Government of Canada supports the development of three Saguenay businesses with nearly $1 million in financial assistance
SAGUENAY, QC, May 2, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
By investing in the production capacity of enterprises, the Government of Canada is standing by its commitment to help businesses expand, innovate and commercialize their products to create good-quality jobs and ensure prosperity for our regional and national economies.
David Lametti, Parliamentary Secretary to the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, announced that Sotrem (1993) Inc., Usinage SM (9088-9148 Québec Inc.) [website in French only] and Deliwok (9292-2913 Québec Inc.) [website in French only] have been granted repayable contributions of $583,558, $155,000 and $125,000, respectively, to increase their production capacity and optimize their manufacturing processes.
The funding awarded by the Government of Canada through CED's Quebec Economic Development Program will help the recipient businesses achieve their growth objectives.
Quotes
"I am very pleased about the financial support from the Government of Canada. It has decided to build on the expansion goals of these Saguenay businesses, which have set themselves apart in a constantly changing market. Their know-how, dynamism and boldness are growth-generating, and I encourage them to continue on the same path."
David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development and Minister responsible for CED
"As the Minister of Innovation, Science and Economic Development, my goal is to help businesses prosper and innovate so that they can become more competitive and create good-quality jobs and wealth for Canadians. Support for the three Saguenay businesses will definitely help them achieve these objectives and contribute to the region's economic vitality."
The Honourable Navdeep Bains, Minister responsible for CED
Quick facts
- CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
- For more information on CED's key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.
- Budget 2018 proposes to provide an additional $511 million in funding over five years on a cash basis, starting in 2018–2019, for the regional development agencies to support the Innovation and Skills Plan across all regions of Canada.
- Of the $511 million, $99 million will be allocated to CED, of which $22 million will go toward supporting the new Women Entrepreneurship Strategy.
- For more information on these projects, please see the attached backgrounder.
Backgrounder
| Proponent |
Contribution – Investments – Project description |
| Repayable contribution of $583,558 out of a total investment of $1,290,815 The project consists in improving Sotrem's performance by increasing its productivity and production capacity. It involves retrofitting the work spaces, making alterations to the existing building and acquiring strategic equipment. Sotrem has been in operation for 22 years, having started up in the heat treatment of metals, and aluminum recycling and re-smelting, among other things, mostly for aluminum smelters and other businesses in the industry. In 2011, it added the manufacture of deox cones and specialized alloy ingots, and the production of aluminum granules, aluminum alloy sows and other value-added products designed for a targeted industrial clientele for its niche markets. The project will help create five full-time jobs. |
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| 9088-9148 Québec Inc. (Usinage SM) [website in French only] |
Repayable contribution of $155,000 out of a total investment of $310,000 The project consists in improving the company's productivity by adding higher performance equipment tailored to its needs, including a machining centre. Usinage SM has been in business since 2000 and specializes in the manufacture and repair of metal parts. It operates mostly in high-precision machining and aluminum wheel repairs for heavy-duty vehicles. The project is expected to create two jobs. |
| 9292-2913 Québec Inc. (Deliwok) [website in French only] |
Repayable contribution of $125,000 out of a total investment of $250,000 The project consists in improving the performance of Deliwok by increasing its productivity. It involves retrofitting the production and handling areas and acquiring strategic equipment. Deliwok is well established in the region, having been in business since 1999. It specializes in the manufacture of mostly Asian food products. Its fresh and frozen products are sold under the Deliwok brand and are marketed in Quebec and Canada in supermarkets, grocery stores and big-box stores. The project will help create three full-time jobs. |
| Summary |
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SOURCE Canada Economic Development for Quebec Regions
Media Relations, Canada Economic Development for Quebec Régions, Tel.: 514-283-7443, Email: [email protected]
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