The federal government is investing almost $1.2 million in 26 businesses in Peterborough and the Kawarthas.
The funding comes from the Rural Innovation Initiative of Eastern Ontario (RIIEO) program funded by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The RIIEO funding is aimed at helping traditional small- and medium-sized businesses and manufacturers expand their business growth and adopt innovative business processes.
Peterborough-Kawartha MP Maryam Monsef made the funding announcement on Thursday (March 5) morning at VentureNorth in downtown Peterborough, along with representatives from economic development organizations Community Futures Peterborough and Northumberland Community Futures Development Corporation (CFDC) and the businesses receiving funding.
“Through smart investments that support our rural innovators and entrepreneurs, we strengthen the local economy and create jobs,” Monsef said. “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.”
Seven Peterborough-area manufacturers will receive up to $700,000 in RIIEO regional funding, administered by Northumberland CFDC, matched by a total of $1,905,701 in incremental private investment.
“Northumberland CFDC is pleased to support the momentum of eastern Ontario innovation, specifically within the manufacturing sector,” says Northumberland CFDC 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.”
VIDEO: Peterborough-Kawartha MP Maryam Monsef at VentureNorth in Peterborough
The best, most innovative ideas and solutions to some of our most pressing challenges are developed by businesses in our own backyard. Today, I announced $1.2 million to support 26 businesses here in #ptbokawartha reach their full potential! For more on today’s announcement: https://mmonsef.liberal.ca/news-nouvelles/monsef-announces-nearly-1-2-million-for-26-local-businesses-to-innovate-expand-and-create-jobs/ Community Futures Peterborough Northumberland CFDC
Posted by Maryam Monsef on Thursday, March 5, 2020
The seven businesses receiving RIIEO regional funding are:
- Canadiana Cabinets Ltd of Peterborough, which makes custom kitchen cabinets, vanities, built-ins, range hoods, and accessories.
- Dynacast Ltd of Peterborough, which manufactures die cast zinc and components, including metal injection technology.
- Havelock Metal Co. of Havelock, a manufacturer of metal roofing and siding products.
- Kingdon Lumber Limited of Lakefield, a manufacturer and supplier of building materials.
- Quickmill Inc. of Peterborough, a designer and manufacturer of large gantry CNC machining centres.
- Ritz Plastics Inc. of Peterborough, which provides injection moulding, insert moulding, product distribution, and prototyping services.
- Savage Arms (Canada) Inc. of Lakefield, which manufactures rimfire sporting rifles.
An additional $450,000 in RIIEO local funding, administered by Community Futures Peterborough, will go towards 17 local businesses and two economic development organizations operating in the city and county of Peterborough.
“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,” says Community Futures Peterborough executive director Gail Moorhouse. “We are thrilled with the quality of exciting projects and innovation taking place in our community.”
Businesses receiving RIIEO local funding include Nurse’s Emission Testing & Repair, Woodaholic Ecocraft, At The Lake Distributing Inc., Iron Equipment, Cambium, Black and Smith Ironworks, Kawartha Metals Corporation, Keene Truck, Woodleigh Farms, Percheron Plastic, Nero Performance Materials, Steelworks Design Inc., Community Alternative Funeral & Cremation Services Ltd., BOSTL, Diatom Professional Consulting and Training Inc., Lucky Strike Bait Works Ltd, and Red Tracker.
Economic development organizations Innovation Cluster Peterborough and the Kawarthas and Peterborough & the Kawarthas Economic Development are also receiving RIIEO local funding.
“We used this funding to purchase a new enterprise resource planning software called NetSuite,” says At The Lake Distributing owner Niki Pulchinski. “This innovative system is instrumental in increasing our productivity and efficiencies and pave the way for us to accelerate our growth.”
The government estimates that the funding will contribute to creating around 93 jobs and maintaining 391 jobs in the city and county of Peterborough.