Feds lending Concord, Ont., health food firm $1M for new equipment
Lending money to U-Be-Livin-Smart to buy new equipment for commercialization of its patented nutrient-dense muffins, vitamins
CONCORD, Ont.—The federal government is lending an Ontario health food processing company $990,000 to buy new equipment to manufacture new products.
Agriculture and Agri-Food Canada, through the Enabling Commercialization and Adoption stream of its AgriInnovation Program, is lending the money to U-Be-Livin-Smart Inc. as the company buys new food processing equipment for the commercialization of its patented nutrient-dense muffins, vitamins and other products.
“Consumer demand for healthier food products is on the rise,” local MP Peter Kent, who made the funding announcement, said in a statement. “Supporting innovative projects that respond to market demand contributes to Canada’s economic growth and helps us remain competitive and relevant in today’s global economy.”
Agriculture and Agri-Food Canada, citing statistics from market intelligence firm Euromonitor International Ltd., said Canadian sales of naturally healthy foods are expected to be $9.66 billion by 2018.
“We are committed to providing delicious, nutrient-dense foods and vitamins to busy families so they can eat smarter,” said company co-founder Tim Sinclair. “We have been able to launch in three categories, with healthy muffins, healthy candy and food (with) built-in vitamins and are now in over 10,000 points of distribution like Loblaws, Walmart and Walgreens.
“This investment will help us to bring healthy, affordable foods to more Canadians.”
funding for U-Be-Livin-Smart aims to help create jobs and increase demand for berries, apples, sweet potatoes, eggs and whey protein from local suppliers and farmers.
The Enabling Commercialization and Adoption stream of its AgriInnovation Program provides eligible Canadian companies with repayable loans to cover as much as 50 per cent of a project’s cost, with a goal of facilitating the commercial demonstration, commercialization and adoption of innovative agri-based products, technologies, processes or services.
The stream ends March 31, 2018.