Listen Live
HomeNewsOver $7.5 M in funds and repayable loans on the way to...

Over $7.5 M in funds and repayable loans on the way to 9 Parry Sound Muskoka businesses

- Advertisement -

Nine Parry Sound and Muskoka businesses are collectively getting an over $7.5 million federal boost.

The money, coming through FedNor, was announced Friday by Patty Hajdu, Federal Minister responsible for the funding program, and apart from Seguin’s cut, is all in the form of repayable loans. Hajdu says the investments will create over 75 jobs in Parry Sound and 60 in Muskoka. 

In Parry Sound, Seguin Township is getting the lion’s share of the funding with $3 million. Officials say the money will create new airside lots for aviation/aerospace business development, adding that with growth previously constrained by inaccessible and unsuitable land, this initiative will allow the township to help attract and retain businesses.

Start-up company Eco Development Group Inc. will use its $1 million to purchase new, innovative value-added wood-processing equipment. Crofter’s Food Ltd. is getting just under $900,000 to purchase equipment, consolidate its production operations,  and adopt and adapt the latest innovative techniques associated with the processing of value-added fruit products.

- Advertisement -

In Muskoka, Icarus Aero Inc. is getting just over $1 million and will expand and acquire new innovative equipment for its manufacturing plant in Gravenhurst. Colquhoun Audio Laboratories Limited is getting just over half a million to buy the latest in acoustical technology and creating around 20 jobs. Embertech Industrial Inc. will use over $420,000 to increase productivity at its new facility in Bracebridge, and around $200,000 each is on the way to both Muskoka Timber Mills and Lake of Bays Brewing Company Limited.

Hadju says the money is going to support local innovation, job creation, and industry growth in the Parry Sound–Muskoka region, and scale-up companies helping them become more competitive.

- Advertisement -
- Advertisment -
- Advertisment -
- Advertisment -

Continue Reading