Canada Economic Development

Canada Economic Development

November 12, 2010 16:14 ET

$30 million invested to date, $895,500 in the Quebec region

Temporary Initiative for the Strengthening of Quebec's Forest Economies

QUÉBEC CITY, QUEBEC--(Marketwire - Nov. 12, 2010) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, the Honourable Josée Verner, Minister of Intergovernmental Affairs, President of the Queen's Privy Council for Canada, Minister for La Francophonie and Minister responsible for the Québec region, today presented a first status report on the financial assistance granted through the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE). In Quebec, $30 million has been invested so far, $895,500 of it in the Québec region to support four projects in Portneuf. These projects will generate investments of $2,536,000 and their proponents expect that 19 jobs will be created and maintained.

"This report clearly illustrates our government's determination to sustain our industries, create employment and stimulate the economic growth of our regions. I invite companies and organizations from the Québec region to continue submitting their projects to us," stated Minister Verner.

The TISQFE, which came into force this past June, is aimed at helping communities affected by the forestry crisis diversify their economies in order to secure their growth and create and maintain employment. "Its goal is also to support small and medium-sized businesses in their efforts to ensure their survival and development," concluded Minister Verner.

The $30 million will serve to carry out 79 projects across Quebec. These projects will generate investments of close to $115 million in the various regions affected by the forestry crisis and their proponents estimate that 1,645 jobs will be created and maintained.

This measure is one of several that our government has put in place in recent months to counteract the effects of the forest crisis. Others include the $1 billion granted to the Pulp and Paper Green Transformation Program to help enterprises carry out environmentally-friendly projects within their facilities and the $230 million invested, in collaboration with the Government of Quebec, for silvicultural work and the restoration of bridges and culverts on multi-use forest roads. Workers are also benefiting from their fair share of support, with the Government of Canada introducing some of the most generous measures in history to help them through the economic crisis.

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Report on projects funded through the Temporary Initiative for the Strengthening of Quebec's Forest Economies Québec region

BACKGROUNDER

Promoter Description - Investment - Contribution
   
Vallée
Bras-du-Nord
Non-repayable contribution of $50,000 on a total investment of $454,000. The Coopérative de solidarité Bras-du-Nord is working to put the necessary infrastructure in place to develop a wide range of recreational tourism activities in a unique sector of Saint-Raymond de Portneuf. This project involves construction of a hospitality infrastructure to meet the growing demand of visitors to the Vallée-Bras-du-Nord site.
Bordures
Polycor Inc.
Repayable contribution of $500,500 on a total investment of $1,297,000. Bordures Polycor is an innovative manufacturer specializing in the custom cutting and processing of granite. The company's project involves improving its capabilities for the manufacture and sale of a new line of natural stone products for outdoor residential use.
Vallée Inc. Repayable contribution of $270,000 on a total investment of $625,000. Vallée Inc. is Quebec's only manufacturer of carry lifts. The company exports 10% of its production to the United States. Its project involves the development and commercialization of new products, namely a carry lift with a 15,000-kilogram capacity and a handling system. Prototypes will be developed in order to allow these products to be demonstrated at trade fairs and during other commercialization events.
Pro-Métal
Plus Inc.
Repayable contribution of $75,000 on a total investment of $160,000.Pro-Métal Plus custom manufactures machinery and parts for such operations as aluminum smelters, paper mills and cement factories. This project involves the acquisition of strategic equipment, including a press brake and production management software, to help improve the company's productivity.

Summary

Total number of projects funded: 4

Total contributions from Canada Economic Development: $895,500

Total investment generated by these projects: $2,536,000

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