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Sheehan details steel, aluminum funding available for local companies

Eligible companies can receive $150,000 to $1M for innovative projects that will create jobs, promote economic growth
2018-03-14 Justin Trudeau round table DMH-10
File photo. Donna Hopper/SooToday

On March 11, 2019, the Government of Canada announced the launch of the Regional Economic Growth through Innovation Steel and Aluminum Initiative. This Canadawide, $100-million program is designed to assist small and medium-sized enterprises in strengthening their productivity and competitiveness.

In Northern Ontario, the Steel and Aluminum Initiative will be administered by FedNor.

“What I was hearing from SME’s speaking to me locally and at committee meetings, is that there was a need for further support for our manufacturer’s. I am pleased that we have taken further actions of support,” said Terry Sheehan, MP for Sault Ste. Marie

Companies who use steel or aluminium can apply for non-repayable contributions ranging from $150,000 to $1 million for investments in innovative projects that will create and maintain jobs, as well as promote economic growth through adoption of innovative technologies and processes.

Deadline: Applications will be accepted on a continuous basis until all funding has been fully allocated. Note: Priority will be given to complete applications received from March 11, 2019 to April 8, 2019.

Eligible applicants:

  • Businesses such as: partnerships, social enterprises, incorporated companies, corporations or co-operatives, or an Indigenous organization such as Indigenous/First Nation/Métis Settlement owned businesses, and all other types of enterprises
  • Employ between 10 to 499 individuals on a full-time basis in Canada
  • Intensive users of steel or aluminum (i.e., steel and/or aluminum expenditures are equal to or greater than 20 percent of total input costs)
  • Capable of demonstrating plans for projects pursuing productivity enhancements, and/or innovations to augment firm competitiveness

Eligible activities:

  • Productivity Improvement: acquiring, adapting, adopting new technologies, and/or processes; process re-engineering; improving manufacturing capacity
  • Business Scale-Up: market development/expansion; diagnostics; adopting best management practices, processes, and systems; business opportunity development
  • Technology Commercialization: late stage product development geared toward market diversification and growth, such as technology showcasing and technology demonstration

Please visit the FedNor website for full program and application details or contact 1-877-333-6673.

“I encourage manufacturers and industry businesses to review the funding guidelines and apply if eligible.” Sheehan continued, “this program is designed to assist small and medium-sized enterprises (SMEs) in strengthening their productivity and competitiveness.”

Additional background information:

  • Support and investments from the Government of Canada in the steel industry during this illegal 232 tariff situation with the U.S.
  • Recently announced $90,000,000 in support for Algoma Steel. This investment will help create and maintain jobs, as well as support pensioners in Sault Ste. Marie
  • Made available up to $2 billion to defend and protect our Canadian workers and businesses in steel and aluminum industries
  • $1.7 billion through Export Development Corporation and Business Development Bank to provide financing to help Small Medium Sized businesses
  • $250 million in new funding through Strategic Innovation Fund to bolster the competitiveness of Canadian manufacturers
  • $50 million to help companies diversify their exports and take advantage of new trade agreements such as Comprehensive Economic and Trade Agreement (CETA) and Comprehensive Progressive For Trans-Pacific Trade Partnership (CPTTP)
  • Implemented one of the strongest anti-dumping regimes in the world • Implemented counter trade action of $16.6 billion on imports of steel, aluminum and other products from the United States