The federal government is contributing $1.2 million to 26 Peterborough and area businesses in an effort to expand, create and retain jobs.
Peterborough-Kawartha MP Maryam Monsef on Thursday announced the funding through the Rural Innovation Initiative of Eastern Ontario (RIIEO), a program funded by the Federal Economic Development Agency for southern Ontario small and medium-sized businesses.
The federal government estimates the funding will create 93 jobs and maintain 391 jobs.
“Through smart investments that support our rural innovators and entrepreneurs, we strengthen the local economy and create jobs,” said Monsef.
Seven Peterborough-based manufacturers will receive up to $700,000 through the RIIEO regional stream, matched by $1,905,701 in incremental private investment. This regional stream funding is administered by Northumberland CFDC.
An additional $450,000 will support 19 businesses operating in the city and Peterborough County and be administered by Community Futures Peterborough.
“Our government is pleased to work with Northumberland CFDC and Community Futures Peterborough to ensure our local businesses have the tools they need to develop and reach new markets.”
The regional stream recipients include:
Canadiana Cabinets Ltd. – Family-owned and operated, it provides custom kitchen cabinets, vanities, built-ins, range hoods and accessories. Funding has been invested in robotics-driven manufacturing innovation for global business expansion.
Dynacast Ltd. – A leader in die-cast zinc and components, including metal injection technology, Dynacast will invest funding into capital innovation for business expansion in Peterborough.
Havelock Metal Co. – A manufacturer of metal roofing and siding products, located in Havelock. Funding has supported their core business within the area of a digital advanced manufacturing system.
Kingdon Lumber Ltd. – The Lakefield business is a leading manufacturer and supplier of building materials, including roof and floor trusses and other residential construction components. The funding was invested into innovative process and productivity plant automation.
Quickmill Inc. – Peterborough-based Quickmill Inc. engineers, designs and manufactures large gantry CNC machining centres supplied globally. Funding will go towards integrating smart manufacturing for business expansion.
Ritz Plastics Inc. – It offers high-performance injection moulding, specializing insert moulding, product distribution and prototyping. The company is investing the funding into capital and software innovation for business productivity and expansion.
Savage Arms (Canada) Inc. – A market leader in quality rimfire sporting rifles that machines, assembles and distributes its products worldwide, Savage Arms (Canada) has invested its funding into the acceleration of a cloud-based technology operating system.
“Northumberland CFDC is pleased to support the momentum of eastern Ontario innovation, specifically within the manufacturing sector,” said executive director Wendy Curtis. “These investments position the Peterborough area and local economy well to meet the increasing demands of its customers, and enable growth, diversity and expansion into global markets.”
Gail Moorhouse, executive director of Community Futures Peterborough, says the funding will boost innovation.
“This stream of funding has allowed local businesses to think boldly about their future and how to implement innovative measures to grow and protect jobs in the future,” she said. “We are thrilled with the quality of exciting projects and innovation taking place in our community.”