Investment will help develop a line of specialty teas Today Peter Penashue announced a repayable federal investment of $97,500 for Jumping Bean Coffee Inc. of Paradise, NL. The Minister of Intergovernmental Affairs, President of the Queen’s Privy Council and Regional Minister for Newfoundland and Labrador made the announcement on behalf of Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency and La Francophonie. The funding will help Jumping Bean Coffee Inc. to expand its gourmet coffee-roasting operation to develop a line of specialty teas.
“We understand the significant contribution that small and medium sized businesses make to the health of our economy,” said Minister Penashue. “That’s why we are assisting Jumping Bean Coffee as it undertakes changes that will help it expand its operations and productofferings, grow its business and sustain local jobs.”
Jumping Bean Coffee is a premium coffee roaster that supplies fresh, made-to-order blend and single-origin coffees to local restaurants, cafés and grocery stores. Current coffee products include a Light House Roast, East Coast Roast, Deep Water Dark and Screech Coffee.
With the introduction of commercial tea equipment, which is currently in development with support from the National Research Council of Canada Industrial Research Assistance Program, Jumping Bean Coffee will introduce new and unique teas not currently available such as Labrador tea, Blueberry, Bakeapple, Wildberry and Berry Berry tea.
”This support from ACOA is critical in helping us move to the next stage,” said Jumping Bean President Jeff LeDrew. “As a small business, access to capital remains a major challenge in expanding product lines.”
The funding from ACOA is made available through the Agency’s Business Development Program (BDP) which focuses on small and medium-sized enterprises. The program is designed to help set-up, expand and modernize a business.
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Newfoundland and Labrador’s Regional Minister Peter Penashue announced today an ACOA investment of $97,500 in Jumping Bean Coffee of Paradise, NL. The funding will allow the company to diversify its existing product offerings to include specialty teas and to expand the existing coffee manufacturing operation.
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Doug Burgess Director, Public Affairs Atlantic Canada Opportunities Agency 709-772-2935 Jeff LeDrew President Jumping Bean Coffee Inc. 709-727-8850
