Cape Breton seafood companies receive loans and grants from ACOA
The federal government is investing $ 1 million in two Cape Breton fish and seafood processing companies.
Northside Processing in North Sydney and Victoria Co-operative Fisheries Ltd. in Neils Harbor have each received a repayable loan of $ 450,000 to help meet the challenges of the COVID-19 pandemic and contribute to their future vitality. The two companies also receive a non-repayable contribution of $ 50,000.
The money was allocated through the Atlantic Canada Opportunities Agency and announced Monday by Sydney-Victoria MP Jaime Battiste.
“Fish and seafood processing businesses are at the heart of many rural and coastal communities,” Battiste said, in a written statement.
“They create jobs and help grow the economy. These investments will help the sector adapt to respond to current COVID-19 security measures, bounce back from the pandemic, and play a leading role in our economic recovery.
The investments are part of the federal government’s $ 62.5 million Canadian Seafood Stabilization Fund that was announced in April 2020 to specifically help fish and seafood processors deal with challenges related to the seafood industry. COVID.
Northside Processing will use the loan to acquire packaging machines to meet market demand for retail and online delivery, while non-repayable funds will be used to install thermal body temperature scanners at its facilities. of production.
The Victoria Co-op will use its loan from ACOA to construct a new storage building and purchase ice-making equipment. The $ 50,000 grant will go to health and safety equipment that will allow the plant to meet COVID-19 requirements.