(Brantford, Ontario) — Phil McColeman, MP for Brant, announced today $375,000 in federal funding for Pavaco Products Inc. The investment is being made through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and will help the company with expansion plans.
“Our government continues to recognize the importance of investing in small to medium sized businesses like Pavaco Products,” said McColeman. “By investing in our manufacturing sector, we are creating jobs and providing opportunities for economic growth.”
“Without this government funding, we would have had to postpone our project,” said Jacques Nadeau, General Manager of Pavaco Products. “It is a tight financial market and because of the industry that we’re in, it has been very difficult to borrow money.”
Pavaco Products Inc. is a manufacturing facility that recycles post industrial ethylene vinyl acetate (EVA) scrap. The company plans to install a new plastic compounding line, creating 12 jobs over the next eighteen months.
The project will be funded through the Community Adjustment Fund, a two-year, $1-billion national program aimed at addressing the short-term economic needs of communities hit hardest by the global economic recession. The approved project must meet the terms and conditions set out in the contribution agreement.
