Over $560,000 in Government of Canada funding for an innovative project by Inotech Canada
NORMANDIN, QC, Aug. 22, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Steel and aluminum companies are key players in our economy and our supply chains, providing good jobs for thousands of middle-class Canadians.
Today, Richard Hébert, Member of Parliament for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion, announced the awarding of a $563,400 non-repayable contribution to Inotech Canada, a business in Normandin in the Maria-Chapdelaine RCM.
This financial support from the Government of Canada will help Inotech Canada Inc. increase its productivity and strengthen its production capacity. Specifically, the CED contribution will allow the company to acquire and install CNC machining equipment, purchase specialized software, expand and refit its building, and revamp the company's portal and website.
The funding was awarded under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative announced in March 2019.
Administered by the regional development agencies (RDAs), this initiative provides targeted support for Canada's small and medium-sized businesses (SMEs) in the steel and aluminum sectors. Non‑repayable contributions will allow these SMEs to adopt innovative technologies in order to enhance their productivity or competitiveness and create highly skilled jobs.
"By introducing a strategy to support businesses in the steel and aluminum sector, the Government of Canada has chosen to support innovative Canadian businesses that are coming up with new ways of creating value, and which are looking to capture new markets. The financial assistance awarded to Inotech Canada aims to provide concrete support for a company that has demonstrated its know-how and its commitment to growth and the creation of well-paid jobs for the middle class."
Richard Hébert, MP for Lac-Saint-Jean and Parliamentary Secretary to the Minister of Small Business and Export Promotion
"Our government supports Canadian workers in the steel and aluminum sector, as well as businesses that, like Inotech Canada, play a key role in regional economies. Our funding assists Canadian SMEs that produce or use these metals, and helps them innovate in order to increase their productivity, grow, capture new markets and create good jobs for the middle class."
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED
- Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 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: 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, firstname.lastname@example.org