$100M in Funding for Steel and Aluminum Industries
March 11, 2019
OTTAWA: Jim Eglinski, Member of Parliament for Yellowhead, wishes to inform constituents that the Department of Innovation, Science and Economic Development has announced that Regional Economic Growth through Innovation Steel and Aluminum Initiative, will provide funding of $100 million in non-repayable contributions to small- and medium-sized enterprises (SMEs) within Canadian steel and aluminum supply chains for investments in innovative projects that will enhance productivity and/or competitiveness.
Canadian (SME) manufacturers that are significant users of steel and aluminum play an important role in transforming these inputs into finished or semi-finished products for the manufacturing, defence, aerospace, energy, automotive, and construction industries. Escalating commodity prices and increasing financial and competitive pressures have significantly impacted SMEs operating within Canadian steel and aluminum supply chains.
The Regional Economic Growth through Innovation Steel and Aluminum Initiative will:
- Assist firms with high growth potential to scale up and expand;
- Support technology demonstration and the commercialization of new technologies;
- Encourage the early adoption or adaptation of leading-edge technologies and processes to improve productivity; and
- Increase businesses’ capacity to grow through market diversification and entry into global markets.
Contributions will range from $150,000 to $1 million, to support up to a maximum of 45 percent of eligible project costs.
Priority will be given to applications received on or before April 8, 2019.
“As Canada’s steel and aluminum sectors are key contributors to the Canadian economy, I encourage small and medium-sized steel and aluminum industries to apply for this funding,” concluded MP Eglinski.
For more information on how to apply please go to: https://www.wd-deo.gc.ca/eng/19828.asp