Ontario establishes new manufacturing strategy in attempt to secure jobs
Toronto, ON -- A new $500-million repayable loan program for manufactuirers has been announced by Ontario economic ...
Toronto, ON — A new $500-million repayable loan program for manufactuirers has been announced by Ontario economic development and trade minister Joseph Cordiano. 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.
“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. “That’s how our industries will stay globally competitive and jobs for our Ontario workers will be secure in the future.”
The Advanced Manufacturing Investment Strategy is designed to attract investment by helping companies across the province take immediate steps to develop and use leading technologies and innovations that will keep them globally competitive.
Government support will focus on manufacturing processes and technologies, materials innovations, innovative waste management technologies and energy efficiencies.
The repayable loans are interest-free for up to the first five years. The $500 million strategy provides up to 10% 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 Dalton McGuinty, premier and minister of research and innovation. “By strategically investing in innovation, Ontario will create the most rewarding jobs and build the strongest economy.”
Up to three calls for proposals will be made each year for five years, depending on the number of successful projects. For more information about the Advanced Manufacturing Investment Strategy including eligibility requirements, program proposal forms and guidelines visit www.ontariocanada.com.