Government of Canada and Government of Quebec award a total of $1.7M in financial assistance to this innovative business on Montréal's South Shore
BROSSARD, QC, June 21, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
The Government of Canada and the Government of Quebec have confirmed that a total of $1.7M in financial assistance has been awarded to Coencorp to support the company's expansion with the implementation of a marketing strategy for its automated solutions. This project will help create around 10 jobs in the short term and many more in the long term in this Brossard enterprise.
Coencorp's project consists in marketing its automated fleet and fuel management solutions in California, Colorado, Georgia, Illinois and Texas. More specifically, the business will be opening an office in Texas, hiring business development personnel, conducting promotional and representation activities, and acquiring the tools and resources needed for that purpose.
Canada Economic Development for Quebec Regions has granted the company a repayable contribution of $150,000 through the Quebec Economic Development Program (QEDP), while the ministère de l'Économie, de la Science et de l'Innovation has awarded it a non-repayable contribution of $50,000 through the Programme Exportation (PEX). In addition, Export Development Canada (EDC) and Investissement Québec (IQ) have each provided Coencorp with a $750,000 loan.
Alexandra Mendès, Member of Parliament for Brossard–Saint-Lambert, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, and Gaétan Barrette, Member for La Pinière and Minister of Health and Social Services, acting on behalf of Dominique Anglade, Deputy Premier, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, made the announcement today.
"For more than 25 years, we have seen Coencorp expand and showcase our electoral district beyond its borders. This is most certainly the result of the efforts and investments made in developing the best solutions for its clients, its ability to adapt and the calculated risks it has taken. I am very pleased about the Government of Canada's support for this innovative company's project, which is contributing to the region's growth."
Alexandra Mendès, Member of Parliament for Brossard–Saint-Lambert
"Through its expertise and outstanding capacity to innovate in automated technology design, Coencorp has what it takes to set itself apart from its international competitors. We are therefore very proud today to support this La Pinière company so that it can take advantage of business opportunities in the U.S. market."
Gaétan Barrette, Member for La Pinière and Minister of Health and Social Services
"By providing financial support for Coencorp's marketing and export activities, the Government of Canada is standing by its commitments and helping businesses expand, innovate and export their products so that they can create good-quality jobs for the middle class, thus ensuring the success of the Canadian economy."
The Honourable Navdeep Bains, Minister responsible for CED
"Business competitiveness and exports are essential to regional economic vitality. That is why we are pleased to support the export activities of Coencorp Consultant Corporation, a dynamic, innovative Montérégie enterprise."
Lucie Charlebois, Minister for Rehabilitation, Youth Protection, Public Health and Healthy Living and Minister responsible for the Montérégie region
"Exports provide Quebec businesses with almost limitless growth and outreach opportunities. The Government of Quebec is providing our entrepreneurs with effective tools, such as the Programme Exportation and the Stratégie québécoise de l'exportation 2016‑2020, to help them develop international markets."
Dominique Anglade, Deputy Premier, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy
"EDC specializes in providing financing for Canadian companies like Coencorp that are looking to grow their local presence internationally, a business strategy which can help companies access new markets and find success. By investing in its Texas subsidiary, Coencorp will be able to grow and enhance its global competitiveness while creating valuable jobs in Brossard. EDC is happy to be partnering with other like-minded Canadian institutions in promoting this company's global expansion."
Benoit Daignault, President & CEO, Export Development Canada
"Our innovative manufacturers know that growth often means going global. One of Investissement Québec's strategic priorities is to support local businesses that dare to push the envelope. That is why we wanted to finance this forward-looking strategy by Coencorp Consultant Corporation, a bold and visionary company."
Pierre Gabriel Côté, Chief Executive Officer, Investissement Québec
"As in the past, we can rely on government assistance to carry out ambitious projects that have a positive impact on our company and on the City of Brossard and Montréal's South Shore. With the funding announced today, Coencorp will be able to promote our solutions and expertise in U.S. states, quickly increase its market share and continue to grow."
Ali Tavassoli, President, Coencorp Consultant Corporation
- Founded in 1991, Coencorp is an innovative business that designs, develops and markets automated fleet and fuel management solutions. Following major investments in research and development over the past few years to improve its product, the SM2 Web application, Coencorp is ready to expand to new markets.
- CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
- This year marks the 50th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
- For more information on CED and its priorities, consult the 2018–19 Departmental Plan or visit www.dec-ced.gc.ca.
- To learn more about how EDC can support direct investment abroad, please visit EDC's financing page.
- The goals of the PEX (website in French only) include raising awareness among Quebec businesses of the growth potential associated with exports and subsequently helping them develop and diversify foreign markets.
- In 2016, the Government of Quebec launched the Stratégie québécoise de l'exportation 2016-2020 (website in French only), with an envelope of $536.8 million. Its goal is to support 4,000 businesses in their export efforts.
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SOURCE Canada Economic Development for Quebec Regions
For further information: Sources: Marie-Eve Morneau, Communications Director, Office of the Minister of Health and Social Services, 418-266-7171; Alexandra Régis, Press Secretary, Office of the Minister for Rehabilitation, Youth Protection, Public Health and Healthy Living and Minister responsible for the Montérégie region, 418-266-7181; Kim Desert, Deputy Press Secretary, Office of the Deputy Premier, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, 418-691-5650; Information: Media Relations, Canada Economic Development for Quebec Regions, 514-283-7443, [email protected]; Jean-Pierre D'Auteuil, Media Relations Officer, Communications Directorate, Ministère de l'Économie, de la Science et de l'Innovation, 418-691-5698, extension 4868, 418-559-0710; Isabelle Fontaine, Senior Director Public and Government Affairs, Investissement Québec, 514-876-9359; Simon Forsyth, Senior Advisor, Media Relations, Export Development Canada (EDC), 613-598-3852, [email protected]