Businesses need to be able to rely on adequate resources to create and commercialize innovative products. Investments supporting innovation and entrepreneurial vitality help generate economic spinoff that benefits businesses and communities.
Steven MacKinnon, Member of Parliament for Gatineau and Parliamentary Secretary to the Minister of Public Services and Procurement, acting on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada Economic Development for Quebec Regions (CED), announced a repayable contribution of $700,000 to VMIK Glass to start up its plant.
Investissement Québec has granted $1,000,000 in financial support in the form of a loan from its own funds and the Business Development Bank of Canada has granted an $800,000 loan.
CED’s financial support has been awarded under the Quebec Economic Development Program. The funding will help the company optimize production by acquiring a glass tempering furnace, a computer numerical control machining centre and a cutting table.
The tempered and laminated glass manufactured at the new plant is destined for the residential, commercial, industrial and institutional markets and will meet growing demand for this type of product in the regional market, elsewhere in Quebec and in Ontario.
Quotes
“I applaud the entrepreneurial spirit of the directors of this business as we celebrate the outcome of their efforts. The company has the necessary expertise and drive to take full advantage of business opportunities as they arise and to excel in this specialized market. CED’s financial support will help it continue to develop and generate growth and jobs in the region.”
Steven MacKinnon, Member of Parliament for Gatineau and Parliamentary Secretary for the Minister of Public Services and Procurement
“The Government of Canada’s goal is to help businesses start up, grow, innovate and export so that they can create high-quality jobs, ensuring prosperity for the Canadian economy. The financial assistance awarded to this new business for the acquisition of leading-edge equipment will undeniably help in achieving this goal.”
The Honourable Navdeep Bains, Minister responsible for CED
“The tempered and laminated glass market has strong development potential. With our expertise and innovative capacity, we have a strong foundation to become a leading player in this promising market. The financial support received is making a significant contribution to our growth strategy.”
Richard Parent, President, VMIK Glass Inc.
“The start-up of VMIK is addressing a significant need of glaziers and door, window and stair railing manufacturers in the Gatineau-Ottawa area: obtaining quality tempered glass quickly and at low cost. VMIK is the only tempered glass manufacturer in the region. In addition, 18 new jobs have been created through this project. That is why Investissement Québec, in collaboration with the other partners, has helped fund this new plant.”
Pierre Gabriel Côté, President and Chief Executive Officer of Investissement Québec
“Whether for small improvements that increase efficiency, a promising new product or the implementation of a new plant, innovation is vital for any business that wants to go to the next level. By seizing the opportunity to optimize its production, VMIK Glass reflects the entrepreneurial spirit that BDC wants to support and encourage.”
Éric Déry, Assistant Vice-President, Business Development, BDC
Quick facts
- VMIK Glass specializes in the fabrication of tempered and laminated glass for the residential, commercial, industrial and institutional markets. The company offers a wide range of products and serves a diversified clientele, including glaziers; stair railing, door and window manufacturers; and all construction professionals.
- CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
- For more information on CED’s key directions until 2021, consult Strategic Plan 2021 or visit www.dec-ced.gc.ca.
- Investissement Québec’s mission is to promote the growth of investment in Quebec, thereby contributing to economic development and job creation in all the regions. The corporation provides businesses with a full range of financial solutions, including loans, loan guarantees and equity investment, to support them at every stage of their development. It is also responsible for administering tax measures and investment prospecting abroad. To learn more about Investissement Québec, visitwww.manufacturiersinnovants.com (website in French only).
SOURCE Canada Economic Development for Quebec Regions
