Canada economic development provides a boost to four companies

Développement économique Canada donne un coup de pouce à quatre entreprises

David Lametti, Valerie Berger, Étienne Côté, and Francois Rossignol. – Photo: Mario Pelletier

Bogs Berger of Saint-Modeste, Cotech/Xmetal L’isle-Verte, Verbois in Rivière-du-Loup and Machining F. R. of Saint-Antonin received a boost from economic Development Canada. On 6 April, the federal member of parliament David Lametti was with Berger to announce a repayable contribution of 4 269 370 $ to these companies.

Shepherd receives the largest share of this sum, an interest-free loan of 3 314 $ 400 in connection with a total investment of 16 055 000 $. Valérie Berger, co-chair of The Peatlands Berger, stated that this money will be spent on the overall project, announced in February, the last of which the total investment amounted to$ 23.5 Million over three years. The company intends to computerize its operations, develop better capacity for research and development (R & D) as well as a strategic plan for the commercialization of new products in new markets.

Recall that the government of Quebec granted a non-repayable financial assistance of$ 2.5 Million for this development project. These are 72 jobs that have been created at the end of this project, mainly at its headquarters in Saint-Modeste. These new employees will be added to the 293 other in quebec, whose 246 workers in Saint-Modeste. The company has a team of over 550 employees in total. In addition to its headquarters in Saint-Modeste, it operates in 12 peatland and 8 plants located throughout North America.

LOAN VALUE-ADDED

As they were talking about a loan, compared to a non-repayable grant, we are hopeful that this aid has not so much value. Pierre Roberge, regional director of the DEC, explained that the financial impact for these companies represents 40% of the value of the loan over 10 years, a sum very interesting. Another advantage of the support of DEC is that it facilitates the dealings with financial institutions on a regular basis.

COTECH/XMETAL

“Canada economic development is a key player. Since we talk about innovation, the banks are a little nervous for our projects,” stressed Etienne Side of Cotech/Xmetal. His company received a repayable contribution of 515 025 $ on a total investment of 1 548 929 $. Cotech/Xmetal manufactures equipment front-end loader for a tractor for the agricultural market, such as forks, buckets, clamps, spikes, guitars, snow, and other facilities for the handling of the hay. His project, which includes the acquisition and implementation of technological equipment as well as the addition of a component of clean technology, aims to improve the performance of the company. Three new permanent posts should be created at the end of the project.

MACHINING F. R.

Machining F. R., for its part, received an interest-free loan of 137 500 $ on a total investment of 392 for $ 100. The company is specialized in the manufacturing, modification and assembly of equipment parts intended primarily to major prime contractors, manufacturers of Quebec. His project has allowed the improvement of productivity and the expansion of the company through the acquisition and installation of equipment for digital production. The project has contributed to the creation of three jobs. “Since 2011, economic Development Canada is with us to support us. The financial institutions are more open to investing with us”, also stressed François Rossignol.

VERBOIS

Finally, Verbois is receiving a repayable contribution of 302 445 $ on a total investment of 670 of $ 500. The company designs and manufactures residential furniture in series and tailor. Verbois has carried out various activities to improve its productivity and expand its business. The contribution of DEC was aimed specifically at the acquisition of production equipment such as cell robotics, a drying oven, and a conveyor handling. Three jobs full-time have been created thanks to the realization of this project.

“The regional development agencies such as DEC are essential to the efforts by the government of Canada to help businesses create jobs in communities from coast to coast. Support such as those announced today enable companies which have developed breakthrough technologies and new products to market,” said David Lametti, member of parliament for LaSalle—Émard—Verdun and parliamentary secretary to the minister of Innovation, Science and economic Development.

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