The Government of Canada invests in the growth of seven innovative Québec-based businesses

Ai‑Genetika (BioTwin), Devoray, Femtum, LumIR Lasers, SIMCO Technologies, Medscint and Hector will receive over $1.5M from CED.

QUÉBEC, Oct. 11, 2022 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

Supporting innovation and growth contributes to the economic development of the regions of Quebec. That is why the Honourable Jean-Yves Duclos, Member of Parliament for Québec and Minister of Health, today announced, on behalf of the Honourable Pascale St‑Onge, Minister of Sport and Minister responsible for CED, a total of $1,575,000 in repayable financial contributions for seven Québec-region businesses operating in various sectors.

This CED funding will allow them to innovate, increase their production or implement their marketing strategies. Additional information about the seven projects can be found in the related backgrounder.

The Government of Canada recognizes and supports innovative businesses and organizations that are a source of pride in their communities. Quebec's economic recovery relies on organizations with deep roots in the regional economy. Innovation is a major contributor to growth and a key asset in rebuilding a stronger, more resilient, greener and more just economy for all.

Quotes

"Innovation is one of our government's key priorities and we proudly support business growth. By supporting these seven innovative projects, we are investing in the know-how of our entrepreneurs who contribute to the development and commercialization of new technologies. And in helping them adequately equip themselves, we are all working together to rebuild an economy that will be stronger and more resilient and sustainable."

The Honourable Jean-Yves Duclos, Member of Parliament for Québec and Minister of Health

"Helping businesses grow and innovate is one of our key priorities. That is why we are supporting businesses such as BioTwin, Devoray, Femtum, LumIR Lasers, SIMCO Technologies, Medscint and Hector. The success of these seven Québec businesses reflects not only on the region, but on the Canadian economy as a whole. More than ever, we are there to support Quebec and Canadian workers and SMEs."

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

Quick facts

• 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. Through its 12 regional business offices, CED assists businesses, support organizations and the regions of Quebec as they prepare for the economy of tomorrow.

Associated links

• CED funding initiatives and programs

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SOURCE Canada Economic Development for Quebec Regions

Media relations, Canada Economic Development for Quebec Regions, [email protected]; Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec [email protected]