NEWS RELEASE
TERRY SHEEHAN, MP FOR SAULT STE. MARIE
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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
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