Quebec mining start-up gets $300K government loan to help pay for overhead crane
August 13, 2021 By Crane & Hoist Canada Staff
A Quebec-based start-up supplier to the mining industry is getting a nearly $300,000 loan from the federal government to help pay for a new overhead crane.
HydroTech Mining, part of Val-d’Or, specializes in the sale, design and manufacture of pumping and drying systems for the mining sector.
It is receiving a repayable contribution of $294,687 from Ottawa. It will enable the start-up to acquire and install production equipment and software, including a wheel loader, an overhead crane, a compressor an integrated management software package and drawing software.
A total of nine jobs are expected to be created as a result of the funding.
“By investing in these mining organizations, the Government of Canada is following through on its commitments, helping businesses to grow, expand and innovate so they can create quality jobs and thereby ensure a prosperous Canadian economy,” said Élisabeth Brière, Parliamentary Secretary to the Minister of Economic Development and Official Languages (Economic Development Agency of Canada for the Regions of Quebec).
Funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
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