A new five-year federal program will put up $50 million in loans for food processing companies to invest in new processes or technologies.
The AgriProcessing Initiative (API), announced Friday, is meant to provide repayable contributions for the “purchasing and installing of equipment in Canadian facilities to enable the adoption of new manufacturing technologies and processes.”
The API can also contribute toward processors contracting “external expertise” for services related to equipment installation, as well as consultation, design, and advice regarding new (that is, novel to a particular facility) manufacturing technologies, processes and products.
Read Also
China seeks improved ties with Canada amid rising trade tensions
China called on Friday for steps to improve bilateral ties with Canada, saying there were no deep-seated conflicts of interest, following a spike in trade tensions with many of Beijing’s Western trade partners this year.
“This funding will help our processors weather the credit crunch and build their businesses for the future,” said Pierre Lemieux, parliamentary secretary to Agriculture Minister Gerry Ritz, during the API announcement Friday in Guelph.
“This investment will help processors acquire new technology, new equipment, and new expertise that will keep them on the cutting edge here at home and around the world,” said Jean-Pierre Blackburn, federal minister of state for agriculture, in the government’s release.
Application forms for the API are available on request by calling 1-877-246-4682 or by e-mail, the government said.
Funding for the API will flow through Ottawa’s five-year, $500 million Agri-Flexibility fund.
Agri-Flexibility, which has already pledged support to the Livestock Auction Traceability Initiative, was to start accepting project proposals Sept. 1 from provincial governments and the ag industry.
