Ontario Government Announces New Fund to Promote Advanced Manufacturing in Ontario
This morning, Hon. Vic Fedeli, Minister of Economic Development, Job Creation and Trade, launched the Advanced Manufacturing and Innovation Competitiveness (AMIC) program, which focuses on providing companies with the tools, technology and talent needed to grow, compete and innovate in the global market. In line with the Ford government’s “Open for Business” approach to economic development, today’s announcement is a key program to drive Ontario’s economic recovery from the pandemic and also reflects the government will be taking a more active role in fostering this recovery.
About AMIC
AMIC is a two-year, $40 million program included as a new stream of funding in the existing Regional Development Program (RDP), which among other things, included grant programs to promote job creation and economic development in Eastern and Southwestern Ontario. The pandemic made clear the importance of strong and stable domestic supply chains, particularly in strategic goods and critical economic sectors. AMIC is focused on ensuring Ontario restores its supply chains by transforming the province into a global hub for business and innovation, signaling to the world that Ontario is open for business.
AMIC Criteria
Focused on streamlining innovation, the AMIC program will support businesses and organizations in the following advanced manufacturing sectors:
· Aerospace
· Automotive
· Chemical
· Information and Communications Technology (ICT)
· Life Sciences
· Steel
Any business in one of these sectors that: employs 10 or more people; can provide three years of business operations and financial statements; will create or upskill at least five jobs; and plans to invest at least $500,000 into their project, is eligible for the AMIC program. Loans and grants are both available worth up to 15% of project funding, to a maximum of $5 million, interest free for the duration of the project period (up to 4 years). The first application period is now open and will close February 10, 2022. The second application period will take place later in 2022, with details to be released at that time.
Why Manufacturing and Innovation in Ontario Matters
Emerging out of the pandemic, Ontario will be reliant on the creation of good paying jobs and private sector investment to boost business activity and support economic recovery. Programs like AMIC that focus on supporting manufacturing projects, streamlining innovation and R&D will allow Ontario to build its talented labour force and to bounce back faster.
