Government of Canada awards more than $700,000 to Technosoude, Dynamic Concept, Sublimart, Imago Structures and Distillerie du Fjord
SAGUENAY, QC, May 25, 2018 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Businesses need to be able to rely on adequate resources to create and commercialize innovative products. In 2017, the Government of Canada adopted an ambitious plan to support innovative Canadian enterprises. As a true economic driver, innovation is the key to Canada's success in that it generates growth that benefits businesses and communities.
Five Saguenay businesses, Technosoude (website in French only), Dynamic Concept, Sublimart, Imago Structures and Distillerie du Fjord, will be able to rely on financial assistance from the Government of Canada to improve their production capacity and acquire strategic equipment. Their respective projects will generate total investments of more than $1.6M and create 18 new jobs in the region.
The Government of Canada's repayable contributions totalling $723,225 were announced today by Richard Hébert, Member of Parliament for Lac-Saint-Jean, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED.
The funding granted through CED's Quebec Economic Development Program will help the recipient businesses achieve their growth objectives.
"Quebec and Canadian entrepreneurs are key players in our economy. To ensure business growth and foster the creation of good, well-paying jobs, they need to be able to rely on the best equipment and improve their productivity to remain competitive. I am very pleased about the assistance awarded today to five dynamic businesses that are contributing to the region's economic growth."
Richard Hébert, Member of Parliament for Lac-Saint-Jean
"As Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can become more competitive and create high-quality jobs and wealth for Canadians. That is why we are supporting these five businesses, whose successes benefit the region and the Canadian economy overall."
The Honourable Navdeep Bains, Minister responsible for CED
- 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.
- For more information on the projects, please see the backgrounder.
Contribution – Investments – Project description
Repayable contribution of $250,000 out of a total investment of $500,000
CED's contribution helped Technosoude acquire higher-performance equipment, including a plasma cutting system and specialized software, helping the business improve its productivity and expand.
Founded in 1979, Technosoude specializes in the manufacture and installation of steel structures and metalwork, and in industrial mechanics, piping and thermite welding. Thanks to the diversification of its activities and flexible project implementation, the business can meet market demand and the specific requirements of a broad customer base consisting mostly of regional enterprises and prime contractors.
Two repayable contributions totalling $217,500 out of total investments of $505,000
The first project consisted in improving the company's productivity. More specifically, the activities funded by CED included expanding the building to install an assembly shop for electrical control systems and purchasing specialized equipment and software.
The second project involved growing the business and improving its productivity and innovation capacity. Dynamic Concept set up an aluminum casting experimentation facility and conducted a needs assessment study for the implementation of an integrated management system. CED's assistance mainly covered building expansion costs and equipment purchases.
Dynamic Concept is an original equipment manufacturer in the aluminum sector. Its customers include aluminum smelters and primary aluminum processing plants. The company is part of the global aluminum value chain, with approximately 60% of its sales in international markets. The two projects are expected to create nine jobs.
Repayable contribution of $148,225 out of a total investment of $296,450
The goal of Sublimart's project was to increase its production capacity and productivity. More specifically, the business was able to acquire equipment and retrofit its building to house it. CED's assistance covers the entire project, which is expected to create two jobs.
Sublimart specializes in printing on fabric, which is then used in the manufacture of promotional materials and other products. Its customer base is made up of designers and businesses that specialize in display booths and large-format printing.
Sublimart sets itself apart through the use of thermal transfer printing, providing its customers with eco-friendly, environmentally responsible fabric visuals. It sells its products in Quebec, Ontario, Saskatchewan and New Brunswick.
Repayable contribution of $70,000 out of a total investment of $140,000
The project is divided into two components: productivity improvement, and product commercialization and exports. CED's funding covers the expansion of the manufacturing workshop, the acquisition of new production equipment and the development of communication tools. The project has created four jobs.
Founded in 2011, Imago Structures manufactures all-season turnkey shelters such as free-standing tents, prospector tents and yurts—its flagship product—that can withstand northern climates thanks to the latest-generation textiles and insulation materials used in the manufacturing process.
Repayable contribution of $37,500 out of a total investment of $166,850
The project involved the start-up a micro-distillery that produces spirits reflecting the northern boreal forest. CED's contribution covered installation costs, the acquisition of strategic equipment and leasehold improvements. The project created three jobs.
Distillerie du Fjord Inc. is a family start-up incorporated in June 2016 by three entrepreneurs. It plans to produce and commercialize new premium craft spirits. It entered the market with an exceptional gin and plans to develop other spirits over the next year to meet current demand in Quebec. Its products are currently available at the Société des alcools du Québec, but the company also plans to commercialize them in international markets.
To ensure the distinctive character of its products, both in terms of national competition and export-related recognition, Distillerie du Fjord plans to get AgroBoréal certification.
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- Follow Technosoude on Facebook
- Follow Dynamic Concept on Facebook, LinkedIn
- Follow Sublimart on Facebook, Flickr
- Follow Imago Structures on Facebook, Twitter, Instagram, Flickr, YouTube
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514-283-7443, Email:[email protected]