Need grant funding to expand your business? Why not apply to the Aeronautical Industry Support Initiative (AISI) which has been fostering marine industry growth since 2011. Since then 32 companies across the spectrum, suppliers and manufacturers, have been assisted to the tune of R15,6million.
Hop Yachts, Icarus Marine, Paltech, CMT, and Carbotech are just some of the companies to benefit from the initiative.
AISI outlined its key objectives and opportunities at a well-attended industry engagement late last month, which included a reminder for prospective grant beneficiaries to brush up on application procedures should they wish to apply for the next round. SABBEX co-hosted the event.
The funding initiative is partly aimed at helping local firms become more globally competitive. AISI funding was initially only available to the aeronautical sector, starting in 2006, but branched out five years later to include maritime firms.
SABBEX executive head Vanessa Davidson said AISI assistance was part of the success story of the local marine manufacturing sector which has outperformed the broader economy.
“A well thought out support incentive from the DTIC, managed by the CSIR has helped with certifications of products and supported some new tooling. I encourage companies needing such assistance to reach out to the AISI management team.”, said Vanessa Davidson