Government of Canada boosts Russet House's growth

Montérégie business receives $3,200,000 in financial assistance from CED.

HUNTINGDON, QC, Aug. 15, 2023 /CNW/ - Canada Economic Development for Quebec Regions (CED)

Supporting manufacturing businesses contributes to economic development in Quebec's regions. That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $3,200,000 for Russet House. This CED support will enable the business to increase its production to better meet demand and conquer export markets.

Founded in 2007, Russet House specializes in the production of frozen sweet potato fries. The family business has become the third largest producer of frozen sweet potato fries in North America. The aim of CED's assistance is to enable the business to become more competitive, while reducing its carbon footprint by modernizing its manufacturing and handling processes at its Huntingdon plant.

The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic vitality relies, among other things, on an agri-food sector with organizations rooted in the regional economy. The players in this industry are major contributors to growth, as well as key assets in building a stronger, more resilient, greener, and more just economy for all.

"Our government has a mission to guide the country's businesses into the economy of tomorrow and help them seize business opportunities as they arise. That is why we are providing our support to key sectors in Quebec's various regions, including agri-food. Projects such as the one by Russet House will help ensure the recovery is inclusive and create good value-added jobs in our communities. Congratulations to the entire team on the success of this thriving business!"

The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

"Since it was launched, Russet House has committed to being an unparalleled strategic partner?for its employees, its clients, and its suppliers. This investment will enable us to continue to deliver a product of unsurpassed quality, continue to invest in our team, and give ourselves the opportunity to do everything in house."

Leopold Moyen, President and CEO, Russet House

• The funding announced today has been granted under the Jobs and Growth Fund (JGF) program. This program targets businesses and economic organizations to help them prepare local economies for long?term growth. It involves strategic investments in projects aimed at reducing Canada's environmental impact and fostering a green, resilient economy.
• In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
• CED is a key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
• Russet House is also receiving $1,500,000 in support for the overall project from the Government of Quebec out of the budget to maintain initiatives under the Politique bioalimentaire 2018-2025, and a loan of $13,605,000 under the ESSOR program managed by Investissement Québec.

• Russet House
• CED funding initiatives and programs
• Programs under the Ministère de l'Agriculture, des Pêcheries et de l'Alimentation du Québec

Follow CED on social media
Consult CED's news

SOURCE Canada Economic Development for Quebec Regions