On December 15, 2014, Member of Parliament Peter Kent of Thornhill announced a $782,000 funding contribution to Riverside Natural Foods Ltd., this according to a Federal Government press release. The repayable contribution will help the company commercialize its innovative, organic snack foods.
AAFC AgriInnovation Program Supports Purchase of Capital Equipment for Food Processing
Support through the AgriInnovation Program’s small business loan program will support the purchase of new moulding and dehydration equipment that will be used to produce healthy organic bars and snacks. The expansion project is expected to add 31 full-time positions in addition to increasing the demand for agricultural products such as oats, blueberries and flax, said the office of Agriculture and Agri-food Canada (AAFC).
AAFC AgriInnovation Program: Funding Details
The AgriInnovation Program is a $698 initiative that began in April of 2013 and will run for five years through until March 31, 2018. The small business loans program aims to support small to mid-sized businesses looking to develop innovative agri-products, technologies, or services.
- Amount: Interest-free loans of up to $2-$10 million (dependent on project type).
- Timeline: Project completion date of March 31, 2018.
- Projects: Pre-commercial and commercialization projects.
- Eligibility Factors: For profit companies or cooperatives in the agricultural industry.
Connect with Mentor Works to Learn More about Funding for Agriculture and Agri-Food
According to AAFC, Canada’s food processing sector recorded $25.4 billion in export sales in 2013. Mentor Works is dedicated to educating owners and leaders of small and medium-sized businesses operating in one of Canada’s best performing sectors in terms of consistent annual growth. If your business has been established for at least three years, has a minimum of 15 full time employees and manufactures or performs R&D in Canada you are invited to attend a free Canadian government funding for agriculture and agri-food workshop or webinar.