Subjects: ECO, CFG
Government of Canada supports Technifab GC's growth
Trois-Rivières SME receives a total of $350,000 in financial assistance from CED.
TROIS-RIVIÈRES, QC, March 15, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting the growth of manufacturing businesses contributes to economic development in Quebec's regions. That is why the Honourable Marie-Claude Bibeau, Minister of National Revenue, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced two repayable contributions totalling $350,000 for Technifab GC Inc. The aim of this CED support is to boost the business's growth.
Resulting from the merger of Technifab Inc. and Atelier d'usinage Guy Côté, Technifab GC specializes in the manufacture of anchors for steel structures, pillars, and bridges, as well as threading on reinforcing steel. With recognized technical expertise in conventional and digital machining, the business is undergoing an important phase in its development, seeking to better meet the needs of its clientele of major Canadian prime contractors. Thanks to an initial $200,000 contribution, the SME was able to acquire and install production equipment, including two threading machines, a hybrid tower, and a machining centre. With new funding of $150,000, Technifab GC will now be able to purchase a CNC machining centre, a machine to sharpen threading knives, a digital threader, a folding machine for anchors, and related equipment. These two projects will enable the business to increase its production capacity and productivity.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they represent key assets in building a sustainable, inclusive economy.
"Technifab GC is a recognized business in Mauricie and an economic engine in the region. This investment will enable it, among other things, to acquire a digital threader to better meet the needs of its clientele. It is by supporting SMEs such as this one that our government is stimulating our local economies and ensuring our manufacturing businesses grow across Canada."
The Honourable Marie-Claude Bibeau, Minister of National Revenue
"SMEs are at the core of community development, and we are proud to support them. We are helping them remain competitive by boosting their efforts to grow. I am therefore delighted with CED's assistance for Technifab GC; the business's contribution to Trois-Rivière's economic vitality is undeniable! Without a doubt, the success and spin-offs of its projects to acquire equipment will be felt across the region and throughout Quebec and Canada."
The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED
"To meet the ever-growing demand and address the labour shortage, in 2018 we invested in more modern equipment to increase our productivity. CED was there to support us in acquiring two new threaders, a hybrid tower, and a machining centre. This past December, we purchased a new machining centre, and we will proceed, in 2024, with the purchase of digital control threader. Once again, we have received financial assistance from CED, which we view as a veritable godsend given today's interest rates. This support is enabling us to free up capital, which is already being reinvested in the business."
Guy Côté, President and CEO, Technifab GC
- The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- In Quebec, 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 its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow's economy.
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SOURCE Canada Economic Development for Quebec Regions
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