Learn how eligible companies can get support to make investments in technology, equipment or skills to improve your competitiveness.
The Advanced Manufacturing and Innovation Competitiveness (AMIC) stream is a funding stream for medium size or smaller companies seeking to improve their competitiveness by investing in technology, equipment, reshoring manufacturing, or skills.
Types of Funding:
Loans:
- Up to 15% of eligible costs up to a maxof $5 million (interest-free for the projectperiod; 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 rurallocations or qualifying special projects, to a maximum of $500,000.A $1.5 million grant may be available in limited circumstances.
Eligibility:
Program open to companies in the advanced manufacturing sector that:
- have at least three years of operations/financial statements
- employ at least 10 people
- commit to creating at least five new jobs and/or upskill current jobs
- invest at least $500,000 in their project
- are located in, or plan to locate in, a community in Ontario
To complete the eligibility self-assessment tool and to learn about the program, visit www.ontario.ca/AMIC.
Program requirements:
- Companies approved for funding must sign a contract which includes commitments to investment, jobs and payroll. Clawback provisions apply if targets are not met.
- Project commitments are 3–4 years and payments are made in annual installments.
- At the end of a project, a final certificate from an external auditor is required at the company’s expense.
Application period five
- Application opening: July 29, 2024 – September 26, 2024
- Application deadline: September 26, 2024
- Notification date: December 20, 2024
Every business that applies will have access to complementary services which could include: environmental compliance approvals; addressing skills and talent issues; and leveraging available tax credits.
Learn more at Regional Development Program: Advanced Manufacturing and Innovation Competitiveness Stream | ontario.ca
