Manufacturers in southern Ontario will improve their productivity and international competitiveness thanks to a contribution of $18.9 million provided by FedDev Ontario’s Prosperity Initiative announced in January. The funding will be allocated to Canadian Manufacturers & Exporters (CME) to launch a productivity improvement program, SMART Prosperity Now.
The program is about fostering the long term growth for small to medium size businesses. Ontario manufacturers must promote growth by transitioning to a more sustainable business model through enhancing productivity, integrating new and innovative technologies to products and/or processes that include alternative energy and clean technology considerations for future prosperity and global export opportunities.
“As Canada’s leading trade and industry association, we are pleased to partner with FedDev Ontario to bolster the global competitiveness of Ontario companies,” said Jayson Myers, President & CEO of CME. “SMART Prosperity Now will equip companies the needed tools to become more successful in both domestic and international markets.”
The program will enable manufacturers that participate in export activities to commercialize technologies, enter new markets, invest in sustainable and green energy, purchase new equipment and technology and improve efficiency.
Eligible companies can access funding of up to 50% of eligible costs to a maximum contribution of $5,000 for productivity assessments. Productivity enhancement projects are eligible for up to 33.3% of eligible costs to a maximum contribution of $75,000. To be eligible for SMART Prosperity Now funding, eligible recipients MUST be exporters or planning to export.
CME will be holding a series of workshops in the coming months to provide businesses with information on the project. Check the events page at www.cme-smart.ca for updates on these locations
FedDev Ontario’s Prosperity Initiative encourages businesses, non-profits and learning institutions in the southern Ontario region to create a more productive, diversified and competitive economy.