Government invests $100 million in small and medium-sized businesses across the country
OTTAWA, March 11, 2019 /CNW/ - The Government of Canada is delivering on its commitment to support Canada's dedicated steel and aluminum workers and businesses.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada's regional development agencies (RDA) announced $100 million of funding to support small- and medium- sized (SME) steel and aluminum manufacturers and users in all regions of the country.
Delivered by Regional Development Agencies (RDAs), the Regional Economic Growth through Innovation (REGI) Steel and Aluminum Initiative will provide targeted support to Canadian businesses within the steel, aluminum and manufacturing sectors. This initiative will provide SME steel and aluminum manufacturers and users with non-repayable contributions for projects to enhance productivity, increase competitiveness by adopting new innovative technologies, and create more highly-skilled jobs.
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. This program will provide SMEs with consistent support across all regions of Canada, while allowing for support to be tailored to fit and benefit regional needs.
"In the face of unjust and illegal US tariffs hurting businesses and workers on both sides of the border, our government is standing shoulder-to-shoulder with our hard-working steel and aluminum workers and users of their world-class products. Our investment to support small- and medium-sized producers and users across the country will help 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
"Small and medium-sized businesses (SMBs) in our steel and aluminum industries make important contributions to our economy and to our communities by creating good, middle-class jobs. Our government recognizes that SMBs are the backbone of our economy and that by investing in their success, we invest in the success of all Canadians."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Steel and aluminum workers are a foundational part of our country's economy. The investments announced today will help companies to adapt and innovate to remain competitive in the global marketplace, making this region even stronger and benefitting communities and workers across all of Canada."
– The Honourable Filomena Tassi, Minister of Seniors and Member of Parliament for Hamilton West–Ancaster–Dundas
– Bob Bratina, Member of Parliament for Hamilton East–Stoney Creek
- 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 to assist the enhancement of regional technology clusters and innovation ecosystems.
- This initiative is expected to support approximately 300 SME users of steel and aluminum.
- In 2017, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada's gross domestic product.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Dani Keenan, Press Secretary, Minister of Innovation, Science an Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]