Government of Canada invests $100 million in small and medium-sized businesses across the country
DELTA, BC, July 9, 2019 /CNW/ - Canada's steel and aluminum sector is an important contributor to our economy and to our manufacturing supply chains, providing thousands of Canadians with good middle-class jobs across all regions of the country.
Today, the Honourable Carla Qualtrough, Minister of Public Services and Procurement and Minister of Accessibility and Member of Parliament for Delta, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada announced $1,000,000 in funding for Delta-based Marcon Metalfab.
Through this investment, Marcon Metalfab will purchase and install equipment to enhance production capacity and capabilities. It is anticipated that this investment will create new jobs, provide training opportunities and allow the company to take on new work.
The funding is being provided under the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative, announced in March 2019. In the West, this funding is being delivered through Western Economic Diversification Canada. The funding provides targeted support to Canadian small and medium-sized businesses in the steel, aluminum and manufacturing sectors through non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies, and create more highly skilled jobs.
"Our government supports the hard-working steel and aluminum workers and companies that are important to regional economies across Canada. Our investments to support small and medium-sized producers and users of steel and aluminum will help these businesses innovate to drive productivity, scale up, and expand into new markets to create good middle-class jobs."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"The small and medium-sized businesses in our steel and aluminum industries are important contributors to the economic vitality of communities across the country. Small and medium-sized businesses are the backbone of our economy, and by investing in their success, we are investing in the success of all Canadians."
- The Honourable Mary Ng, Minister of Small Business and Export Promotion
"This funding is supporting a key contributor of good, middle-class jobs, both in Delta and across Canada. By recognizing and investing in companies like Marcon Metalfab, our government is laying the foundation for continued economic prosperity and jobs in Canadian communities."
- The Honourable Carla Qualtrough, Minister of Public Services and Procurement and Accessibility and Member of Parliament for Delta.
"Marcon Metalfab would like to thank Western Economic Diversification Canada for recognizing our efforts and investments in technology and people, making us leaders in the highway and bridge infrastructure sector. The Government funding of $1 million will allowed us to accelerate our growth plans and purchase $3 million in new equipment. This investment will help us reach new customers, produce new innovative products, export to new markets, and will lead to new jobs and opportunities as we continue to grow."
- Ari Burstein, President, Marcon Metalfab
- Regional development agencies are one of Canada's four flagship platforms supporting innovation, along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
- The Regional Economic Growth through Innovation 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.
- Marcon Metalfab manufactures steel and rubber products primarily for the bridge industry. The company was incorporated in 1981 and employs 120 people.
Canada's steel and aluminum sectors are key contributors to the Canadian economy, providing major industries with well-paying jobs and key inputs.
As part of a heavily integrated North American supply chain, Canadian small and medium-sized enterprise (SME) manufacturers that are significant users of steel and aluminum play an important role in transforming these inputs into finished or semi-finished products for the manufacturing, defence, aerospace, energy, automotive and construction industries. However, escalating commodity prices and increasing financial and competitive pressures have had a significant impact on SMEs operating within Canadian steel and aluminum supply chains.
In response, the Government of Canada launched the Regional Economic Growth Through Innovation Steel and Aluminum Initiative on March 11, 2019. This new initiative will provide $100 million in non-repayable contributions to SMEs within Canadian steel and aluminum supply chains for innovative projects that will enhance productivity and/or competitiveness. More specifically, the Regional Economic Growth Through Innovation Steel and Aluminum Initiative will:
- assist firms with high-growth potential in scaling up and expanding;
- support technology demonstration and the commercialization of new technologies;
- encourage the early adoption of, or adaptation to, leading-edge technologies and processes to improve productivity; and
- increase the capacity of businesses to grow through market diversification and entry into global markets.
Contributions will range from $150,000 to $1 million to support up to a maximum of 45% of eligible project costs. Priority will be given to projects submitted before April 8, 2019.
The $100 million will be distributed as follows, based on the manufacturing sectors of the regions:
- $6.80 million for the Atlantic Canada Opportunities Agency
- $26.17 million for Canada Economic Development for Quebec Regions
- $39.04 million for the Federal Economic Development Agency for Southern Ontario
- $3 million for the Federal Economic Development Initiative for Northern Ontario
- $24.99 million for Western Economic Diversification Canada
For more information on how to apply in each region, please visit:
- Atlantic Canada Opportunities Agency (ACOA)
- Canada Economic Development for Quebec Regions (CED)
- Canadian Northern Economic Development Agency (CanNor)
- Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
- Federal Economic Development Initiative for Northern Ontario (FedNor)
- Western Economic Diversification Canada (WD)
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL
SOURCE Western Economic Diversification Canada
For further information: Ben Stanford, Regional Communications Manager, Western Economic Diversification Canada, 604-365-8050, email@example.com