The Government of Canada has announced $100M of funding to support SME steel and aluminum manufacturers and users through the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative.
- This program will be delivered through the Regional Development Agencies (RDAs) (FedDev, CED, WD, ACOA, FedNor).
- It will provide SME steel and aluminum manufacturers and users with non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies, and create more highly-skilled jobs.
- The funding 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 $150k to $1M, to support up to 45% of eligible project costs.
- This initiative is expected to support approximately 300 SME users of steel and aluminum.
- The $100M will be distributed as follows: $6.80M for ACOA; $26.17M for CED; $39.04M for FedDev Ontario; $3M for FedNor; and $24.99M for WD.