Ontario unveils advanced manufacturing loan program

The Ontario Ministry of Economic Development and Trade (MEDT) has announced a new $500-million loan program for the manufacturing sector to encourage new investment and increased innovation. The Advanced Manufacturing Investment Strategy will provide interest-free loans to eligible large-scale projects of at least $50 million in the areas of manufacturing technologies and processes, materials innovation, waste management and energy efficiency. The program is part of the Ontario’s government’s emerging commercialization strategy. It is designed to increase the global competitiveness of companies by leveraging private and public investments in R&D, as well as commercialization of new technologies and processes, post-secondary skills development and innovation development. The maximum loan for any single project is $10 million. MEDT will be accepting submissions for its first call for proposals between December 19 and January 31 and — depending on demand — will hold up to three competitions annually for five years. Ontario’s manufacturing sector has been hard hit by the impact of offshoring and the rising dollar. It has lost about 100,000 jobs in the past two years….