Canada's Economic Action Plan creates jobs, boosts innovation
CAMBRIDGE, ON, Feb. 17 /CNW/ - Two local businesses will be expanding their operations thanks to an Economic Action Plan investment of more than $2.2 million. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and Member of Parliament for Cambridge, made the announcement this morning at Grand River Foods Ltd. in Cambridge.
"Our government is committed to creating jobs and supporting the people, communities and businesses of southern Ontario," said Minister Goodyear. "This investment will boost production and innovation at two companies in the Cambridge area, creating local jobs and allowing them to grow their businesses."
Grand River Foods Ltd., a processor of poultry and other protein products, will receive a repayable contribution of $1,163,205. With this contribution, the company will purchase equipment that will significantly improve its capacity and productivity, as well as expand its product lines to include new items. The increased capacity will result in the creation of 20 permanent full-time jobs.
"On behalf of the 425 employees of Grand River Foods, I am delighted with this contribution, which will add tremendous value to our processing plant here in Cambridge," said Craig Richardson, President of Grand River Foods Ltd. "As Chair of the Alliance of Ontario Food Processors, I'm particularly excited with the financial stimulus this program has afforded the food and beverage sector in general, generating capital spending and job creation in Ontario's second largest manufacturing sector."
Minister Goodyear also announced a repayable contribution of $1,089,000 for Bend All Automotive Inc. to produce innovative automotive heat exchangers at the company's facilities in Ayr. The in-house production of these auto parts, which are used to cool transmission and power steering systems, will result in significant cost-savings for Bend All and will create 75 local jobs. The cost savings will also be passed on to North American automakers, who will now be able to purchase these parts locally, compared to parts made overseas.
These are among a number of projects announced recently that will benefit from funding under the Southern Ontario Development Program.
For additional details on this program, please refer to the backgrounder, visit the FedDev Ontario web site at www.southernontario.gc.ca, or call 1-866-593-5505. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.
Southern Ontario Development Program
Announced in Canada's Economic Action Plan, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) was established to deliver federal economic development programs to support the priorities of workers, businesses and communities in Southern Ontario. Budget 2009 allocated $1 billion over five years for the new Agency.
The Southern Ontario Development Program was established as a core program of FedDev Ontario. It will build upon the assets and strengths of communities to create an environment where businesses can thrive and maximize southern Ontario's potential to succeed in the knowledge-based economy.
Funding under this program will go towards projects that can stimulate local economies and enhance the growth and competitiveness of local businesses and communities. Approximately $100 million has been allocated to the program in 2009-10, including the following:
- Nearly $63 million through a general intake process;
- $20 million through an intake for the food and beverage processing
- $15.75 million for the Canadian Manufacturers and Exporters' SMART
Program to fund an estimated 300 projects that will help small- and
medium-sized manufacturers increase their productivity and
competitiveness in the global economy; and
- $1.6 million for the Ontario Chamber of Commerce's Export Market Access
Program to help southern Ontario businesses that would like to increase
their sales internationally.
For more information, please visit the FedDev Ontario website at www.southernontario.gc.ca or call 1-866-593-5505.
SOURCE FEDERAL ECONOMIC DEVELOPMENT AGENCY FOR SOUTHERN ONTARIO
For further information: For further information: Gary Toft, Director of Communications, Office of the Honourable Gary Goodyear, (613) 943-7599; Media Relations: FedDev Ontario, (613) 954-5543; This news release is available online at: www.southernontario.gc.ca and www.actionplan.gc.ca.