FedDev Ontario investments are intended to support manufacturers
Nearly $6.5 million to help six local businesses scale up operations and create more than 90 new jobs across rural southwestern Ontario.
WATERLOO — On Feb. 11, Kate Young, Parliamentary Secretary to the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, announced a total FedDev Ontario investment of nearly $6.5 million to support the growth of six southwestern Ontario businesses.
Equipping southwestern Ontario’s businesses to succeed
Composed of a multitude of smaller rural economies, southwestern Ontario supports the region’s ability to innovate across many different sectors. The repayable contributions announced today will support Algonquin Bridge, Bold Canine Inc., Five Star Tool and Die Limited., Kinectrics Enterprises Inc., Larsen & Shaw Limited, and OWS Rail Car Inc. in scaling up manufacturing, locomotive services, steel bridge production, and pet food capabilities across the region.
In total, these six projects are expected to create more than 90 skilled jobs across southwestern Ontario, while also increasing supply chain spending in the region to help with recovery efforts in response to the pandemic.
“Small- and medium-sized businesses are the backbone of our regional economies and a source of pride and employment for communities across southwestern Ontario. With FedDev Ontario’s investments in these six rural innovators, we are building on regional strengths and creating the right conditions for growth in the post-COVID-19 economy.” said Kate Young, Parliamentary Secretary to the Minister of Economic Development.