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Cabinet officials

CED Grants Over $2.4 Million to Five Val-d'Or Businesses in the Mining Sector

Strategic Insights

— 1 min read

The Honourable Melanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions (CED), announced that CED has granted over $2.4 million to five businesses in the MRC de La Vallee-de-l'Or, Quebec, working in the mining sector. This funding, totalling $2,448,570, will support the growth and expansion of these businesses, enabling them to acquire new equipment, support increased production, stimulate innovation, and enhance competitiveness.

Key Takeaways:

  • The CED funding will support five promising projects in the Abitibi-Temiscamingue region, including Techni-Lab S.G.B. Abitibi, Arkys Web Software, ASDR Canada, Usinage Marcotte, and HydroTech Mining.
  • The funding will enable these businesses to acquire new equipment, support increased production, stimulate innovation, and enhance competitiveness, ultimately contributing to economic development in the region.
  • The CED funding will also support the development of new markets, improve technological performance, and help improve specialized services offered to businesses.
  • The funding has been provided under CED's Regional Economic Growth through Innovation program, targeting entrepreneurs who are leveraging innovation to grow their businesses and enhance their competitiveness.
  • In Quebec, small and medium-sized enterprises (SMEs) account for 99.7% of the province's businesses and 50% of its GDP.
  • CED is the key federal partner in Quebec's regional economic development, with 12 regional business offices throughout the province.

Statistics:

  • Total CED funding: $2,448,570
  • Number of businesses receiving funding: 5
  • Region: Abitibi-Temiscamingue
  • Sector: Mining
  • Province: Quebec
  • SMEs account for 99.7% of Quebec's businesses
  • SMEs account for 50% of Quebec's GDP

Sources:

  • Government of Canada, CED grants over $2.4 million to five MRC de La Vallee-de-l'Or businesses working in the mining sector (Source: Government of Canada)
  • Backgrounder: CED funding for the Abitibi-Temiscamingue region (Source: Government of Canada)
  • Regional Economic Growth through Innovation program (Source: Government of Canada)
  • Government of Quebec, SMEs in Quebec account for 99.7% of businesses (Source: Government of Quebec)

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