Business New Brunswick

Government investment supports small businesses in Grand Falls area (09/10/22)

NB 1648

Oct. 22, 2009

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(Multimedia)

SAINT-LÉONARD (CNB) - Two companies from the Grand Falls area are expanding and entering new markets, thanks to $274,500 in government support, Business New Brunswick Minister Victor Boudreau announced today.

Boudreau made the announcement at Saint John River Valley Potato Inc. in Saint-Léonard.

"These businesses have shown real initiative in creating unique and value-added products that will translate well in national and international markets," said Boudreau. "We want to continue helping New Brunswick companies break new ground in innovative ways."

Saint John River Valley Potato Inc. is receiving a total of $255,000 to expand its site, install shelving in the refrigerated area, and purchase new equipment. This funding will maintain 19 jobs and add one more. Funding is being provided under the NB Growth Program and the Northern Economic Development Fund

"Saint John River Valley Potato Inc. has the potential for significant growth in the potato industry, but wouldn't be able to expand to meet consumer demand without the support we have received through this program," said company president André Daigle. "The provincial government's assistance will ensure that our company can continue growing and introducing new value-added products to the market."

Boudreau also announced funding for Continental Dynamic Marketing, of Grand Falls, which received $19,500 to renovate a new facility and purchase a forklift to help facilitate its expansion into European markets. The assistance will help maintain between three and five positions at the company.

Business New Brunswick launched the NB Growth program in October 2007 to assist small business expansions and startups. The program provides eligible entrepreneurs with up to $100,000 to establish a new business, and up to $60,000 to expand, diversify, or improve productivity at an existing business.

Since the program's inception, its $3-million annual budget has supported company startups and expansions throughout the province, with funding support for 100 small businesses creating 290 new jobs and maintaining 569 existing positions.

The funding has also helped businesses get access to other sources of working capital, leveraging in excess of $11 million in investments from banks, government agencies and lending institutions.

"A self-sufficient New Brunswick depends on the success of our entrepreneurs," said Boudreau. "We are eager to do what we can to help companies increase their productivity and be better equipped to win new markets. Our promise as a government is to put New Brunswick companies on the path to success in a competitive business environment."

09/10/22

MEDIA CONTACTS: Ashley Bursey, communications, Business New Brunswick, 506-461-0942, e-mail: ashley.bursey@gnb.ca; Rick Rademaker, vice-president, Saint John River Valley Potato Inc., 506-423-6000.

09/10/22