Canada Economic Development for Quebec Regions (CED)
Supporting growth and innovation contributes to economic development in Quebec's regions. That is why the Honourable Pascale St‑Onge, Minister of Sport and Minister responsible for CED, took the opportunity during her visit today to announce a repayable contribution of $345,000 for OrganicOcean Inc. This CED support will enable the business to acquire and install new equipment to process marine biomass in order to increase its productivity and production capacity.
OrganicOcean specializes in developing, manufacturing, and marketing innovative plant nutrition products made from seaweed extracts. This investment project will enable the SME to ensure its growth. It will thus be able to intensify its manufacturing of biostimulants that help foster sustainable agriculture.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they represent key assets in building a sustainable, inclusive economy.
Quotes
"SMEs are at the heart of community development and are part of our government's economic recovery plan. We are helping them grow and innovate, and I am therefore delighted with CED's support for OrganicOcean's growth project. The business's contribution to the Bas-Saint-Laurent region's economic vitality is undeniable. Without a doubt, the success and spin-offs of this project to increase its production of innovative green products for plant nutrition will be felt right across the region, Quebec and Canada."
The Honourable Pascale St-Onge, Member of Parliament for Brome-Missisquoi, Minister of Sport and Minister responsible for CED
"The use of biostimulants in cropping systems represents a new major shift in the global agricultural industry. This change is motivated mainly by the need to increase agricultural production by cultivated surface area in order to meet the demand for food as it increases with population growth, and by the need to boost the growth of crops affected by abiotic stresses resulting from changing climate conditions. CED's financial assistance will enable OrganicOcean to increase its productivity and competitiveness in Canada and on export markets."
Martin Poirier, President, OrganicOcean Inc.
Quick facts
- 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 a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
