Ontario to fund cutting-edge manufacturing projects
Ontario's Economic Development and Trade Minister Joseph Cordiano announced last month a new $500 million repayable...
Ontario’s Economic Development and Trade Minister Joseph Cordiano announced last month a new $500 million repayable loan program for manufacturing firms investing $50 million or more in the province.
Ontario’s Advanced Manufacturing Investment Strategy will work with industry partners to develop and put in place leading technologies and innovations to keep them globally competitive, according to the Ministry.
The CPIA’s Serge Lavoie and Atul Sharma were present for the announcement. They learned that eligible proposals include “project investments of $50 million dollars or more, or the creation or retention of 150 “high value” jobs.”
According to the CPIA, projects the Ministry is looking to fund projects that are developing cutting edge manufacturing technology and processes, materials innovations, waste management and energy efficiencies.
Projects chosen can receive up to $10 million per project, but only 10 per cent of the total project costs will be funded, the CPIA said.
The Ministry is accepting proposals up until Jan. 31, 2006.
“The program could have as many as three proposal calls per year for five years depending on the number of successful submissions,” the CPIA noted. “It is possible that there may other proposal calls in 2006, but it is not guaranteed.”
The CPIA is on hand to assist plastics processors who are interested in the program. Those interested should contact Atul Sharma.
“We value our manufacturing sector in Ontario, and know that it is our province’s largest job creator. With this strategy we are investing in our highly skilled workforce by helping manufacturers stay at the cutting edge of technology,” Cordiano said said in a statement. “That’s how our industries will stay globally competitive and jobs for our Ontario workers will be secure in the future.”
The repayable loans are interest-free for up to the first five years. The $500 million strategy provides up to 10 per cent of eligible project costs.
“In order for Ontario to be successful in the global innovation race we must be the first to discover new ideas, the first to turn them into new products and services and the first to market those products and services to the world,” said Premier, and Minister of Research and Innovation, Dalton McGuinty, in a statement.