Toronto-based manufacturer, Polycorp Ltd., has been awarded up to $1.9 million in Ontario government grants to support its latest facility expansion project. The contribution will help the company construct a 110,000 sq. ft. expansion in Elora, Ontario to diversify the business’ product offerings and become more globally competitive.
The contribution will be provided through the Government of Ontario’s Jobs and Prosperity Fund, which helps businesses improve their production capabilities and market competitiveness. Eligible companies can receive up to 40% coverage of project expenses through a combination of Ontario government grants and loans.
The investment will allow Polycorp to purchase new property to expand production, equipment to fill the company’s new facility, as well as a testing laboratory. In addition, the company will also create a minimum of 26 full-time jobs.
Polycorp Ltd. Awarded up to $1.9M in Ontario Government Grants
Polycorp Ltd. is a Toronto-based manufacturer that specializes in engineered elastomeric parts that can be used as a cost-effective solution for abrasion, impact, corrosion, noise, and vibration challenges in the mining, transportation, and industrial sectors. To accommodate Polycorp’s continued growth, the company will invest $14.5 million to support a new facility, equipment upgrades, and new hires.
The Government of Ontario will be providing the $1.9 million in small business grants through the Jobs and Prosperity Fund to help Polycorp carry-out its largest expansion project to date. The investment will allow the company to double its current size, hire highly trained engineers, and offer additional polymer-based product lines.
New equipment along with a 100,000 sq. ft. building extension will allow Polycorp to improve productivity, increase capacity, and become more innovative. In addition, the company will create at least 26 high-quality jobs at its new facility in Elora, Ontario.
Jobs and Prosperity Fund (JPF) for Ontario Small Businesses
The Jobs and Prosperity Fund (JPF) supports large-scale capital investment projects across Ontario that extend a company’s capabilities and boost international competitiveness. The program provides 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 is divided into four unique funding streams, which include:
- New Economy;
- Strategic Partnerships;
- Forestry Growth Fund; and
- Food and Beverage Growth Fund.
Polycorp has accessed the program’s New Economy stream, which provides Ontario government grants and loans to offset up to 40% of eligible project costs.
The Job and Prosperity Fund’s New Economy stream supports business investments that will provide long-term economic benefit for the company and Ontario. Ideal projects should focus on improving company productivity and creating new job opportunities.
Discover Ontario Government Funding Opportunities for Your Business
Growth-oriented business owners and executives are encouraged to stay up-to-date on current government funding opportunities for their company. When leveraged effectively, Ontario small business grants can significantly accelerate a company’s growth and competitiveness.
This post originally appeared on Mentor Works. Mentor Works helps established for-profit companies find and leverage Canadian business grants and loans.