Government of Canada supports Liberty Spring's growth

Montmagny business to receive $1M in financial assistance from CED to foster sustainable development.

MONTMAGNY, QC, July 12, 2023 /CNW/ - Canada Economic Development for Quebec Regions (CED)

SMEs have a key role to play in ensuring Quebec's economy makes the environmental transition. They seek to innovate and grow by becoming more competitive in a greener world. That is why the Minister of Sport and Minister responsible for CED, the Honourable Pascale St?Onge, took the opportunity during her visit today to announce a repayable contribution of $1M for Liberty Spring Inc.

This CED assistance will enable the business to acquire specialized equipment to develop and market an innovative, greener suspension spring.

Liberty Spring specializes in the manufacture of high?precision springs for the automotive and recreational vehicle industries. CED's support will enable the business to develop a method to mass produce a new type of spring which, in addition to being a very reliable product, will not require replacement for the life of a vehicle. It will also help reduce greenhouse gas emissions by using a less energy?intensive production method.

A sustainable, just, and more inclusive economic recovery will come, among other things, through businesses making the green transition. The Government of Canada supports SMEs by fostering sustainable development in all regions across Quebec. Adapted programs and services are available to accelerate the launch of innovative projects, the adoption of clean technologies, and the development of greener products. In this way, CED is providing concrete assistance to Quebec's businesses, entrepreneurs, and workers so they can better position themselves and seize opportunities arising out of an economy in transition.

"The climate crisis is the greatest challenge of our times, and we must help businesses develop processes and products that are more respectful of the environment. That is why our government is supporting Liberty Spring in a project that will enable it to reduce its environmental footprint, while also enhancing its competitiveness. Congratulations to the entire Liberty Spring team on this green shift, an effort that will help build a better future for coming generations. You are an example to us all."

The Honourable Pascale St?Onge, Member of Parliament for Brome?Missisquoi, Minister of Sport and Minister responsible for CED

"We are delighted with CED's support. It will enable Liberty Spring to implement an important project that will have a positive impact on its growth strategy, as well as help reduce greenhouse gas emissions."

Mathieu Ouellet, CEO, Liberty Spring

• According to a 2022 survey by Canadian Manufacturers & Exporters, 90% of Canadian manufacturing SMEs have not begun their transition to net?zero emissions. Yet, SMEs generate approximately 30% of Canada's total GHG emissions.
• 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.
• 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.

• Liberty Spring
• CED funding initiatives and programs
• 2022 Canadian Manufacturers & Exporters survey
• Canada's 2030 Emissions Reduction Plan

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SOURCE Canada Economic Development for Quebec Regions