Ensuring the automotive industry is open for business
The Grants team at Ayming continues to closely monitor all funding announcements and updates in order to bring you the latest news.
The Government of Ontario has debuted a strategic grant program designed to help Canadian businesses modernize their operations and become more competitive in a dynamic global market. The Ontario Automotive Modernization Program (O-AMP) allows small and medium sized automotive supply companies to receive up to $100,000 in grant funding to match their planned investments in project(s) that will take less than two years to complete. The aim of this program is to strengthen Ontario’s automotive supply chain and improve its operational efficiency and competitiveness.
Eligibility for Funding
This program is offering automotive suppliers in Ontario up to $100,000 to help cover up to 50% of eligible project costs. Successful applicants are required to contribute at least 50% of the remaining project costs through their own business resources or private / bank financing.
In order to be eligible to receive funding from this program, companies need to be aligned with the following criteria:
- Be a for-profit business;
- Less than 500 employees in Ontario;
- Less than $1 billion in global revenues;
- Have at least two years of financial statements;
- At least 50% of the company’s total sales revenue comes from the auto supply sector.
The Ontario Automotive Modernization Program supports project(s) that fall within one or both of the following categories:
- Technology adoption – for example, using advanced manufacturing hardware, software and/or training to improve processes and competitiveness. This might include using logistical systems and investing in production hardware or software that digitize production tracking;
- Lean manufacturing – for example, improving operational efficiency and competitiveness by using lean manufacturing techniques and hiring the services of a mentor/consultant to help with lean implementation.
How Ayming Can Help
Our team of grant professionals has the expertise and industry know-how to develop a funding strategy that compliments your planned investments and is tailored to your specific needs. Our holistic methodology and thorough understanding of government grant programs results in $1.5 billion of funding achieved globally for our clients per year. The key is finding the right grant program(s) that align with your business growth and investment needs. Ayming will work with your team to understand your near-term needs and long-term objectives and effectively identify the best funding options available to your business.