The Government of Canada awards $500,000 in financial assistance to this innovative Québec City business
QUÉBEC CITY, May 21, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Gentec Inc. is a technology SME specializing in high-power electronics and electrical energy management. To continue its operations more effectively, it will receive a repayable contribution of $500,000 from Canada Economic Development for Quebec Regions. With this financial assistance, Gentec will be able to complete an expansion project to increase its productivity and modernize its operations by acquiring state-of-the-art equipment.
The funding was announced today by Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Finance. More specifically, the Government of Canada's assistance will support Gentec's growth, as well as its project to purchase and install equipment required for the assembly of electronic components on printed circuits.
Founded in 1959, Gentec Inc. specializes in the design, manufacture and marketing of customized solutions and products. A team of about 70 employees is dedicated to the manufacture and assembly of electronic and electrical products. Its electronic circuit assembly service is also sub-contracted to a large number of companies. Gentec employs a total of nearly 130 people. It expects the current project to create five jobs and total investments of more than $1.3 million.
The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.
"One of the Government of Canada's priorities is to ensure the prosperity of communities. That's why it supports companies like Gentec in their efforts to increase productivity, develop new products or improve existing products and services. I am delighted with this financial assistance, which will result in the creation of quality jobs for the middle class and generate significant investment for the region as a whole."
Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Finance
"By helping businesses invest in equipment and devices that will improve their performance and in marketing strategies that will assist their entry into new markets, the Government of Canada is standing by its commitments to drive expansion, innovation and exports."
The Honourable Navdeep Bains, Minister responsible for CED
"Acquiring a second state-of-the-art assembly line will allow Gentec to meet the growing, specialized needs of its customers. Both lines will be able to exchange manufacturing information in real time, thereby improving our company's productivity while consolidating highly skilled jobs. The Government of Canada's contribution has given this project a major boost and encourages the innovation that Gentec has been demonstrating for 60 years now."
François Giroux, President, Gentec
- 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 regional development agencies.
- The funding was awarded under CED's Regional Economic Growth through Innovation program. The program targets entrepreneurs who leverage innovation to grow their businesses and make them more competitive, as well as regional economic stakeholders who help create an entrepreneurial environment conducive to innovation and inclusive growth in all regions.
- 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: Media Relations, Canada Economic Development for Quebec Regions, Tel.: 514-283-7443, Email: email@example.com