This program is designed to help your business grow and stay competitive. By applying, you can receive up to 15% of your project costs covered through funding or loans. The loans are interest-free for up to four years, and if you meet your job creation or upskilling targets, up to 30% of the loan may be forgiven. This financial support can be used for capital equipment, technology adoption, and skills development, which are crucial for staying ahead in the advanced manufacturing sector.

What’s in it for you?

• Funding support: Up to 15% of eligible project costs.
• Interest-free loans: Up to $5 million, with potential loan forgiveness.
• Grants: Available for specific circumstances, up to $1.5 million for strategic projects.

Additionally, you will have access to complementary services such as advisory support to navigate other government programs, help with skills and talent, and guidance on compliance approvals. These services are available throughout your project, ensuring you have the support needed to succeed. Applying is straightforward, and with the right preparation, your business can benefit significantly from this opportunity.

Type of Financing:

• Loans: Up to 15% of funding to a maximum of $5 million.

  • Interest Rate: Interest-free during the project period (up to four years).
  • Loan Forgiveness: If investment and job/upskilling targets are met, up to 30% of the loan (to a maximum of $500,000) may be forgiven.

• Grants: Available under specific circumstances.

  • Small Companies in Rural Communities: Up to 15% of eligible project costs to a maximum of $500,000.
  • Strategic Projects: Up to 15% of eligible project costs to a maximum of $1.5 million for foreign direct investments or significant reshoring projects.

Eligible Expenses:

• Capital equipment
• Technology adoption
• Skills development

Ineligible Expenses:

• Ongoing operations, including maintenance and capital replacement
• Refinancing existing business operations
• Acquisitions and buyouts
• Restructuring or relocating within Ontario
• Primary production
• Retail
• Construction (e.g., residential development)
• Personal services
• Consulting
• Electricity generation
• Waste management
• Recycling

Fees:

• No specific fees associated with the program are mentioned.

This program offers your business financial support to invest in new technology, equipment, or skills development. You can receive up to 15% of your eligible project costs. This can be in the form of funding or loans.

Loans are interest-free for up to four years. If you meet your investment and job creation targets, up to 30% of the loan (to a maximum of $500,000) may be forgiven. For small companies in rural areas, grants up to $500,000 are available. For strategic projects, grants can go up to $1.5 million.

The program aims to help your business grow by creating jobs, attracting private investment, and adopting new technologies. This can lead to increased competitiveness and economic impact. Complementary services such as advisory support are also available to help you navigate other government programs and compliance approvals. These services are provided throughout your project, regardless of funding outcomes.

1. Complete the Online Self-Assessment Tool: Start by completing the self-assessment tool available on the program's website to ensure your project aligns with the program's goals.

2. Contact a Provincial Government Advisor: Reach out to a provincial government advisor for assistance with your checklist and application. They can provide valuable guidance and answer any questions you may have.

3. Register for Transfer Payment Ontario (TPON): Register your business on TPON, Ontario’s online application system for grant funding. Ensure you have the necessary information and official business documents, such as:

   • Legal business name
   • Canadian Revenue Agency Business Number

4. Prepare the Required Documentation: Gather the necessary documents to support your application. These may include:

   • Financial statements for the past three years
   • Business plan
   • Project plan detailing the investment in technology, equipment, or skills development
   • Proof of employment (at least 10 employees)
   • Commitment to creating at least five new jobs or upskilling current jobs
   • Evidence of the $500,000 investment in the project

5. Work with Your Advisor to Complete the Application Forms: Collaborate with your provincial government advisor to fill out and submit the application forms. Ensure all required supplemental information is included.

6. Submit the Application on TPON: Once your application forms are complete and all documents are prepared, submit your application through the TPON system.

7. Application Assessment Period: After submission, your application will be assessed over a 60-business-day period. Be prepared to provide any additional information if requested.

8. Notification of Decision: You will be notified of the decision approximately 60 business days from the application deadline. If approved, you will receive details on the funding support and any next steps.

By following these steps, you can efficiently apply for the program and take advantage of the financial support available to improve your business's competitiveness.