New Money for CME Members
$100M Announced for Canadian Steel and Aluminum Users
The Federal Government will be giving out $100M to small and medium enterprise (SME) users of steel and aluminum affected by the tariff situation. This is welcome news for Canadian manufacturers and is the direct result of CME’s constant advocacy. CME maintains that the best solution is for all tariffs on steel and aluminum to be eliminated, and calls on the Canadian government to continue to push for this outcome, but in the meantime, this assistance is needed and appreciated.
This new Initiative, called the Regional Economic Growth through Innovation Steel and Aluminum Initiative, will provide $100 million in non-repayable contributions to SMEs within Canadian steel and aluminum supply chains. Companies who apply for and receive funding can use it to enhance their productivity and/or competitiveness. Contributions will range from $150,000 to $1 million, and are designed to support up to a maximum of 45 percent of eligible project costs. The fund is intended to:
- 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.
The $100 million will be distributed to Canada’s regional development agencies that operate under the auspices of Innovation, Science, and Economic Development Canada. The money will be distributed to the manufacturing sectors of the regions as follows:
- $6.80 million for ACOA;
- $26.17million for CED;
- $39.04 million for FedDev Ontario;
- $3 million for FedNor; and
- $24.99 million for WD.
To apply, please follow the links below to your appropriate regional development agency:
- Atlantic Canada Opportunities Agency (ACOA)
- Canada Economic Development for Quebec Regions (CED)
- Canadian Northern Economic Development Agency (CanNor)
- Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
- Federal Economic Development Initiative for Northern Ontario (FedNor)
- Western Economic Diversification Canada (WD)
If you have any questions on this announcement, please contact Matthew Poirier, Director, Trade Policy CME.