Government of Canada Supports Innovative Manufacturing Business in Quebec's Saguenay--Lac-Saint-Jean Region

Strategic Insights -

A significant investment has been made to support the growth and development of a Quebec-based business in the Saguenay--Lac-Saint-Jean region. Carlos Leitão, Parliamentary Secretary to the Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions (CED), announced a repayable contribution of $1,800,000 for OSBLOCKâ¢. This financial assistance will enable the Sainte-Monique-based SME to increase its productivity, competitiveness, and production capacity. The business specializes in the manufacture of modular and structural products from recycled materials for the construction sector.

Key Takeaways:

  • The Government of Canada has provided a repayable contribution of $1,800,000 to OSBLOCKâ¢, a Quebec-based SME in the Saguenay--Lac-Saint-Jean region.
  • The funding will enable the business to increase its productivity, competitiveness, and production capacity.
  • OSBLOCK⢠will be able to acquire equipment to integrate materials that are currently not recyclable into residential housing in Canada.
  • The business will increase its sales and create two new jobs.
  • CED's funding will support the integration of materials that are otherwise destined for landfill, reducing waste and providing fully recycled materials for construction-related sectors.
  • The total investment in the project is over $5,000,000, which will contribute to housing needs across Canada.
  • The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities.
  • The Regional Economic Growth through Innovation program, which targets entrepreneurs leveraging innovation to grow their businesses, has provided funding for this project.

Statistics:

  • $1,800,000: Repayable contribution from the Government of Canada to OSBLOCKâ¢.
  • 99.7%: Percentage of Quebec's businesses that are SMEs.
  • 50%: Percentage of Quebec's GDP attributed to SMEs.
  • 12: Number of regional business offices operated by CED in Quebec.
  • $5,000,000: Total investment in the OSBLOCK⢠project.

Sources:

  • "Saguenay--Lac-Saint-Jean business receives $1,800,000 in financial assistance from CED."
  • "Canada Economic Development for Quebec Regions (CED) Supporting innovative manufacturing businesses contributes to economic development in Quebec's regions."
  • "Government of Canada launches new initiative to support innovation and entrepreneurship"
  • "Quick facts: Government of Canada provides funding to support innovative manufacturing businesses in Quebec's Saguenay--Lac-Saint-Jean region"