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Canadian government invests CAD 100 million in SME across the country

Steel News - Published on Tue, 12 Mar 2019

Image Source: FINN
The Government of Canada is delivering on its commitment to support Canada's dedicated steel and aluminum workers and businesses. Mr Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada's regional development agencies announced CAD 100 million of funding to support small- and medium- sized steel and aluminum manufacturers and users in all regions of the country. Mr Bains said "In the face of unjust and illegal US tariffs hurting businesses and workers on both sides of the border, our government is standing shoulder-to-shoulder with our hard-working steel and aluminum workers and users of their world-class products. Our investment to support small- and medium-sized producers and users across the country will help businesses innovate to drive productivity, scale up, and expand into new markets to create good middle-class jobs."

Delivered by Regional Development Agencies, the Regional Economic Growth through Innovation Steel and Aluminum Initiative will provide targeted support to Canadian businesses within the steel, aluminum and manufacturing sectors. This initiative 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.

Canada's steel and aluminum sector is an important contributor to our economy and to our manufacturing supply chains, providing thousands of Canadians with good, middle-class jobs. This program will provide SMEs with consistent support across all regions of Canada, while allowing for support to be tailored to fit and benefit regional needs.

Regional development agencies are one of Canada's four flagship platforms supporting innovation, along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service. The Regional Economic Growth through Innovation program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and to assist the enhancement of regional technology clusters and innovation ecosystems.

This initiative is expected to support approximately 300 SME users of steel and aluminum. In 2017, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed CAD 8.9 billion to Canada's gross domestic product.

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Posted By : Ratan Singh on Tue, 12 Mar 2019
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