The Honourable Mélanie Joly, Minister of Economic Development and Official Languages for Canada, and Pierre Fitzgibbon, Minister of Economy and Innovation for Quebec, made the announcement today.
The federal assistance consists of a repayable financial contribution of $268,795 from Canada Economic Development for Quebec Regions (CED). The contribution will focus on the acquisition of advanced digital production equipment and facility improvements. The Government of Quebec is granting two loans totalling $364,000 through Investissement Québec and the ESSOR program. This support will also help to fund the purchase of equipment and a portion of working capital.
Quotes
"Helping businesses to start up, 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 proud to support Saguenay-Lac-Saint-Jean's Stobia. The Government of Canada is here to support workers and Quebec and Canadian SMEs in these difficult times; we are helping them equip themselves adequately so that, together, we can rebuild a stronger, resilient, sustainable economy."
The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED
"The aluminum sector is a priority in our plan to kick-start the Quebec economy. The support we are announcing today is strategic for the growth of both Stobia and the region. Aluminum processing is one of Saguenay-Lac-Saint-Jean's clusters of excellence that must continue to be developed. This new factory will enrich the region's expertise by creating added value for our aluminum."
Pierre Fitzgibbon, Minister of Economy and Innovation
Quick facts
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The Stobia factory will have a production capacity of over 100 million containers a year, a number that is expected to double in the second year of production.
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The business is targeting the food processing, restaurant, grocery story and retail markets in Quebec and across Canada.
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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.
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CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED is accompanying businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
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Investissement Québec has a role to stimulate business innovation, entrepreneurship and exports as well as to increase local and foreign investment across all Quebec regions. The company provides businesses of all sizes with personalized mentoring, technological expertise and flexible financial solutions for every stage of their growth.
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The ESSOR program aims to support investment projects in Quebec in a perspective of enhanced competitiveness and productivity, job creation and sustainable development.
