Interest-Free Loans of up to $20 Million for Ontario Manufacturers
Government Investment for Large Innovative Projects
The Advanced Manufacturing Fund (AMF) offers interest-free loans of $10 to $20 million to Ontario companies involved in R&D or manufacturing. Loans are to cover up to 50% of an investment in projects that create new and innovative products or production methods. Examples of eligible activities include but are not limited to:
- Prototyping, demonstration projects, advanced production methods and applied research
- Work conducted to achieve technical advancement through the creation or improvement of existing materials, devices, products or processes
- Adoption or adaption of innovative products, technologies (machinery and/or equipment) and processes that support either product or process innovation.
Eligible costs include:
- Capital expenses such as equipment and retrofits (land and building costs are not eligible)
- Salaries and benefits directly related to the project
- Consultant and other professional fees
Applicants must have matching “cash in hand” funding i.e. $10 to $20 million. Terms of the program loan will be negotiated on a case by case basis, with payments commencing no later than 1 year after the completion of the project. The program is accepting applications from now until October 1, 2014.All project activities must be completed by December 31, 2018.