Government of Canada provides funding for five highly innovative SMEs

QUÉBEC CITY, QUEBEC--(Marketwired - Jan. 19, 2017) - Canada Economic Development for Quebec Regions (CED)

The Government of Canada is determined to prioritize innovation, which generates growth that benefits SMEs and the communities. For sustained and inclusive growth, the Canadian economy needs enterprises to invest more in commercialization and the acquisition of equipment that will help increase their productivity and competitiveness.

Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, announced that $1,060,000 in financial support, in the form of repayable contributions, has been granted to five innovative Québec City enterprises. The funds were awarded under CED's Quebec Economic Development Program (QEDP).

The funds allocated by CED to Megatech Precision Machining, Telops, SiliCycle Inc., Poka and Cortex Media will be used to grow the enterprises through the acquisition of equipment or the implementation of a commercialization strategy.

Quotes

"I am delighted about the Government of Canada's support for enterprises such as Megatech Precision Machining, Telops, SiliCycle, Poka and Cortex Media, whose activities are showcasing regional know-how abroad. In their own way, these are all high-performance businesses that contribute to our region's economic growth as well as Canada's, notably through innovation, a key economic driver."

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

"The Government of Canada is committed to making Canada a global leader in innovation. That is why I am proud that CED is supporting these five Québec City enterprises that dared take up the challenge to seize new business opportunities."

The Honourable Navdeep Bains, Minister responsible for CED

CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.

Related document

For more information on the five projects, read the attached backgrounder.

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Backgrounder

Acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, announced $1,060,000 in financial support, in the form of repayable contributions, for five innovative Québec City enterprises. The funding has been granted under CED's Quebec Economic Development Program (QEDP).

The funding allocated by CED to Megatech Precision Machining, Telops, SiliCycle Inc., Poka and Cortex Media will be used to grow the enterprises through the acquisition of equipment or the implementation of commercialization strategies.

Proponent	Contribution - Investment - Project description
Megatech Precision Machining	$350,000 repayable contribution out of a total investment of $4,450,000 Megatech is a very innovative SME specializing in the precision machining of highly complex, value-added small parts and small series destined mainly for high-tech enterprises. The business is integrated into the value chains of many world-class prime contractors in the optic-photonic, aerospace, military, bionic and medical sectors. The project involves the acquisition of numerically controlled precision machining equipment and expansion of the facilities and covers costs associated with the integration of the business's activity planning and management tools. CED's assistance will be used to purchase equipment to optimize productivity. The project is expected to create 20 jobs.
Telops	$300,000 repayable contribution out of a total investment of $755,000 Telops is a highly innovative, world-class SME that designs, manufactures and commercializes high-performance infrared and hyperspectral cameras for the environmental, defence and academic research sectors. CED's financial assistance will be used to manufacture demonstration cameras to be tested by potential clients. Telops will also carry out a series of commercialization activities targeting its clients in the American, European and Asian markets. The project is expected to create 2 jobs.
SiliCycle Inc.	$200,000 repayable contribution out of a total investment of $460,000 SiliCycle manufactures many silica-based product lines for chromatography and for the purification and separation of chemical compounds. Its main clients are pharmaceutical, clinical and biotechnological enterprises, as well as university laboratories and chemistry research centres. CED's assistance will help this highly innovative enterprise purchase and implement automated management software that will help the business improve productivity and efficiently manage its subsidiaries in Quebec and abroad. The project is expected to create 10 jobs.
Poka	$120,000 repayable contribution out of a total investment of $500,000 Poka is a young SME that develops and commercializes a collaborative communications multiplatform for small and large manufacturers. The application is an industrial social network that stores all of an enterprise's data and procedures and communicates them in real time to employees, mainly through photos and videos. CED's assistance will help this business start-up commercialize its collaborative communications platform in Canada and the United States. The project is expected to create 2 jobs.
Cortex Media	$90,000 repayable contribution out of a total investment of $200,000 Cortex Media is an SME that provides specialized, distinctive computer services for Web and mobile solutions, through the use of pioneering technologies. It also plays a consulting role in Web accessibility and information architecture. CED's assistance will help this highly innovative enterprise increase sales through commercialization activities in the United States, more specifically, the New York market. The project is expected to create 2 jobs.

Summary

Total number of projects: 5

CED contributions: $1,060,000

Investments generated by these projects: $6,365,000

Jobs created: 36