FedDev Ontario Minister of State, Gary Goodyear, and the local MP in Renfrew-Nipissing-Pembroke, Cheryl Gallant, announced an investment of up to $3 million which helped the local manufacturer reopen for business.
Increasing Domestic and International Demand Helped the Plant Reopen after being Dormant for 6 Years
A pick-up in demand both at home and abroad had the owners of Pembroke MDF Inc. interested in going back into business; but it wouldn’t have been possible without financing offered through FedDev Ontario. FedDev provided the manufacturer with an up to $3 million repayable contribution. The funding, offered through the Investing in Business Growth and Productivity Initiative (IBGP) is aimed to help established businesses expand their operations, invest in productivity improvements and compete globally.
IBGP Government Funding for Small Business in Southern Ontario: Funding Details:
- Amount: 0% interest loan to max of $20 million per project. Up to 25% of eligible project costs.
- Projects: Projects that help established SMEs expand, diversify, adopt innovations, accelerate growth, and create jobs.
- Timeline: Open Now; Continuous Intake; Funding available April 1st, 2014.
- Eligibility: Incorporated SME’s located in Southern Ontario with 15-1000 employees.
Pembroke MDF Inc. Invests IBGP Funding in Upgrades, Improvements, and New Equipment
With a large customer base in Canada and the United States, the manufacturer required funds to support crucial upgrades to the facility, including buying new equipment, as well as repairs and structural improvements. FedDev Ontario’s contribution is expected to leverage an additional $17 million for the project from owners’ equity and commercial banks.
“We are very thankful for the support received from the Government of Canada, as well as the Government of Ontario, which has enabled us to restart the Pembroke plant and bring back jobs that are important to this community. We are grateful to the Canadian pro-business environment and the qualified and capable Canadian employees who made this project a reality.”
– Juan Obach, Chairman of the Board
Learn More about IBGP and other Funding for Large Projects Available through FedDev Ontario
Mentor Works offers an exclusive webinar to educate business owners on programs offered through FedDev Ontario including Investing in Business Innovation (IBI) and Investing in Business Growth and Productivity (IBGP), as well as additional funding grants and loans to maximize your Southern Ontario company’s funding potential. Sign up for our next webinar by clicking on the “Register Button” below, or visit our Events Page to see a full list of Free Canadian Government Funding Workshops and Webinars.