Flying Colours Corp. gets $5-million funding boost from federal government

The federal government is providing a $5-million repayable investment to Flying Colours Corp., the largest tenant and manufacturer at the Peterborough Airport.

The money will go towards a project that’s currently underway which will see a 90,000-square-foot hangar built on the east side of Airport Road, across the street from the corporate office.

READ MORE: Multi-million dollar expansion for Flying Colours at Peterborough Airport

Currently, Flying Colours employs around 250 people who provide aircraft maintenance, repair and overhaul as well as completions, modifications, avionics and paint for its key clients which include Bombardier, Cessna and Gulfstream Aerospace.

The newest project will create at least 60 full-time jobs.

“Sixty jobs is on the conservative side of things,” said Kate Ahrens, VP of corporate development. “They will range for all our shops. Right now, we do exterior painting, upholstery, cabinetry, sheet metal and aircraft maintenance as well.

Peterborough-Kawartha MP, Minister of International Development, and Minister for Women and Gender Equality Maryam Monsef made the announcement on behalf of the federal government on Thursday.

The money, which will be repaid over six years, is through the Federal Economic Development Agency for southern Ontario (FedDev Ontario).

“The airport is a significant hub for economic development in our region and also for our country,” said Monsef.  “When businesses like Flying Colours have the tools they need to scale up and stay competitive on the global market, it means more jobs created locally.”

READ MORE: Flying Colours completes first trio of Bombardier Challenger 650 medevac interiors

The company was founded in 1989 by Ahren’s father, John Gillespie, the president and CEO of the company.

“This project represents the largest expansion of our facilities in Canada to date,” said Gillespie. “It will allow us to continue to compete effectively in the global marketplace.”

In addition to the FedDev Ontario loan, which builds on a previous repayable contribution of $5.7 million, the project will leverage an additional $37.5 million in private-sector funding and investments.

The facility will be up and running by next spring.

WATCH (Jan. 2019): Flying Colours in Peterborough completes third Bombardier Challenger 650 interior

1:13 Flying Colours in Peterborough completes third Bombardier Challenger 650 interior