Signature Styles receives $1.8M provincial loan
NEW WATERFORD — The largest employer in town is getting a $1.8-million loan from the province to invest in new technology and position it for future growth.
Signature Styles Canada Corp. will receive the four-year loan through the Industrial Expansion Fund to strengthen its competitiveness with the purchase of a new call-centre system. In return, the company is investing $6 million and must maintain current employment levels to qualify for loan forgiveness.
“The company is focused on increased efficiency and profitability,” site director Lisa Lavin said in a news release. “The faith the province has shown in our operation, in combination with New Waterford’s high-quality labour force, means Signature Styles has a strong future in New Waterford.”
Signature Styles recently expanded its traditional women’s clothing catalogue base to a web-based marketing approach. The leading-edge technology is expected to increase the company’s profitability, which will have a positive impact on the local economy and the community.
Signature Styles has been in business for more than 100 years. It has operated a customer contact centre in New Waterford since 2003 and employs about 350 people, with an annual payroll of $7.5 million. This provides direct tax benefits to the province of about $600,000 annually.
The Industrial Expansion Fund helps industries with innovation and technology funding when traditional sources are reluctant to do so.