Over $900,000 in Government of Canada assistance for an innovative project by Industrial Supplies
ROUGEMONT, QC, Aug. 29, 2019 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Steel and aluminum companies are major players in our economy and supply chains because they provide good jobs for thousands of middle-class Canadians.
Today, Pierre Breton, Member of Parliament for Shefford, announced the awarding of a $895,905 non‑repayable contribution to Industrial Supplies (LMI), a Rougemont-based business in the Montérégie region. This financial support from the Government of Canada will help Industrial Supplies increase its productivity and production capacity through the acquisition of equipment and the adoption of 4.0 manufacturing processes.
The funding is awarded under the Steel and Aluminum Initiative of the Regional Economic Growth through Innovation program, announced in March 2019.
Administered by the regional development agencies (RDAs), this initiative provides targeted support to Canada's small- and medium-sized businesses in the steel and aluminum sectors. Non‑repayable contributions will allow these SMEs to adopt innovative technologies for increasing their productivity or competitiveness and create highly skilled jobs.
"Through its strategy aimed at supporting businesses in the steel and aluminum sector, the Government of Canada has chosen to assist innovative Canadian businesses that are coming up with new ways of creating value, and which are seeking to enter new markets. The funding awarded to Industrial Supplies is intended to provide concrete support for a company that has demonstrated its expertise and its willingness to ensure its growth and create well-paying jobs for the middle class."
Pierre Breton, Member of Parliament for Shefford
"Our government supports Canadian workers in the steel and aluminum sector, as well as businesses that play a key role in regional economies. Our investments support Canadian SMEs that produce or use these metals and helps them innovate in order to increase their productivity, expand, enter new markets and create good middle-class jobs."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED
- Today's announcement is made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which comprises 17 federal departments and agencies, including CED and the other five RDAs.
- The RDAs help support Canadian innovation, as do the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
- The REGI program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and by helping enhance regional technology clusters and innovation ecosystems.
- In 2018, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada's gross domestic product.
- To find out more about CED and its priorities, see the 2019-2020 Departmental Plan or visit www.dec-ced.gc.ca.
SOURCE Canada Economic Development for Quebec Regions
For further information: Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]