Canada Economic Development

Canada Economic Development

March 16, 2011 11:30 ET

Government of Canada Awards $450,000 in Funding to Technologie Inovaweld Inc.to Purchase Technological Equipment

LA POCATIÈRE, QUEBEC--(Marketwire - March 16, 2011) - Bernard Généreux, Member of Parliament for Montmagny-L'Islet-Kamouraska-Rivière-du-Loup, today announced, on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, that the firm Technologie InovaWeld Inc. has been awarded $450,000 in repayable funding under the Business and Regional Growth program to acquire technological equipment. The startup firm expects to be able to create 13 skilled jobs within three years.

"Canada Economic Development is eager to support the startup of innovative firms such as Technologie InovaWeld Inc. This project called for an overall investment of nearly $2 million, which will benefit the entire region," explained Mr. Généreux.

Technologie InovaWeld Inc. intends to become a leader in the manufacture of high added-value stainless steel and aluminum products in the field of laser welding and cutting. The company is looking to break into the aerospace, transportation and agri-food markets. Moreover, it operates in the niche market of metal products and innovative materials, which has been identified as a priority by Canada Economic Development in the Bas-Saint-Laurent.

Added to the contribution from Canada Economic Development is $200,000 in financial assistance from the SADC de Kamouraska (Kamouraska Community Futures Development Corporation -- CFDC) under the Business Startup and Succession Fund. This Fund, which aims to foster the creation of new enterprises, facilitate the local transfer in ownership of existing firms and keep jobs in the regions, is the fruit of a partnership between Canada Economic Development, the Fonds commun des SADC (CFDCs Common Fund), the Réseau des SADC (CFDC Network) and a number of venture capital firms operating in Quebec.

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