Expanding Your Manufacturing Business
In today’s competitive manufacturing landscape, growth is essential. Whether it’s increasing production capacity, adopting cutting-edge technologies, or expanding into new markets, manufacturers face the challenge of securing the necessary resources to drive their projects forward. Fortunately, government funding programs provide a powerful solution to fuel expansion and innovation in Canada’s manufacturing industry.
According to the Canadian Manufacturing Outlook 2023, manufacturing contributes nearly 10% of the country’s GDP. This underscores the vital role that manufacturing plays in Canada’s economy—and with the right government support, it can achieve even more.
How Can Government Funding Accelerate Your Expansion?
Canadian government funding includes grants, loans, and incentives and is designed to support manufacturers by lowering costs and increasing the speed of expansion. Programs such as the Industrial Research Assistance Program (IRAP), SR&ED tax credits, and the Advanced Manufacturing and Innovation Competitiveness (AMIC) initiative offer substantial backing for growth.
Funding can cover anywhere from 15% to 83% of project costs, depending on the nature of the project. This can significantly reduce the financial burden on your business while empowering you to invest in key areas such as business expansion, capital technology adoption, hiring and training, and research & development (R&D).
Did you know that to achieve your maximum funding potential, you can consider stacking grants? Stacking grants is a great way to combine multiple funding programs together to achieve up to 75% cost coverage. Download our free guide to learn How To Stack Funding.
Key Areas of Government Funding for Manufacturers
1. Business Expansion & Exporting
Investing in business expansion is crucial for manufacturers seeking to grow beyond domestic markets. Government funding programs, such as the Southwestern and Eastern Ontario Development Fund (SWODF/EODF) provides grants covering up to 15% of projects costs and CanExport SMEs provides coverage of up to 50% of project costs for initiatives like capital equipment purchases, market research, and international trade shows. Whether you’re expanding your production capabilities or entering new export markets, these programs can help fast-track your growth.
2. Capital & Technology Adoption
Embracing new technologies is essential for staying competitive in today’s market. Funding programs such as the Strategic Innovation Fund (SIF) and Advanced Manufacturing and Innovation Competitiveness (AMIC) initiative offer grants covering up between 15-50% of project costs for integrating advanced technologies like ERP and SCM systems or optimizing energy efficiency. These funds can help you modernize production, reduce operational costs, and stay ahead of industry trends.
3. Research & Development
R&D is at the core of innovation, and government programs like IRAP and SR&ED encourage businesses to innovate by offering up to 80% coverage of costs for R&D projects. These initiatives support activities such as product prototyping, feasibility studies, and software development, enabling businesses to stay at the forefront of technological advancements.
4. Hiring & Training
Skilled workers are critical to your success. Programs such as the Canada Job Grant (CJG) offer funding to cover between 50-83% of costs for hiring and training employees, ensuring your team is equipped to tackle new challenges. Whether you’re onboarding new talent or upgrading the skills of your current workforce, these funds can give your business the human capital boost it needs.
Maximize Your Growth Potential
The process of identifying and applying for the right funding can seem daunting. However, working with experts who understand the government funding landscape can make all the difference. At Ryan, we specialize in guiding manufacturers through every step of the funding process—from identifying strategic priorities to preparing grant applications and submitting them on time.
If you’re feeling overwhelmed by the government funding process or unsure where to begin, download our highly-rated Business Funding Guide. It offers a clear overview of the Canadian government funding landscape, including details on funding types, application timelines, and tips on aligning your projects for maximum success.
Take the Next Step
Are you ready to accelerate your manufacturing expansion? Contact us today to begin your journey. Our team can help you explore customized funding solutions tailored to your specific growth objectives. Let us help you unlock the potential of government grants to take your business to the next level!
