Backgrounder: Minister Boissonnault announces federal investments to support business growth and job creation in Edmonton region

The total of $12,246,084 in funding will provide more opportunities for business growth and jobs across key sectors to support a prosperous economic future across Edmonton. Eleven companies are receiving federal funding to scale-up and expand into new markets. A total of 475 jobs are expected to be created as a result of these investments.

Federal funding is repayable and has been allocated through the Business Scale-up and Productivity program, and the Jobs and Growth Fund. Both programs are administered in the Prairie provinces through PrairiesCan.  

Business Scale-up and Productivity (BSP) - $2,711,410

The BSP program supports high-growth businesses that are seeking to improve productivity, scale-up and commercialize technology. It offers interest-free, repayable funding to incorporated businesses that have been in operation for a minimum of two years. Today, PrairiesCan announced support for three companies:

• Boreal Laser Inc. ($1,259,660)
  Launch a suite of products that incorporate enhanced technologies to reliably measure gas emissions and scale-up growth in international markets.

• NanoSpeed Diagnostics Inc. ($736,750)
  Obtain certification required to manufacture and market its proven rapid healthcare device in North American markets.

• DrugBank (incorporated as OMx Personal Health Analytics Inc.) ($715,000)
  Improve the functionality of its pharmaceutical knowledgebase software and support international sales growth through product-led growth and partnerships.

Jobs and Growth Fund (JGF) - $9,534,674

The JGF is a $700-million federal program to support regional job creation and position local economies for long-term growth. The Fund provides businesses and organizations with either interest-free loans or non-repayable funding to help job creators and the organizations that support them to prepare for growth, build resiliency, enhance competitiveness and create jobs.

Today, PrairiesCan announced support for eight companies:

• Alberta Honey Producers Co-operative Ltd. ($1,822,945)
  Expand and modernize honey processing and packaging operations to increase capacity and support sales growth in North American and Asian markets.

• Applied Quantum Materials Inc. ($619,500)
  Increase manufacturing capacity to meet global demand for non-toxic silicon nano materials used in products across the electronics, healthcare, construction, energy and consumer goods industries.

• Copperstone Technologies ($1,912,485)
  Design and build state-of-the-art robots to meet demand for their remote operated hazardous environmental monitoring services.

• Onlea Enterprises Inc. ($285,000)
  Develop and market an expanded product line of artificial intelligence-enabled online learning tools and services to create inclusive learning experiences.

• Samdesk (Incorporated as Social Asset Management) ($1,600,000)
  Increase sales of its advanced artificial intelligence assisted crisis detection and alerting services across new global markets and industries.

• TC Scientific Inc. ($1,190,604)
  Expand operations of specialized scientific and analytical services that enable companies in the life sciences sector to test their products.

• True Angle Medical Technologies Inc. ($1,500,000)
  Refine existing technologies and integrate technology to increase market size for mobile dysphagia treatment devices which provide real-time feedback for clinicians and patients to monitor progress in executing rehabilitation exercises.

• Zero Point Cryogenics Inc. ($604,140)
  Establish a manufacturing facility to produce custom dilution refrigerators and to scale-up marketing to capitalize on the growing demand for cryogenic systems in the quantum computing industry.

Related products

• News Release: Minister Boissonnault announces federal investments to support business growth and job creation in Edmonton region

Associated links

• Prairies Economic Development Canada (PrairiesCan)
• Business Scale-up and Productivity (BSP)
• Jobs and Growth Fund (JGF)