve your firm's competitiveness and productivity.
- Evidence of capacity to implement the project, including financial statements for the past three years. If the last year-end is more than six months past, provide interim financial statements.
- Details on how the proposed project will benefit business operations, supported by reasonable forecast results and the plan to achieve these results.
Develop a Business Case: Create a comprehensive business case that includes financial projections, past results, and an analysis of the competitive landscape. This will be reviewed as part of the application process.
Submit the Application: Begin the application process by following the instructions provided by the FedNor Officer. Ensure all required documentation is included.
Await Review: Your application will be assessed upon receipt. This includes a review of your business case, financial projections, and any potential issues that may impact the project's success.
Approval and Funding: If approved, discuss the final funding terms, including the percentage of eligible costs covered and any repayment conditions. Once agreed upon, the funds will be disbursed, allowing you to proceed with your project.