What Can SIPEM Fund: Exploring Eligible Expenses and Projects
The Support for Innovation and Productivity for Québec manufacturing companies (SIPEM) - Part 2 is a pivotal funding program aimed at accelerating technological advancements within the manufacturing sector. Administered by PROMPT, this initiative provides financial assistance to projects that enhance productivity through innovation.
Program Funding Overview
SIPEM is designed to support tailored technological innovation projects that aim to boost productivity for Québec manufacturers and service providers supporting the manufacturing sector. This program complements other initiatives by the Government of Québec, fostering an ecosystem of innovation.
Funding Amounts & Rates
Maximum Funding for SMEs: Up to $200,000 per project, covering 30% of eligible costs.
Maximum Funding for Large Enterprises: Up to $500,000 per project, covering 50% of eligible costs.
Management Fees: 5% of the project value, capped at $50,000.
Eligible Expenses
SIPEM funds a broad range of costs associated with technological innovation, including:
Wages and Salaries: Compensation for personnel directly involved in the project.
Consultant Fees: Costs for external experts contributing to the project.
Equipment and Materials: Purchase or rental of equipment essential for the project.
Software Development: Costs associated with developing or enhancing software solutions.
Training and Development: Expenses for training staff to implement new technologies.
Ineligible Expenses
Certain expenses are not covered under SIPEM, including:
General Overhead Costs: Routine business expenses unrelated to the project.
Marketing and Sales Costs: Expenses related to promoting products or services.
Non-Technological Investments: Any costs not directly tied to technological advancements.
Expense Documentation Requirements
Applicants must provide comprehensive documentation, including:
Invoices and Receipts: Proof of all claimed expenses.
Contracts and Agreements: Documentation of services provided by third-party vendors.
Progress Reports: Detailed reports outlining project milestones and expenditures.
Examples of Funded Projects
SIPEM has supported various innovative projects, such as:
Microelectronics Solutions: Development of advanced data management systems.
Custom Software Projects: Tailored software solutions enhancing operational efficiency.
Funding Disbursement & Claiming Process
Funds are typically disbursed through a reimbursement model, requiring:
Submission of Claims: Detailed expense claims submitted with supporting documents.
Interim and Final Reports: Comprehensive reports submitted at designated project milestones.
Stacking Rules
SIPEM funding can be combined with other government programs, provided:
Total Government Assistance: Does not exceed 75% of the project’s eligible costs.
Private Contribution: A minimum of 25% of the project costs must be privately funded.
Real-World Budgeting Tips
Maximize SIPEM funding by:
Prioritizing Eligible Expenses: Focus on costs that directly enhance technological capabilities.
Leveraging Partnerships: Collaborate with academic institutions for additional resources.
Conclusion
SIPEM offers significant financial support to Québec manufacturers seeking to innovate and improve productivity. By understanding the scope of eligible expenses and strategically planning projects, organizations can effectively leverage this funding to drive technological advancements.
