Tap into $18.9M SMART money for productivity projects
There’s $18.9 million in funding available through the CME SMART program for export-focused companies in Southern Ontario looking at productivity improvements.
TORONTO: There’s $18.9 million in funding assistance available through Canadian Manufacturers & Exporters’ SMART program for export-focused companies in Southern Ontario looking at productivity improvement projects.
Manufacturers that are exporting, planning to export, or selling into an export supply chain and planning productivity assessments or improvements can apply for the funding provided by the Federal Economic Development Agency for Southern Ontario (FedDev) through CME’s SMART Prosperity Now program.
“Two of the largest challenges that companies will face in 2012 are finding new customers and enhancing productivity performance,” said Ian Howcroft, vice-president of CME Ontario.
He said funding will help companies commercialize new technologies, enter new domestic and foreign markets, invest in sustainable and green technology, purchase new or upgraded equipment and technology, and implement efficiency improvements.
Assessments are eligible for funding of up to half the eligible costs to a maximum of $5,000. Productivity enhancement projects are eligible for up to 33.3% of eligible costs to a maximum of $75,000.
Eligible projects under FedDev Ontario’s Prosperity Initiative must:
• accelerate the adoption of new technologies, processes and skills;
• diversify the regional economy by increasing the number of new industries or opportunities that will have a long-term impact on regional economic diversity; and
• build a competitive advantage by creating or expanding economic clusters and enhance their global competitiveness.
CME said it will be hosting a series of workshops throughout the region in the coming months to help businesses navigate this initiative.
SMART program website is currently under construction, but CME said information will be available at http://www.cme-smart.ca in February.
Click here for more information on program guidelines from FedDev Ontario.