The governments of Canada and Quebec along with Investissement Québec are contributing a total of $2,537,500 in loans to snow removal equipment manufacturer Les Produits métalliques A.T.
The government loans will support A.T.’s implementation of a project valued at nearly $5.6 million. The purpose of the project is to construct a building, acquire automated equipment, and adopt a more ecologically friendly powder painting process to finish snow‑removal equipment manufactured by the business. The objective is to enhance the productivity of the manufacturing business based in Matane, in the Bas‑Saint‑Laurent region.
The Government of Canada is granting a repayable contribution of $775,000 under CED’s Regional Economic Growth through Innovation (REGI) program. Quebec’s financial contribution involves a loan of $1,762,500 from Investissement Québec’s capital funds under the Productivité innovation initiative, directly in line with the Crown corporation’s willingness to support sustainable economic development.
“SMEs are an integral part of our plan for a green, sustainable economic recovery. CED has been supporting Matane-based AT for many years now in its efforts to grow and become more innovative and competitive, but also to adopt more ecologically friendly processes. The SME is a major contributor to Matane’s economic vitality, and the success of its project will be felt right across the region,” said Diane Lebouthillier, Minister of National Revenue
CED’s contribution is part of a series of funding announcements that will take place in the coming weeks totalling nearly $40 million to implement over 20 projects by innovative businesses and organizations that will contribute to the economy of tomorrow. CED is the key federal actor in Quebec to promote the economic development of regions and SMEs.
The REGI 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.
Investissement Québec’s Productivité innovation initiative aims to propel Quebec businesses forward in being competitive and accelerate their growth through productivity and innovation.