4 West Prince companies receive ACOA loans for expansion

Three food processors and amanufacturer of agricultural equipment in West Prince, P.E.I. received loans Tuesday from theAtlantic Canada Opportunities Agency for business expansion.

The loans for the four projectstotal$1,217,500 are provided through ACOA'sBusiness Development Program.

They include:

• $500,000 for Maritime Select Lobster Inc. to establish a live lobster holding facility
• $288,500 forH.F. Stewart and Sons Co. Ltd.to expand their manufacturing facility
• $284,000 forRoyal Star Foods Ltd.to construct a lobster holding facility and purging tank
• $145,000 forValley Pearl Oystersto establish an oyster processing facility

Two of the projects will be receive assistance from Innovation PEI. Maritime Select Lobster Inc. will receive $50,000 and the same amount will go toRoyal Star Foods Ltd.

Egmont MPBobby Morrissey said in a releasethe local manufacturer and food processors have built successful businesses from local resources.

"Their innovative approach and increasing export potential will benefit the entire province as a beacon for investors in the Island food market."

P.E.I.'sEconomic Development and Tourism minister Heath MacDonaldsaid the businesses are "helping to grow our exports, increase our GDP and create good jobs for islanders especially in rural parts of the province."

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