The Saguenay–Lac–St–Jean business obtains $800,000 in funding from CED
SAGUENAY, QC, Oct. 13, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Supporting innovation and growth contributes to the economic development of the regions of Quebec. That is why the Honourable Pascale St–Onge, Minister of Sport and Minister responsible for CED, announced an $800,000 repayable contribution for Devinci Bicycles Inc. This CED funding will allow the business to ensure its growth by increasing its production capacity, enhancing its productivity and digitizing its operations.
Devinci Bicycles specializes in the design, manufacture and marketing of high-end bicycles, including Devinci–brand bicycles, for cyclists of all ages, as well as self–serve bikes rented out by cities to optimize urban mobility.
With the help of this funding from CED, the business will be able to acquire a laser cutter and install a second mechanized production line that will allow it to double its production capacity. The project will create about 30 jobs in the region.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies on organizations with deep roots in the regional economy. They are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener and more just economy for all.
"SMEs are central to community development and are part of our government's economic recovery plan. We are helping them pursue growth, and the funding announced today for Devinci Bicycles is a perfect example of this. This project to acquire digital equipment and add automation to the Chicoutimi plant will enable Canada's largest bike manufacturer to continue to expand. It is by encouraging the know-how of our entrepreneurs and workers here at home that we will build tomorrow's economy. Hats off to the Devinci Bicycles team!"
The Honourable Pascale St‑Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
"CED's support solidifies our position as a leading Canadian bicycle manufacturer. The equipment acquired will allow us to realize our ambition to make production more local and sustainable, in line with our plant 4.0 vision."
Maude Gauthier, Director of Corporate Development, Devinci Bicycles
- The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
- CED is the key federal partner in Quebec's regional economic development. Through its 12 regional business offices, CED assists businesses, support organizations and the regions of Quebec as they prepare for the economy of tomorrow.
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SOURCE Canada Economic Development for Quebec Regions
Media relations: Canada Economic Development for Quebec Regions, [email protected]; Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions, [email protected]
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