An SME in the Eastern Townships will be able to enhance its performance with the help of funding from Canada Economic Development for Quebec Regions

Over $960,000 in Government of Canada funding for an innovative project by Verbom

VALCOURT, QC, Aug. 20, 2019 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

Steel and aluminum companies are key players in our economy and our supply chains, providing good jobs for thousands of middle-class Canadians.

Today, Pierre Breton, Member of Parliament for Shefford, announced the awarding of a $964,275 non-repayable contribution to Verbom Inc., a company in Valcourt, in the Val-Saint-François regional county municipality.

This financial support from the Government of Canada will allow Verbom to develop production equipment and tools. This project will help the company enhance its performance by optimizing and increasing its production capacity, in addition to opening up new markets.

The funding was awarded under the Regional Economic Growth through Innovation (REGI) program Steel and Aluminum Initiative announced in March 2019.

Administered by the regional development agencies (RDAs), this initiative provides targeted support for Canada's small and medium-sized businesses (SMEs) in the steel and aluminum sectors. Non-repayable contributions will allow these SMEs to adopt innovative technologies in order to enhance their productivity or competitiveness and create highly skilled jobs.

Quotes

"By introducing a strategy to support businesses in the steel and aluminum sectors, the Government of Canada has chosen to support innovative Canadian businesses that are finding new ways to create value and looking to capture new markets. I am delighted with the financial assistance awarded to Verbom, a Valcourt company, which has demonstrated its know-how and its commitment to growth, and is creating well-paid jobs. This concrete support will definitely have a positive impact on the regional economy."

Pierre Breton, Member of Parliament for Shefford

"Our government supports Canadian workers in the steel and aluminum sectors, as well as businesses that play a key role in regional economies. Our funding assists Canadian SMEs that produce or use these metals, and helps them innovate so they can increase their productivity, grow, capture new markets and create good jobs for the middle class."

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED

"The Government of Canada's financial assistance will allow Verbom to upgrade its facilities and stand out by offering its clients innovative solutions. This is fantastic news, and I thank M.P. Pierre Breton for his support in carrying out this project, which will ensure the sustainability of 19 jobs in 2019 and help add 13 new positions in 2020."

Éric Chênevert, General Manager, Verbom

Quick facts

• Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five RDAs.
• The RDAs help support Canadian innovation, as do the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service.
• The REGI program builds on the objectives of the Innovation and Skills Plan by providing regionally tailored, nationally consistent support for business productivity and scale-up and by helping enhance regional technology clusters and innovation ecosystems.
• In 2018, Canada's steel and aluminum industry employed more than 33,500 Canadians and contributed $8.9 billion to Canada's gross domestic product.
• To find out more about CED and its priorities, see the 2019–2020 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions

View original content: http://www.newswire.ca/en/releases/archive/August2019/20/c1303.html