📜 Ontario Funding Agreement Key Terms: Advanced Manufacturing

The source provides an overview of the Key terms of funding agreements for Ontario’s Advanced Manufacturing and Innovation Competitiveness Stream Program. It emphasizes that companies must sign a funding agreement and meet conditions, such as having project financing and insurance, before any money is disbursed, which generally occurs in annual instalments in arrears up to a determined annual cap. The guidelines detail requirements for commitments and clawbacks, stating that if recipients fail to meet targets for investment, jobs, and payroll, they will face pro rata clawbacks for grants or a reduction in the forgivable portion of loans. Furthermore, the agreement requires recipients to maintain their Ontario footprint, as closure of a facility or failure to meet employment levels constitutes an event of default. The document also outlines various other stipulations, including reporting requirements, representations and warranties, and provisions for insurance and indemnities in favor of the government. for more episodes https://thebusinessofmanufacturingpodcast.podbean.com/ PLEASE SHARE AND LIKE !