West Prince companies receive funding to grow
ACOA provides $2,092,500 with $100,000 coming from the province
The Atlantic Canada Opportunities Agency is providing repayable contributions totalling $2,092,500 to help five food processors and an agricultural equipment company in West Prince expand.
Maritime Select Lobster in Northport is received $500,000 to assist in the establishment of a live lobster holding facility, Royal Star Foods in Tignish is receiving $284,000 to help with the construction of a lobster holding facility and purging tank and Valley Pearl Oysters is receiving $145,000 to assist in establishing an oyster processing facility.
Also, through its Business Development Program, ACOA is providing $500,000 to New Leaf Essentials in Slemon Park to help with the processing of soybeans.
In addition, O’Leary Produce Ltd. is getting $375,000 to help with upgrades to its carrot grading line and H.F. Stewart and Sons Company Ltd. in West Point will receive $288,500 to expand its manufacturing facility.
Maritime Select Lobster and Royal Star projects are also receiving contributions of $50,000 each from Innovation P.E.I.
“The local manufacturer and the food processors who will benefit from the investments announced today, have built successful businesses around the strengths and resources of our region,” said Egmont MP Bobby Morrissey.
“Their innovative approach and increasing export potential will benefit the entire province as a beacon for investors in the Island food market.”
Using the contributions to Royal Star and Maritime Select Lobster as an example, Morrissey said just a few years ago lobster boats had to be put on quotas because the plants could not handle the supply, and that drove down the price.
With vastly improved holding capacity, plants are able to handle more product and move it when the time is right.
P.E.I. Economic Development and Tourism Minister Heath MacDonald said the businesses, together with the primary industries they support, help grow P.E.I.’s reputation as Canada’s Food Island and help grow exports.