The Advanced Manufacturing and Innovation Competitiveness (AMIC) program provides financial support to advanced manufacturing companies focusing on small and medium-sized enterprises (SMEs) across Ontario. This program has announced its second intake period for 2022, which will open on August 10 and close on September 22.
AMIC provides grants and interest-free loans to successful applicants, with a maximum amount of $1.5 million in grants for successful applicants and a maximum of $5 million in no-interest loans. The grant and loan funding will cover a maximum of 15% of a project’s overall costs.
The AMIC program is a recent addition to the Regional Development Program (RDP) that aims to help Ontario SMEs take on new growth projects that they may not have the financial capacity for without the help of government funding.
Funding Amount
Successful applicants may receive the following funding contributions:
- Grants: Access up to 15% of eligible project costs to a maximum of $500,000 for small companies and $1.5 million.
- Loans: Access up to 15% of eligible project costs to a maximum of an interest-free $5 million loan (up to four years);
- Up to 30% of the loan may be forgiven if the company achieves its investment or upskilling targets.
Eligible Applicants
For your advanced manufacturing business to be eligible for funding via AMIC, your organization must be located in Ontario and meet these criteria:
- Be in an advanced manufacturing sector;
- Have a minimum of three years of financial statements;
- Have ten employees or more;
- Commit to creating or upskilling a minimum of five new or current jobs;
- Invest a minimum of $500K in the project; and
- Be located in, or plan to be located in, a community in Ontario.
Eligible Activities
Projects that are typically eligible to receive grant or loan funding through the AMIC program often include one or more of the following project types:
- Creating jobs in Ontario and building Ontario’s talent pool;
- Acquiring capital equipment;
- Adopting technology;
- Skills development;
- Drive innovation and cluster development;
- Help Ontario manufacturing companies adopt new technologies to improve outputs and competitiveness on a global scale;
- Attract private sector investments; and
- Stimulate Ontario’s economy and increase sector growth.