CAMBRIDGE, ONTARIO--(Marketwire - Oct. 19, 2012) - The Canadian Government has taken a particular interest in providing funding to SMEs and research institutions in the Ontario medical device and health technology (MedTech) sector. The Canadian Government recognizes the medical technology sector, particularly in Ontario, for its significant global market potential and its ability to supply high quality jobs within Canada. Thus, several Canadian Government Funding Grants have been created to help small to medium sized enterprises (SMEs) in the MedTech sector, specifically those planning to expand their export market capacities.
New Horizons for MedTech Program (NHM) for Business Expansion
The release of the New Horizons for MedTech (NHM) Program was officially announced by the Federal Economic Development Agency for Southern Ontario (FedDev) on October 10, 2012. The program provides Canadian Government Grants for Business Expansion and export market development activities. Eligible organizations can receive up to $30K in non-repayable business funding grants or a maximum funding contribution of 50% towards their eligible project expenditures. Funding may be applied for by MedTech SMEs in Southern Ontario with a commercialized product and plans to expand or improve their international market presence. Funding can be applied to a range of export development activities, including but not limited to: foreign market research/feasibility studies, international IP copyright, international tradeshows, and foreign market testing and regulation compliance.
Yves Landry Global AIME Initiative for Training and Technology Adoption
The Yves Landry Foundation supports the adoption and adaptation of new technologies and software systems through the foundation's Yves Landry Global AIME Initiative training grant. This program provides grant funding for small business training projects with the intention of improving efficiencies and increasing competitiveness in international markets. Projects eligible to receive business funding grants under Yves Landry Global AIME Initiative will receive funding contributions covering 50% of the direct labour and training expenses up to $50,000. This training grant program is suitable for any Ontario company looking to integrate new technologies or new manufacturing methods that would increase production capacity and build a competitive advantage.
Graduate Enterprise Internship Program (GEI/iSTEM) Hiring Grants
The Graduate Enterprise Internship Program (iSTEM) provides Canadian Government funding grants for small business internship positions that support the professional skills development of Southern Ontario's post-secondary Science, Technical, Engineering, and Math (STEM) graduates. The iSTEM program acts as a Targeted Wage Subsidy, where businesses can receive 50% of their intern(s) salary (CPP+EI) for 6-months up to $10K for graduates with a Bachelor degree and $15K for Masters and Ph.D graduates. The positions can involve a variety of activities related to the candidate's field of expertise and must have an R&D component. Among these positions, the most popular include: research and development, quality control, software engineering, and product verification and testing. Businesses are eligible to hire one or multiple graduates simultaneously, provided that they possess the capacity to mentor each candidate and provide a valuable workplace experience.
Mentor Works Ltd.: The Canadian Government Funding Experts
The Ontario-based company, Mentor Works Ltd., specializes in helping Canadian small businesses find proper funding to help solve their business challenges. Bernadeen McLeod is the principal behind the company and has worked in the corporate arena for 20 years as an executive and general manager in the manufacturing sector. With considerable expertise in Canadian government funding, both on a federal and provincial level, Bernadeen has secured grant funding and low interest loans for SMEs. If you would like to learn more about the Canadian business grants and loans for small businesses, please check out the Mentor Works Canadian Government Funding Blog, sign-up for our Weekly Grant Funding for Business E-Newsletter and be sure to visit our website at http://www.mentorworks.ca.