The Atlantic Canada Opportunities Agency (ACOA) is lending a total of more than $6 million to seven small and medium-sized businesses to help them scale up and modernize their operations.
The following companies are receiving loans through the Regional Economic Growth through Innovation program:
Farnell Packaging is receiving $3,000,000 to purchase and install automated processing and printing equipment to support its expansion plans. The money will allow the company, which provides flexible packaging solutions for different industries and sectors, to increase production, realize operational efficiencies, explore new opportunities in export markets, and develop new sustainable and environmentally-friendly packaging solutions.
Ring Rescue is receiving $950,000 to expand its next-generation device suite. This contribution will accelerate growth in North America and support the company's entry into new European markets, furthering its goal of becoming the global standard of care.
Sunrise Foods is receiving $800,000 to purchase dry storage and automated processing equipment to improve operating efficiencies and expand production capacity. Sunrise Foods currently prepares private label snack foods like cheese and crackers. This project will enable Sunrise Foods to explore new export markets and additional product lines.
Sunsel Systems Manufacturing Corporation will use $750,000 to purchase advanced manufacturing equipment to expand production, increase productivity and improve quality control measures. The electronic manufacturing services company uses cutting-edge technology to provide custom solutions for the concept, design and commercialization of equipment manufacturers’ products. The upgrades will help Sunsel meet customer demand, increase sales, reduce waste, and seize new market opportunities.
Ace Machining will receive $612,330 to acquire advanced manufacturing technology and hire a production manager with specialized skills to increase efficiency, productivity and competitiveness. Ace Machining offers manual and CNC (Computer Numerical Code) machining, fabrication, welding and waterjet cutting to customers across North America.
HFX Steel Framing Solutions is receiving $270,000 to acquire equipment to produce heavier steel framing for larger high-rise buildings. The company manufactures and assembles light gauge steel structures in its facility and ships these ready-to-install prefab structures to clients, allowing clients to build homes faster than with traditional methods. The new advanced technology will enable HFX Steel to significantly increase efficiency, reduce costs, and expand its markets.
Aurea Technologies is receiving $99,682 to develop its next-generation wind turbine. Aurea specializes in designing and producing highly efficient personal renewable energy systems. This project will help Aurea explore how its existing products can be further developed for use in the field to support charging larger technologies, positioning the company to expand to new markets.
Disclosure: Cat Adalay, the CEO of Aurea, is the daughter of the founders of Entrevestor.
