Growing through technological innovation - Over $1.3M for Three Mauricie Businesses

TROIS‑RIVIÈRES, QC, March 4, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

The governments of Canada and Quebec and Investissement Québec are announcing a total of $1,351,297 in loans to Mauricie's Abnatura, Solutions Genyk, and Groupe CR3X/RIDD (including 9300-7490 Québec inc., Groupe CR2, and CR3X). The financial assistance will support the implementation of projects, valued at nearly $2.2 million, to acquire technological equipment.

The Member of Parliament for Saint‑Maurice–Champlain and Minister of Innovation, Science and Industry, the Honourable François‑Philippe Champagne, on behalf of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions (CED), the Honourable Pascale St-Onge, along with the Member for Trois‑Rivières, Minister of Labour, Employment and Social Solidarity, Minister of Immigration, Francization and Integration and Minister Responsible for the Mauricie Region, Jean Boulet, the Member for Laviolette–Saint‑Maurice and Parliamentary Assistant to the Minister of Forests, Wildlife and Parks (forests), Marie‑Louise Tardif, and the Member for Maskinongé and Parliamentary Assistant to the Minister Responsible for Government Administration and Chair of the Conseil du trésor, Simon Allaire, on behalf of the Minister for the Economy, Lucie Lecours, made the announcement today.

The Government of Canada is granting a total of $641,061 in repayable contributions to these three businesses under CED's Regional Economic Growth through Innovation (REGI) program. For its part, the Government of Quebec, through its representative Investissement Québec, is granting them a total of $630,236 in loans from the Fonds de diversification économique du Centre‑du‑Québec et de la Mauricie. Investissement Québec is also granting a loan of $80,000 from its capital funds to Abnatura.

Quotes:
"While the economic recovery must be green and resilient, our government is making concrete commitments to have this reflected in our communities. In fact, we have decided to prioritize strategic investments in promising projects for Quebec's green transition, which is why I am pleased to unveil this support for homegrown businesses Abnatura, Solutions Genyk, and Groupe CR3X/RIDD. By helping SMEs become more innovative and competitive and by boosting innovation to develop greener technologies and products, we are preparing the Mauricie region and the Canada of tomorrow."

The Honourable François‑Philippe Champagne, Member of Parliament for Saint-Maurice–Champlain and Minister of Innovation, Science and Industry

"Supporting Quebec's SMEs, including those in the Mauricie region, is one of our government's priorities. To this end, we are deploying all the necessary tools and making all the necessary effort to assist entrepreneurs in implementing their projects for the future. Today's announcement attests to the soundness of our strategy. That is why we are pleased to be involved in the success of these three Mauricie businesses!"

Jean Boulet, Member for Trois-Rivières, Minister of Labour, Employment and Social Solidarity, Minister of Immigration, Francization and Integration and Minister Responsible for the Mauricie Region

"Abnatura, Solutions Genyk, and Groupe CR3X/RIDD are making great contributions to the diversification and revitalization of the Mauricie economy. We must therefore accompany them in their growth projects and assist them in enhancing their competitiveness further. We are proud to foster the development of homegrown businesses through the Fonds de diversification économique du Centre‑du‑Québec et de la Mauricie. Thank you to the employers and employees playing an active role in technological development!"

Marie‑Louise Tardif, Member for Laviolette–Saint Maurice and Parliamentary Assistant to the Minister of Forests, Wildlife and Parks (forests)

"These three businesses are a source of pride for the Mauricie region, as much for their recognized know-how as for the importance they give to technological innovation. Congratulations to the teams at Abnatura, Solutions Genyk, and Groupe CR3X/RIDD on their innovative initiatives, and the best of success to them in their efforts to grow!"

Simon Allaire, Member for Maskinongé and Parliamentary Assistant to the Minister Responsible for Government Administration and Chair of the Conseil du trésor

"The climate crisis remains one of the greatest challenges of our time. It is therefore primordial for our government to encourage homegrown businesses to develop more environmentally friendly processes and products. We must do this to drive the competitiveness of our industries and economic growth and to ensure a smaller ecological footprint in order to build healthier, more prosperous communities."

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

"Through technological innovation, our manufacturing businesses are becoming more efficient and performing better. Abnatura, Solutions Genyk, and Groupe CR3X/RIDD have understood this well. With their new equipment, they will be able to increase their productivity and stand out from their competitors. We must increase these kinds of initiatives throughout Quebec!"

Lucie Lecours, Minister for the Economy

Quick facts:

• Abnatura specializes in discovering, producing, and commercializing biofertilization products composed of natural micro-organisms. It is receiving a $153,200 repayable contribution from CED, a $95,750 loan from the Government of Quebec and an $80,000 loan from Investissement Québec to support its project valued at $383,000. The project aims for the business to grow and increase production capacity by transferring its operations to new facilities and enabling it to acquire production and laboratory equipment.
• Solutions Genyk specializes in designing, manufacturing, and commercializing rigid and flexible polyurethane foam systems. It is receiving a $179,000 repayable contribution from CED and a $225,625 loan from the Government of Quebec to support its project valued at $574,500. The project aims to foster business growth and productivity through the acquisition of specialized equipment, the automation of certain processes, the acquisition of certifications, and ventilation improvements in the production workshops.
• Groupe CR3X/RIDD specializes in designing, repairing, and manufacturing advanced metallic coatings to extend the life and surface functionalization of steel and aluminum parts. Its project, valued at $1,241,914, aims to enable the business to expand by integrating additive manufacturing, which will make it possible to apply a new range of coatings while greatly reducing the ecological footprint. The business is receiving a repayable contribution of $308,861 from CED and a loan in the same amount from the Government of Quebec to support the purchase of technological equipment and the refitting of its facilities.
• CED's contributions are part of a series of funding announcements that will take place in the coming weeks totalling nearly $40 million to implement over 20 projects by innovative businesses and organizations that will contribute to the economy of tomorrow.
• CED is the key federal player in Quebec to promote economic development in the regions and among SMEs.
• The REGI 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.
• The Fonds de diversification économique du Centre‑du‑Québec et de la Mauricie aims to stimulate the implementation of projects and to foster the development of new forward‑looking industries.

CED on social media:

• twitter.com/CanEconDev
• linkedin.com/company/dec-ced
• youtube.com/channel/UCuGx3HuidfI7gTHobNrctJA

Ministère de l'Économie et de l'Innovation on social media:

• twitter.com/economie_quebec
• facebook.com/EconomieQc
• linkedin.com/company/économie-québec
• youtube.com/user/MDEIEQuebec
• instagram.com/economieqc

Investissement Québec on social media:

• linkedin.com/company/investissement-quebec
• facebook.com/InvestissementQuebec
• twitter.com/InvestQuebec

SOURCE Canada Economic Development for Quebec Regions

Sources: Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions, Email: [email protected]; Maude Méthot‑Faniel, Press Secretary, Office of the Minister of Labour, Employment and Social Solidarity, Minister of Immigration, Francization and Integration and Minister Responsible for the Mauricie Region, Tel: [phone]; Guy Veillette, Riding Office for the Member for Laviolette-Saint Maurice and Parliamentary Assistant to the Minister of Forests, Wildlife and Parks (forests), Tel: [phone]; Marie-Pierre Leblanc, Riding Office of the Member for Maskinongé and Parliamentary Assistant to the Minister Responsible for Government Administration and Chair of the Conseil du trésor, Tel: [phone]; Romane St‑Laurent, Press Secretary, Office of the Minister for the Economy, Tel: [phone]; Information: Media Relations, Canada Economic Development for Quebec Regions, Email: [email protected]; Jean-Pierre D'Auteuil, Head of Media Relations, Communications Branch, Ministère de l'Économie et de l'innovation, Tel: [phone], ext. 4868, Cell: 418-559-0710; Isabelle Fontaine, Senior Director - Media and Government Affairs, Investissement Québec, Tel: [phone]