Minister Vandal announces federal funding to help Saskatchewan businesses innovate and grow Français
Federal funding of almost $26 million through PrairiesCan will advance new technologies, help grow businesses and create jobs
SASKATOON, SK, June 29, 2022 /CNW/ - Saskatchewan businesses are significant contributions in all sectors of the economy, both locally and on a global scale. The Government of Canada celebrates the innovation and hard work of Saskatchewan enterprises, and is proud to assist them flourish and succeed.
Today, the Honourable Daniel Vandal, Minister for PrairiesCan, announced a federal investment of almost $26 million to help 11 innovative businesses across Saskatchewan access the resources needed to expand, improve operations, and create good paying jobs for Canadians. These organizations impact many industries in Saskatchewan, including advanced manufacturing, digital technology, agriculture and agri-food production, and health and safety.
Projects funded today are supported under the Business Scale-up and Productivity (BSP) stream of the Regional Economic Growth through Innovation (REGI) program, and the Jobs and Growth Fund (JGF). Both programs are delivered on the Prairies by PrairiesCan.
The total federal investment of $25,933,033 supports the Saskatchewan economy and is expected to create over 500 jobs, of which more than half will be for highly qualified personnel. This work is expected to result in over $470 million in revenue growth, including over $290 million in export sales.
"To succeed in the new global economy businesses need to commercialize their cutting-edge products and services to accelerate growth and create new markets. When those promising businesses need that extra help to achieve success, our government will be there to help. Saskatchewan's economy is strong, and the businesses supported today are just a few examples of what makes Saskatchewan a great place to invest, do business, and grow."
- The Honourable Daniel Vandal, Minister for PrairiesCan
"Saskatchewan is a great place to live and work. Biktrix is thankful to our government for helping us scale our business by investing in us. PrairiesCan investment will help Biktrix catapult our growth by hiring more qualified staff and generating more economic impact through local and export sales."
- Roshan Thomas, CEO and Founder, Biktrix Enterprises Inc.
"Coconut Software helps financial institutions make it easier for their customers and members to access services. Coconut is proud to partner with PrairiesCan to provide our solutions to even more communities and continue on our mission of making banking easier for everyone. With the help of the JGF funding, we'll be able to accelerate export sales, expand our team across Canada, and drive economic growth."
- Matt Petrow, CFO, Coconut Software Corporation
- PrairiesCan is the department that diversifies the economy across the Canadian Prairies. PrairiesCan leads in building a strong, competitive Canadian economy by supporting business, innovation and community economic development unique to Alberta, Saskatchewan and Manitoba.
- The Business Scale-up and Productivity program supports high-growth businesses that are scaling up and producing innovative goods, services, or technologies. Funding is interest-free and repayable.
- The Jobs and Growth Fund helps job creators and the organizations that support them future-proof their businesses, build resiliency, and prepare for growth. Funding is interest-free and repayable.
Federal funding of almost $26 million through PrairiesCan will advance new technologies, help grow businesses, and create jobs.
PrairiesCan is investing nearly $26 million to scale-up 11 innovative businesses across Saskatchewan. This funding, through the Business Scale-up and Productivity (BSP) program and the Jobs and Growth Fund (JGF) will help Saskatchewan businesses access the resources needed to expand, revolutionize their operations, and create jobs for Canadians. These enterprises influence many important sectors of Saskatchewan's economy, including advanced manufacturing, digital technology, agriculture and agri-food production, and health and safety.
PrairiesCan is investing $13,133,033 for eight (8) projects through BSP and $12,800,000 for three (3) projects under JGF.
Regional Economic Growth through Innovation (REGI) is a national program designed to prompt economic growth through innovation, create, and maintain well-paying jobs for Canadians. Through REGI's Business Scale-up and Productivity stream, PrairiesCan supports small and medium-sized enterprises across the Prairies that are scaling up and producing innovative goods, services or technologies. Today, PrairiesCan announced eight BSP recipients receiving funding:
- Biktrix Enterprises Inc. ($3,500,000)
Will use the funding to commercialize new e-bike hardware and software. - Northern Nutrients Ltd. ($3,855,620)
Will acquire new equipment for specialty fertilizer manufacturing. - Kasiel Solutions Inc. (operating as SolusGuard and ORA) ($252,500)
Will use the funding expansion of its lone worker safety solution in North America. - Northern Quinoa Production Corporation (operating as Norquin) ($276,480)
Will hire staff and purchase equipment to increase quinoa processing quality and market share. - Community Compliance Management Technologies Inc. (operating as MyComply) ($948,500)
Will expand the market for its safety compliance software platform. - 101265496 Saskatchewan Ltd. (operating as Mother Labs) ($1,799,933)
Will expand and enhance cannabis-breeding operations in Western Canada. - Canadian Plasma Resources Corporation and Plasma SK Regina Inc. ($500,000)
Will expand its blood plasma collections into Regina, accessing new donors, increasing plasma supply and sales, and enhancing profitability through economies of scale. - C-Merak Industries Inc., C-Merak Grain Ltd., C-Merak Foods Ltd., Cas-Per Farms Inc., and King's Lake Farms Ltd. ($2,000,000)
Will establish a commercial faba bean fractionation, and oat milling and flaking processing facility in Saskatchewan.
The Jobs and Growth Fund (JGF) provides funding to businesses and organizations to build resiliency, enhance competitiveness, create jobs, and position local economies for long-term growth. Three Saskatchewan JGF recipients receiving funding through PrairiesCan announced today include:
- Coconut Software Corporation ($5,000,000)
Will expand the market for its on-demand appointment-scheduling platform. - 102119034 SK Ltd, 102050303 SK Ltd, 624533 BC Ltd, and 671392 BC Ltd (operating as Donald's Fine Foods) ($5,000,000)
Will convert a closed beef processing plant into a sow slaughter and processing plant. - LyteHorse Labs Inc. ($2,800,000)
Will commence and scale-up production of its electric all terrain utility vehicle.
- Prairies Economic Development Canada
- Business Scale-up and Productivity (BSP) in the Prairie provinces
- Jobs and Growth Fund (JGF) in the Prairie provinces
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Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388
SOURCE Prairies Economic Development Canada
Kyle Allen, Press Secretary, Office of the Minister of Northern Affairs, Minister for PrairiesCan, and Minister responsible for the Canadian Northern Economic Development Agency, [email protected]; Craig Henry, Communications Manager, Prairies Economic Development Canada, [email protected]
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