Canada Economic Development for Quebec Regions has announced it is spending $1,540,000 to support four Québec manufacturers in the province’s Acton Vale region.
The four companies are Hamrforge Inc., Agrimetal Inc., Beaulieu Canada Co. and MR Industries Inc., and each has slightly different plans for the financial assistance. Hamrforge ($460,000) is a startup and wants to grow and boost its productivity, as well as market its products, while Agrimetal ($400,000) plans to purchase digital equipment and automate production. Bealieu ($400,000) is an SME that needs to expand into international markets, and MR Industries ($280,000) is looking to install advanced automated production equipment. Ottawa says the projects will generate total investments of over $6 million.
The funding, announced on May 22, comes in the form of repayable contributions. The assistance to Agrimetal and Beaulieu was awarded under CED’s Quebec Economic Development Program, while the funding for Hamrforge and MR Industries is from the Regional Economic Growth through Innovation (REGI) program.
More information is available here.