Support Your Next Capital Acquisition With Government Grants
Written by:
Niro Ragunathan, Client Manager.
As a business, deciding to purchase new equipment can be a tough decision to make when capital is not readily available. The Canadian government understands the importance of government incentives to assist companies develop and expand their business through capital acquisitions and, as a result, has created several programs to provide funding assistance.
Specifically, the CME SMART Prosperity Now initiative and the Southwestern Ontario Development Fund (SWODF) have become invaluable sources of funding for companies to support such initiatives.
In January 2012, the Government of Canada invested $18.9 million in SMART Prosperity Now, with the goal of helping manufacturers of southern Ontario improve their productivity and competitiveness in global markets. Atlantic Braids is a perfect example of a successful candidate of the SMART program. As the leading Canadian manufacturer of braided rope and cordage products, Atlantic Braids applied for funding to assist in the replacement of outdated equipment. With SMART funding, the company was able to purchase new high tech rope equipment, which has resulted in a 150% increase in overall company productivity.
Based on the successful impact of the Eastern Ontario Development Fund (EODF), the new SWODF was created to provide eligible companies with up to $1.5 million to support regional economic development within Southwestern Ontario.
The fund will not only assist in the purchasing of new equipment/machinery but will also help fund any facility modifications and implement skills training for staff. Lambton Conveyor Limited is one of the first successful applicants of SWODF. Through the fund, this company has been able to expand its facility to accommodate new equipment and become more competitive in new markets as well as created 100 new jobs.
Government assistance has truly been beneficial to Canadian companies in these tough economic times. Funding has supported companies to remain efficient and competitive on a global stage but has also ensured quality jobs for the Canadian people. Application deadlines for certain programs are approaching, so it is important to understand what funding is available to your business and make sure that you apply on time to guarantee consideration. So don’t miss out and give us a call to get the funding you deserve.
