Subject: CFG
Gestion SGW pursues modernization with Government of Canada support
Business receives $600,000 in financial assistance from CED to acquire production equipment.
SHERBROOKE, QC, March 5, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)
Supporting the growth of manufacturing SMEs contributes to economic development in Quebec's regions. That is why Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Families, Children and Social Development and to the Minister of Mental Health and Addictions and Associate Minister of Health, today announced, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, a repayable contribution of $600,000 for Gestion SGW. This CED support will enable the business, also known as Sherbrooke GearWorks, to increase its production capacity and productivity by acquiring production equipment.
Thanks to its know-how in meeting the strictest industry standards, Sherbrooke GearWorks manufactures tailor?made gears, gearboxes, and machined components for businesses in various sectors of activity, including energy, pulp and paper, forestry, and food. With its production capacity currently limited as the demand for its products grows, the business wishes, among other things, to acquire a gear grinder and two boring machines, once vertical and one horizontal. CED's contribution will be used to purchase and install this new equipment.
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.
"Today's announcement is proof once again of our government's commitment to manufacturing businesses in the Cantons-de-l'Est region. By supporting businesses such as Sherbrooke GearWorks as it pursues its activities and by stimulating its growth, we are ensuring Quebec's manufacturing industry plays a major role in Canada's economic recovery."
Élisabeth Brière, Member of Parliament for Sherbrooke and Parliamentary Secretary to the Minister of Families, Children and Social Development and to the Minister of Mental Health and Addictions and Associate Minister of Health
"SMEs are at the core of economic development in communities and our government is committed to supporting them. That is why I am delighted with CED's assistance for this project by Gestion SGW / Sherbrooke GearWorks, whose contribution will help stimulate the region's economic vitality. Congratulations to the entire team at Gestion SGW / Sherbrooke GearWorks on this wonderful project."
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
"The project that brings us together here today is the acquisition of a gear grinder and the purchase of two boring machines to expand our building, which will enable us to meet market demand while remaining competitive. A tailor-made service for tailor-made components! Of course, such projects require major investments, and with investments comes financing. We have a wonderful collaborative relationship with our funding partners, and CED's presence today is proof of this! We firmly believe that pursuing our investments in equipment and labour training will make it possible for us to offer the best, to both our clients and our employees. The government's help with this project will enable us to not only increase our productivity, but also ensure we can reveal our true intention to the market: to be the reference in our field. CED's contribution supports our strategic efforts to highlight the magnificent work of our on-site team."
Jeff Bernier, President, Gestion SGW
- 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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