Western Prince Edward Island’s fish and seafood processors get support from the Canadian Seafood Stabilization Fund
May 19, 2021 · Egmont, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)
Atlantic Canada’s fish and seafood sector has faced significant challenges and financial hardship since the downturn in the economy due to COVID-19. That is why the Government of Canada is helping fish and seafood processors navigate these difficult times with support through the Canadian Seafood Stabilization Fund.
An initiative of Fisheries and Oceans Canada, the $62.5 million fund is being delivered by Canada’s Regional Development Agencies. ACOA is delivering $42.7 million in Atlantic Canada.
Today, Bobby Morrissey, Member of Parliament for Egmont, announced a total investment of up to $3,461,798 for 12 projects with six companies. This investment will help fish and seafood processors in Western Prince Edward Island weather the pandemic and prepare for a strong economic recovery, so that their communities can continue to thrive. The announcement was made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA.
Royal Star Foods Ltd. $1,043,097
- $950,000 repayable contribution to support investment in capital projects to increase safety and expand product lines.
- $93,097 non-repayable contribution for support for personal protective equipment (PPE) and related expenses due to COVID-19.
South Shore Seafoods Ltd. $1,108,246
- $585,000 repayable contribution to support the purchase of automation equipment.
- $499,496 repayable contribution to support equipment upgrades to increase processing capacity.
- $23,750 non-repayable contribution to support the purchase of PPE due to COVID-19.
Summerside Seafood Supreme Inc. $527,879
- $291,474 repayable contribution to acquire equipment to automate the lobster grading process and improve productivity.
- $200,278 conditionally repayable contribution to acquire and adapt equipment to be responsive to changes in consumer demand due to COVID-19.
- $36,127 non-repayable contribution to acquire PPE to address health and safety measures.
Acadian Supreme Inc. $476,591
- $452,432 repayable contribution to acquire equipment to address health and safety measures and increase productivity.
- $24,159 non-repayable contribution to acquire PPE to address health and safety measures.
High Tide Fisheries Ltd. $286,500 repayable
- Support construction of cold storage facility to increase product capacity.
Annand Clams Inc. $19,485 non-repayable
- Support for purchase of PPE and related expenses due to COVID-19.
- News release: Government of Canada investment helping the fish and seafood sector in Western Prince Edward Island remain strong
- Backgrounder: COVID-19: Canadian Seafood Stabilization Fund launches on June 22, 2020
- Canada’s COVID-19 Economic Response Plan
- Coronavirus disease (COVID-19)
- To find out more about ACOA programs and services, please visit the ACOA website
Office of the Minister of Economic Development and Official Languages
Office of the Minister of Fisheries, Oceans and the Canadian Coast Guard
Atlantic Canada Opportunities Agency
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