Sydport propane tank business receives $200,000 loan
Supreme Tank Inc. to use federal funding to meet demand for its products
Supreme Tank Inc., based in the Sydport Business Park, has received $200,000 in funding from the federal government to modernize its facility and maintain a workforce of 35 employees.
The loan, announced Thursday, was made available through the Atlantic Canada Opportunities Agency’s business development program.
Supreme Tank Inc. is the largest propane tank refurbishment company in Atlantic Canada.
The funding will allow the business to purchase machinery and equipment required to automate its production processes and to improve overall efficiency in order to meet an increasing demand for its products.
The work includes installing equipment such as a conveyor system, an upgraded painting/ drying system, and an automated pressure washer and sleever.
Once completed, Supreme Tank will be able to meet the increasing demand for its products, according to ACOA.
“This investment from ACOA will allow Supreme Tank Inc. to increase capacity and remain competitive,” company president Kenny Vickers said in a release.
“It will also allow the company to add new products and service lines, which will be essential to its future success.”
Supreme Tank was founded in 2005 and its line of business includes the retail sale of bottled or bulk propane tanks.
In a statement, Sydney-Victoria MP Mark Eyking said the investment by the federal government makes good business sense.
“It’s great to see Supreme Tank Inc. investing in our region to grow its business and hire more Cape Bretoners.”
The funding is in line with the government’s Atlantic Growth Strategy, which calls for “targeted actions” to support the expansion and modernization of rural-based businesses.