Government of Canada invests in innovation with support for Renostone
News release
Gatineau business receives $100,000 in financial assistance from CED.
Gatineau, Quebec, February 27, 2023 – Canada Economic Development for Quebec Regions (CED)
Supporting manufacturing businesses contributes to economic development in Quebec’s regions. That is why Sophie Chatel, Member of Parliament for Pontiac, on behalf of the Honourable Pascale St‑Onge, Minister of Sport and Minister responsible for CED, today announced a repayable contribution of $100,000 for Renostone. This CED support will enable the Gatineau SME to increase its productivity and production capacity.
Renostone (7686978 Canada Inc.) is a small innovative business that manufactures a range of decorative stones and bricks using lightweight concrete. They are easy to install on any indoor or outdoor wall surface and do not need a foundation or any other structural support. These products are used in both new constructions and renovations. The business distributes its products mainly in western Quebec and Eastern Ontario through renovation centres and various other centres specializing in masonry and decoration.
CED’s contribution has enabled Renostone to acquire and install specialized equipment with digital programming (mixing system, materials doser, horizontal conveyor, and batch controller).
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic recovery relies, among other things, on a manufacturing sector with organizations that have strong roots in the regional economy. The players in this industry are major contributors to growth, as well as key assets in rebuilding a stronger, more resilient, greener, and more just economy for all.
Quotes
“Today’s announcement is proof once again of the Government of Canada’s commitment to Gatineau’s manufacturing businesses, in line with our economic recovery plan. By helping them pursue their operations and by stimulating their growth, we are ensuring Quebec’s manufacturing industry plays a major role in Canada’s economic recovery.”
Sophie Chatel, Member of Parliament for Pontiac
“The manufacturing industry is a pillar of our economy, which is why our government is committed to investing to ensure our SMEs remain competitive and innovative. Thanks to CED’s support, Renostone will increase its capacity to produce decorative stones and bricks by purchasing automated equipment. The success and spin-offs of this project will boost economic vitality in Gatineau and across the broader Outaouais region. Congratulations!”
The Honourable Pascale St‑Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
“We are very grateful for CED’s support. Thanks to this assistance, we have been able to purchase equipment that will make it possible for us to reach our objectives and continue to grow, all while improving work processes for our employees.”
Misko Simoncic, President, Renostone
Quick facts
- The 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.
- In Quebec, SMEs account for 99.7% of the province’s businesses and 50% of its GDP.
- CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
Associated links
Information
Media Relations
Canada Economic Development for Quebec Regions
media@dec-ced.gc.ca
Ariane Joazard-Bélizaire
Press Secretary
Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec Regions
ariane.joazard-belizaire@pch.gc.ca
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