Ottawa and Quebec grant $1.9M for Bois BSL to grow and diversify its products

From: Canada Economic Development for Quebec Regions

Mont-Joli, Quebec, November 23, 2020 – The governments of Canada and Quebec are granting a total of $1.9M in financial assistance to regional flagship business Bois BSL to boost its growth. The funds will support the diversification of its products through the acquisition and installation of a new state‑of-the-art manufacturing line for engineered flooring products. The project, valued at close to $3M, will lead to the creation of nine jobs.

The Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec), Élisabeth Brière, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, along with the Minister for Regional Economic Development and Minister Responsible for the Chaudière-Appalaches, Bas-Saint-Laurent and Gaspésie-Îles-de-la-Madeleine Regions, Marie-Eve Proulx, on behalf of the Minister of Economy and Innovation, Pierre Fitzgibbon, made the announcement today.

The government support is divided as follows: Canada Economic Development for Quebec Regions (CED) is granting a repayable contribution of $500,000 under the Regional Economic Growth through Innovation program; Investissement Québec is providing two loans totalling $1.4M, granted in two equal amounts from its own funds and the ESSOR program.

Bois BSL, recognized as a major economic engine for the La Mitis RCM, has over the years carved out an important position for itself in the Canadian and U.S. markets, undergoing a particularly successful business renewal in 2018. As more than a third of its exports are destined for the U.S. in a highly competitive sector of activity and demand from its clientele is constantly growing, the business wants to acquire digitally automated production equipment.

Quotes

“The Bois BSL project to install new technology will enable the business to expand its range of products and increase its sales in the U.S., a thriving market. This aligns with the Government of Canada’s willingness to support businesses with growth potential that export and stimulate the economy. This is also good news for the La Mitis RCM: The business will create nine new quality jobs in the region.”

Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec)

“Helping businesses grow and innovate so they can enhance their competitiveness and create good-quality jobs is at the heart of our priorities. That is why we are providing our support to Bois BSL, whose success is raising the profile of the Bas-Saint-Laurent region and the entire Canadian economy. We are here to support workers and SMEs, and we are helping businesses equip themselves with what they need to get through the crisis and remain competitive. Together, we are working to rebuild a stronger, more resilient economy.”

The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED

“The project to acquire a new manufacturing line will enable Bois BSL, a flagship business in the La Mitis RCM, to pursue its growth and become more competitive on international markets. I am confident that this initiative will generate significant spin-offs for the entire Bas-Saint-Laurent region.”

Marie-Eve Proulx, Minister for Regional Economic Development and Minister Responsible for the Chaudière-Appalaches, Bas-Saint-Laurent and Gaspésie-Îles-de-la-Madeleine Regions

“For over 25 years now, the Bois BSL team has been working to guarantee the business’s growth and competitiveness. We are pleased to support them to enable them to acquire new innovative equipment that is necessary to diversify their production and develop new markets. By doing so, Investissement Québec is fully assuming its role in promoting business growth and moving the needle on investment and productivity.”

Guy LeBlanc, President and Chief Executive Officer, Investissement Québec

Quick facts

  • Established in 1995, Bois BSL is a manufacturing business specializing in producing wood flooring and energy logs from hardwood.

  • The Honourable Mélanie Joly is the minister responsible for the six regional development agencies (RDAs), including CED, 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.

  • CED’s Regional Economic Growth through Innovation 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 (IQ) has a role to stimulate business innovation, entrepreneurship and exports, as well as to increase local and foreign investment across all Quebec regions. IQ provides businesses of all sizes with personalized mentoring, technological expertise and flexible financial solutions for every stage of their growth.

  • The ESSOR program, implemented by IQ on behalf of the Government of Quebec, aims to support investment projects in Quebec in a perspective of enhanced competitiveness and productivity, job creation and sustainable development.

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