March 2024: $150K Grant Opens for Automotive Supply Chain SMEs
The Ontario government increasingly prioritizes the automotive industry. Innovation and environmental consciousness are converging in the automotive industry, creating an opportunity for businesses.
To remain competitive, automotive businesses must improve efficiency and processes. The Ontario government is committed to supporting specific project costs during this transition period, as this move forward may prove to be expensive for some businesses.
The Ontario Automotive Modernization Program (O-AMP) supports small- to medium- sized businesses (SMEs) within the automotive supply chain as they modernize and adjust to the changing needs of their customers. The program is expected to open in March, and this blog looks at O-AMP requirements, project eligibility, deadlines, and funding amounts.
Funding Snapshot: Ontario Automotive Modernization Program (O-AMP)
Ontario Automotive Modernization Program (O-AMP) is designed to assist Ontario automotive parts manufacturers improve their operational efficiency and competitiveness by investing in new software technologies and lean methodologies.
Funding Amount
Eligible applicants can receive up to $150K to cover up to 50% of eligible project costs.
Eligible Applicants
Eligible applicants for this program must:
- Be a small- to medium-sized manufacturer within Ontario in the automotive supply chain to Original Equipment Manufacturers (OEMs) (distributors are ineligible);
- Have less than 500 full-time payroll employees;
- Have less than $1 billion in annual revenue (large companies are eligible but must partner with an SME automotive supplier);
- Have at least 50% of sales derived from the automotive sector; and
- Have a minimum of two years of financial statements.
Past recipients of O-AMP funding must complete their project prior to submitting a new application.
Eligible Projects
Eligible projects must fall within one of the following two categories:
- Technology Adoption: The implementation of new software and related hardware (e.g. ERP systems, virtual machining software) to improve operational efficiency, productivity, and production sophistication; or
- Lean Manufacturing: The adoption of Industry 4.0 or lean manufacturing processes by implementing lean principles or hiring a third-party certified consultant to help with lean implementation.
Program Deadline
O-AMP is opening its intake period March 27, 2024, and closing on May 2, 2024.
Automotive Funding & Grant Writing Services
As we explore the Ontario Automotive Modernization Program (O-AMP) and its role in steering automotive businesses towards sustainable upgrades, it’s essential to note the competitive edge this program offers. In a landscape where innovation and efficiency are paramount, O-AMP stands out for companies aspiring to stay at the forefront of the automotive sector in Canada.
O-AMP is a popular program within the automotive industry, and we encourage applicants to get in touch with us as soon as possible to prepare for the upcoming deadlines. This competitive program requires swift and strategic action; thus, timing and planning are imperative to the application’s success.
With our historic 86% approval rate and an average of 95% time savings, we can help your business achieve its maximum funding potential.
Additionally, for a comprehensive view of other automotive grant opportunities, we invite you to browse through our automotive funding directory. You can also stay ahead in the landscape of automotive funding by joining our newsletter.
