According to a 2012 survey by Canadian Manufacturers & Exporters (CME), the most pressing challenges facing manufacturers include increased competition in primary markets; the strength of the Canadian dollar; attracting and retaining labour; global economic conditions; and developing new markets.
These challenges drain manufacturers’ profits making it even more difficult to obtain financing. What’s the outcome? Manufacturers get more loans on unfavorable conditions leaving them in more debt.
Fortunately, there are government grant programs to break the vicious circle of debt and reduce the burden of global competition.
Let’s consider SMART Prosperity Now in Ontario in questions and answers.
How much can you get?
- Assessment Funding
Companies can receive a contribution of 50% of eligible costs up to a maximum of $5,000
- Project Funding
Companies can receive a contribution of 33% of eligible costs up to a maximum of $75,000
Who is eligible?
- Manufacturers located in the Southern Ontario;
- With 15-1,000 full time employees (per applicant);
- Minimum 2 years in business;
- Applicants must be a current exporter or have a detailed plan for export opportunities.
What activities can you use this grant for?
- Purchasing or upgrade of equipment,
- Adoption of new processes and technology,
- Researching export markets and go-to-market planning,
- Foreign trade show costs,
- Product and materials adaptation and translation,
- Developing website in foreign languages,
- Certification for the facility, or
- Foreign patent, and legal and compliance costs.
What’s the deadline for the application?
The application process is ongoing but you can only submit till end of August, 2013.
What steps should you take to start the funding process?
This program allows you get money with a support of a Qualified Service Provider. A Qualified Service Provider is a specialized expert firm carefully selected by Canadian Manufacturers and Exporters to help Ontario-based manufacturers apply for the funding and achieve their export expansion goals. So, all you need to start the funding process is to contact a Qualified Service Provider who will help you with all the documents.
Win Global Partners is a qualified service provider authorized by CME to assist Ontario manufacturers in application for the funding. So, consider SMART Prosperity Now Program for your business now. Remember about its deadline and act quickly. Apply Now!