ACOA commits $4 million to fund clean energy

Atlantic rural businesses moving to low-carbon economy can access loans, expertise

Atlantic Canadian small and medium-sized enterprises (SMEs) can now tap into a $4 million fund to adopt clean technology.

The Atlantic Association of Community Business Development Corporations (AACBDC) is developing the loan program to provide businesses with capital to develop clean technology products, services and solutions and sell these at home and abroad. Entrepreneurs will also be able to access Clean Technology Advisory Services, which will allow them to hire outside professional expertise who can help them address opportunities or challenges related to their use of clean technologies.

“Getting more innovative technologies, products and services to the marketplace leads to more wellpaying jobs for Canadians,” said Innovation Minister Navdeep Bains, who is responsible for the Atlantic Canada Opportunities Agency (ACOA). “That’s how clean technology and innovation lead to a better Canada.” “Canada’s expertise in clean technology is recognized around the world and is a promising area for growth,” said International Trade Minister François-Philippe Champagne. Champagne said the EU is a particularly exciting area of growth for small- and mediumsized clean tech enterprises that will enjoy dutyfree access to the EU when the Canada-European Union Comprehensive Economic and Trade Agreement is provisionally applied on Sept. 21. The new fund is allocated through ACOA’s Business Development Program.

The Atlantic Association of CBDCs estimates that 550 clean technology loans will be approved over the sevenyear life span of this initiative, which could leverage an additional $26.3 million worth of clean technology investments by rural SMEs throughout Atlantic Canada.