Nine PEI companies applied for and received grants from the McCain Foods Adjustment Fund; six of them are food companies
Borden-Carlton, PEI – The McCain Foods Adjustment Fund has awarded several grants to local companies in the province.
In a statement, the PEI provincial government says the fund awarded $2 million to nine businesses and the local municipal government.
The McCain Foods Adjustment Fund is a transition fund created when McCain Foods closed its french fry plant in Borden-Carlton in October of 2014. More than 120 people lost their jobs.
In the statement, PEI premier Wade MacLauchlan, says “The size of our province gives us an integrated, connected economy where all businesses have a role to play in enhancing our prosperity.
“Support from the McCain Adjustment Fund will help these Borden-Carleton businesses create jobs, increase their exports, and spur economic growth that will be felt by the entire province.”
In order to qualify for a grant, companies had to submit an application. The statement says that “Innovation PEI established a steering committee to administer the fund and review” those applications.
The committee includes representatives from Innovation PEI, Borden-Carlton, the Central Development Corporation, Atlantic Canada Opportunities Agency, and McCain’s.
The province says in total all the projects could create “up to 328 jobs…based on company projections.”
“The projects supported through the McCain Adjustment Fund are worth just over $31 million, which speaks to the amount of economic activity happening in this region and the bright future for many businesses in the area,” says Heath MacDonald, Economic Development and Tourism minister.
The statement lists all the companies, the grants they received and their respective projects. Here’s a rundown of the food companies:
Atlantic Beef Products – $142,000
The company will use the funding to purchase new equipment for the ground beef line to portion and weigh ground beef to meet the changing needs of its customers.
Island Apple Storage Association – $25,000
Island Apple Storage Association will construct and operate a controlled-atmosphere storage facility in the Borden-Carleton area that will have the capability to hold up to 1000 bins of apples.
Mrs Dunsters (1996) Inc – $26,000
A new stone hearth oven will be purchased in order to maintain the quality and increase production of its artisan product line.
The Handpie Company – $7,000
The Hand Pie Company will use the funds to purchase new equipment that will increase production of the handpie product lines.
Canadian Cold Storage – $200,000 (conditional on project approval)
Canadian Cold Storage Inc. will construct and operate a state- of- the- art cold storage facility in Borden Carleton that will have a capability to hold up to 5 million pounds.
Larkin Brothers Inc. – $225,000 (conditional on project approval)
Larkin Bros will use the funds to establish a new poultry processing facility with the aim of increasing value added products and increased market share.