4 West Prince companies receive ACOA loans for expansion

4 West Prince companies receive ACOA loans for expansion

Three food processors and a manufacturer of agricultural equipment in West Prince, P.E.I. received loans Tuesday from the Atlantic Canada Opportunities Agency for business expansion. 

The loans for the four projects total $1,217,500 are provided through ACOA's Business Development Program.

They include:  

- $500,000 for Maritime Select Lobster Inc. to establish a live lobster holding facility

- $288,500 for H.F. Stewart and Sons Co. Ltd. to expand their manufacturing facility

- $284,000 for Royal Star Foods Ltd. to construct a lobster holding facility and purging tank

- $145,000 for Valley Pearl Oysters to establish an oyster processing facility

Two of the projects will be receive assistance from Innovation PEI. Maritime Select Lobster Inc. will receive $50,000 and the same amount will go to Royal Star Foods Ltd.

Egmont MP Bobby Morrissey said in a release the local manufacturer and food processors have built successful businesses from local resources.

"Their innovative approach and increasing export potential will benefit the entire province as a beacon for investors in the Island food market."

P.E.I.'s Economic Development and Tourism minister Heath MacDonald said the businesses are "helping to grow our exports, increase our GDP and create good jobs for islanders especially in rural parts of the province."

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