The Government of Ontario has awarded Apotex Inc. over $8.2 million in small business grants to invest in new technologies and increase product lines. Ontario government funding will help the manufacturer become more productive and offer high quality medicines at an affordable price.
The contribution will be provided through the Jobs and Prosperity Fund (JPF), which supports large-scale business expansion and capital investment projects. The program is divided into four unique streams which support up to 10-15% of project costs through a combination of Ontario government grants and loans. Businesses can leverage funding to support projects that enhance productivity, increase innovation, and improve global competitiveness.
The project will allow the company to create a total of 325 new jobs, while retaining an existing 1,265 positions at its facility in Etobicoke, Ontario.
Jobs and Prosperity Fund Supports New Technology Investment with $8.25M Ontario Business Grant
Apotex Inc. is the largest Canadian-owned pharmaceutical company, established in 1974 with over 11,500 employees worldwide. The company’s headquarters are located in Toronto, Ontario, with additional research and production facilities in Etobicoke, Richmond Hill, and Brantford.
JPF will provide up to $8.25 million in small business grants to help Apotex offset the cost of new manufacturing technologies that will allow them to offer new healthcare solutions worldwide. Based on the investment, Apotex hopes to enhance its productivity and increase competitiveness in international markets.
In addition, to creating new, affordable medicinal products, the company will also create a total of 325 jobs and retain a total of 1,265 existing positions.
Jobs and Prosperity Fund: Ontario Small Business Expansion Funding
The Jobs and Prosperity Fund supports large-scale capital investment projects across Ontario that extend a company’s capabilities and boost international competitiveness. The program delivers small business grants to help participants enhance their productivity, demonstrate innovation, and create sustainable jobs. Funding contributions can be used to offset facility expansion/upgrades, capital equipment costs, and employee salaries.
The JPF has four unique funding streams, which include:
- New Economy;
- Strategic Partnerships;
- Forestry Growth Fund; and
- Food and Beverage Growth Fund.
Typically, applicants can access up to 10-15% coverage of eligible project expenses through a combination of small business grants and loans.
Learn More About Ontario Small Business Grants and Loans
Businesses can stay up-to-date on current federal and provincial funding opportunities for their company. When leveraged effectively, grants and loans can significantly accelerate a company’s growth and competitiveness.
Sign up for Mentor Works’ Weekly Funding Newsletter to learn more about government funding opportunities for your strategic business initiatives.
This post originally appeared on Mentor Works. Mentor Works helps established for-profit companies find and leverage Canadian business grants and loans.