The Ontario Regional Development Program Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream Opens for New Round of Applications

Sarnia, ON – The Ontario government has officially opened a new round of applications for the Advanced Manufacturing and Innovation Competitiveness (AMIC) Stream under the Regional Development Program. This initiative aims to support businesses in the advanced manufacturing sector and drive innovation and competitiveness within the province.

The program provides financial support to advanced manufacturing companies, particularly small and medium-sized enterprises across Ontario. It offers investments in capital equipment, technology adoption, and skills development. The types of support available include funding and complementary services. The fund supports projects that create jobs, build talent, attract private sector investment, help companies adopt technologies to improve competitiveness, drive business growth, generate broad economic impacts, and encourage innovation, collaboration, and cluster development.

Eligibility and Types of Funding

A. To be eligible, businesses need to:

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

B. Types of Funding:

Loans: Up to 15% of eligible costs up to a max of $5 million (interest-free for the project tperiod; interest applied during repayment)with potential to forgive 30% or up to $500,000 if targets are met.
Grants: Only available for small companies (less than 100 FTEs) in rural locations or qualifying special projects, to a maximum of $500,000. A $1.5 million grant may be available in limited circumstances.

Important Dates

Application opening: July 29, 2024 – September 26, 2024
Application deadline: September 26, 2024
Notification date: December 20, 2024

For more information about the Ontario Regional Development Program AMIC Stream and to apply, please visit https://www.ontario.ca/AMIC

Before applying, applicants are encouraged to contact our team of Economic Development Officers who can help assess the fit with the program and provide advice on application preparation by calling (519) 332 1820 or email contact@sarnialambton.on.ca

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