Amount:

No Fixed Amount

Type of Program:

Loan


Description:

Through its Regional Economic Growth through Innovation program, FedNor provides repayable assistance to existing Northern Ontario manufacturers to upgrade and improve capital equipment used in manufacturing processes, including information and communications technology, to improve their competitiveness and productivity.

Comments on Funding:

Funding is generally up to 33% of eligible capital costs and up to 50% of eligible non-capital costs.

Assistance available for SMEs is repayable.

If applicants incur costs to implement their projects prior to approval of funding, these costs will not be considered eligible for reimbursement unless written consent is provided by FedNor.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

  • Be established manufacturers located in Northern Ontario (For further clarity, established manufacturers means firms currently operating, whose primary line of business is the manufacture of a commercial product and that are planning for growth.)
  • Have 500 or fewer employees.

Applications Steps:

1

Phase 1: Submit an Application for Financial Assistance providing key contact and project information;

  • Applications can be completed and submitted electronically, or printed and sent to the nearest FedNor office.
  • Applicants will receive written or electronic confirmation that their Application has been received.
  • The results of the Application review will be communicated to applicants electronically or in writing. 

2

Phase 2: Upon initial evaluation, FedNor will provide an electronic or written decision on whether the project should proceed to Phase Two. If selected to proceed, applicants will be invited to submit a Phase Two Detailed Application and provide supporting documentation. Applications will undergo a due diligence process where they are assessed against a number of factors.

Documentation Needed:

Applicants must provide:

  • a work plan detailing the productivity improvement or the equipment upgrade to be addressed, including milestones/timelines, and a description of how the project will improve the firm's competitiveness and productivity. The Applicant must detail how the project was identified, and include a review of the competitive landscape,
  • evidence of capacity to implement the project, including financial statements for the past three years. Where the last year-end is more than six months past, interim financial statements must be provided,
  • Details on how the proposed project will benefit business operations (including target performance measures), supported by reasonable forecast results and the plan to achieve these results, and
  • Details on how the proposed project will result in net economic benefits to Northern Ontario.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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