Canada Economic Development

Canada Economic Development

April 17, 2012 14:30 ET

Government of Canada Lends Financial Support to Four Victoriaville Enterprises to Promote Economic Diversification

VICTORIAVILLE, QUEBEC--(Marketwire - April 17, 2012) - The Honourable Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec, today announced that four Victoriaville enterprises, namely Les boisés La fleur Inc., Prestige Panel Solution Inc., EQMBO-Entreprises and G.G. Telecom, have been granted financial assistance through the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

"To ensure the competitiveness and prosperity of our country, the Government of Canada is taking the necessary steps to help innovative companies play a determining role in building the economy and creating quality jobs," said Minister Lebel.

The projects, which will require an overall investment of $5,070,400, will enable the four Victoriaville firms to consolidate their development while fostering the diversification of the region's economy. Concretely, this assistance will be used to acquire high-performance, state-of-the-art equipment and is expected to result in, among other things, the transfer of technology to manufacturers, improved productivity and production capabilities within the enterprises and better quality control of their products.

About the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE)

The assistance, which totals $1,078,500, has been granted in the form of repayable contributions, with the exception of $210,000 in non-repayable funding, through Canada Economic Development's Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE).

The TISQFE was brought into force in June 2010 to help communities affected by the forestry crisis diversify their economies in order to ensure their growth and create and maintain employment. The initiative's goal is also to support secondary and tertiary wood processing projects in these communities.

This measure is one of several put in place by the Government of Canada in the past months to counteract the effects of the forest crisis. Others include, for example, the Community Adjustment Fund, with its $1 billion budget over two years to mitigate the impacts of the crisis, the $1 billion granted to the Pulp and Paper Green Transformation Program to help enterprises carry out environmentally-friendly projects and the $238 million invested, in collaboration with the Government of Quebec, for silvicultural work and the maintenance of multi-use forest roads.

For further details, see the backgrounder on these projects.

Financial assistance granted under the Temporary Initiative for the Strengthening of Quebec's Forest Economies (TISQFE)

Victoriaville

Promoter Description - Investment - Contribution
Les Boisés La fleur Inc. Repayable contribution of $250,000 on a total investment of $790,000. The firm, which specializes in wood veneer jointing, acquired higher-performance equipment as part of a manufacturing review process aimed at bolstering productivity.
Prestige Panel Solution Inc. Repayable contribution of $500,000 on a total investment of $3,560,000. Prestige Panel Solution is a manufacturer of polyisocyanurate structural insulated panels (SIP). The firm intends to acquire a new production chain to improve productivity and raise its production capacity.
EQMBO-Entreprises Non-repayable contribution of $210,000 on a total investment of $460,400. EQMBO-Entreprises is a technology transfer centre specializing in the transformation of wood into finished products. One of the components of this project involves the testing of friction (glueless) wood welding technology and its transfer to enterprises.
9138-4529 Québec Inc. (G.G.Telecom) Repayable contribution of $118,500 on a total investment of $260,000. G.G. Telecom specializes in the design and manufacture of infrared surveillance systems. The company has expanded and reconfigured its plant and purchased a lift truck to help increase productivity and improve product quality control.

Summary

Total number of projects: 4

Total contribution from Canada Economic Development: $1,078,500

Total investment generated by these projects: $5,070,400

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