FedDev Ontario and the Canadian Manufacturers and Exporters’ (CME) SMART Prosperity Now initiative provides a crucial source of funding for small and medium-sized enterprises (SMEs) to improve the productivity of their manufacturing facility and expand their reach into global markets. With $40 million dollars in funding, SMART Prosperity Now strives to help Southern Ontario manufacturers deal with productivity issues and create jobs in order to build a stronger manufacturing base in the province.
As the leading Canadian manufacturer of braided rope and cordage products, Atlantic Braids, with customers in the marine, agricultural and theatrical business, received $32,000 through the SMART initiative to fund the replacement of their outdated equipment with high-tech rope machinery. The new equipment has allowed the company to increase their productivity by over 150% as well as create 3 new jobs and retain one position. As a result, Atlantic Braid has been able to meet customer’s demands by providing the product to them sooner.
To date, over 434 SMEs have received funding through the SMART Prosperity Now initiative, which has resulted in the creation of 1,800 new jobs and the retention of over 5,000 jobs in Southern Ontario. The SMART Prosperity Now Initiative is ensuring that manufacturing companies are receiving the necessary business funding to take advantage of global opportunities.