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CME’s Technology Investment Program
April 30, 2023 @ 8:00 am - 5:00 pm
FUNDING OF UP TO $50,000 TO SUPPORT TECHNOLOGY INVESTMENTS AVAILABLE!
OVERVIEW
To compete in our modern economy, manufacturers must be investing in ‘manufacturing critical technologies’ including robotics; artificial intelligence and other machine learning applications; and advanced networks and the Internet of Things. When comparing trends in Canada to that south of the border, Ontario manufacturers remain slow adopters of advanced manufacturing technology. In the US manufacturing sector, machinery and equipment (M&E) investment increased by a total of 34% between 2004 and 2021, but fell by 14.8% in Ontario.
We must reverse this troubling trend to assure our future prosperity. The good news, more than half of the manufacturers that responded to CME’s Management Issues Survey said they plan to invest in new technologies. Although manufacturers further indicated in the survey that the largest obstacle to adopting new technologies is linked to cost. Over 60% of businesses surveyed stated that the price tag was an important obstacle, of which 40% said it was very or extremely important. We are here to help.
A SOLUTION TO HELP SMES
CME’s Technology Investment Program aims to help SME southern Ontario manufacturers automate production, reduce their environmental footprint and increase their competitiveness in the global market.
The program provides direct financial assistance to SME manufacturers in southern Ontario in the form of a matching contribution of up to $50,000 (a maximum of 50% of eligible costs, which can include capital equipment, materials, training on new equipment, installation of new equipment, professional service fees, as well as a company’s direct labour devoted to the completion and management of the project) to support the investment in long-term production assets and technology that increase capacity and reduce emissions on production. Technologies may include: robotics; artificial intelligence and other machine learning applications; and advanced networks and the Internet of Things. Please note: investments in ERP systems and general training are not covered under this program.
Investments beginning April 1, 2022 (retroactive projects), in long-term production assets and technology may be eligible for funding. Implementation of the long-term production assets and technology must be completed by December 31, 2023.
