The Government of Canada awards $850,000 in financial assistance to this business, which recently set up shop in Châteauguay
CHÂTEAUGUAY, QC, March 28, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)
Yourbarfactory is a leader in the production of nutritious, allergen-free bars. To improve its productivity, it will receive a repayable contribution of $850,000 from Canada Economic Development for Quebec Regions. With this financial assistance, the growing agri-food business will be able to purchase specialized equipment as part of its facility modernization efforts.
The funding was announced today by Brenda Shanahan, Member of Parliament for Châteauguay—Lacolle. More specifically, the Government of Canada's assistance will help Yourbarfactory purchase equipment to increase its production capacity and respond to client demand. This equipment will provide it with an opportunity to enter a new market: healthy snacks for children. In addition to serving a larger client base, increasing its productivity will help Yourbarfactory raise its profile on international markets.
Yourbarfactory was created in 2001 under the name "Rapid Snack," specializing at the time in manufacturing marshmallow squares. Since 2007, the business has specialized in making customized health bars for private labels, producing 100 million bars per year. In 2018, the manufacturing business established a new 90,000-square-foot plant, aiming for Leadership in Energy and Environmental Design (LEED) certification, in the Châteauguay Industrial Park. These developments will allow Yourbarfactory to enhance its offerings and triple its production capacity by 2020. Recognized for being innovative, its research and development team designs inventive recipes and has been awarded for its achievements.
The Government of Canada is committed to supporting innovative Canadian businesses. As a true economic driver, innovation is the key to success because it generates growth that benefits businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources for creating and marketing innovative products.
"Mr. Joyal is an entrepreneur with a remarkable vision. I am proud to be able to announce CED's support for this project, which will help the business enhance its food products for children's health and, on a larger scale, for the well-being of Canadians. Yourbarfactory's establishment in Châteauguay will also create economic development in our region and quality jobs for our residents."
Brenda Shanahan, Member of Parliament for Châteauguay—Lacolle
"In the Government of Canada, we are committed to supporting businesses that focus on innovation. I commend the ambition and the quality of the inventive products manufactured by Yourbarfactory, as well as the entrepreneurial qualities of Mr. Joyal, a role model for manufacturing businesses. By supporting Yourbarfactory's modernization efforts, we are staying true to our commitment to support Quebec businesses in increasing their productivity and competitiveness in markets near and far."
The Honourable Navdeep Bains, Minister responsible for CED
"Modernizing our production is essential to achieving our growth targets. CED's support is a meaningful contributor to increasing our productivity, and we are grateful for its involvement and its confidence in our potential as an innovative company."
Martin Joyal, Founder and Chief Executive Officer, Yourbarfactory
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.
For 50 years now, the Government of Canada has been actively participating in regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
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]