The Government of Canada is investing roughly US$303,000 to support aquaculture-related projects in New Brunswick.
Beneficiaries of the investments will use the funds that come in the form of either repayable or non-repayable loans to strengthen capacity in aquaculture.
The Atlantic Canada Fish Farmers Association received $31,700 in non-repayable loans. It plans to conduct a study that will explore the opportunities and challenges for women in the salmon farming industry in Atlantic Canada, as well as address barriers to the advancement of women in the industry.
Aquaculture equipment manufacturer East Coast Innovation in St Andrews, New Brunswick secured roughly $225,000 in payable loans to purchase and install equipment to establish a manufacturing facility.
Non-profit charity Huntsman Marine Science Centre plans to use the $56,000 in non-repayable loans to upgrade its facility so it could offer contract research for industry in the area of taxonomy and toxicology.
The funds were disbursed through the federal government’s Atlantic Canada Opportunities Agency (ACOA), whose mission is to help local businesses grow by helping them diversify, export and innovate.
“The vitality of our business communities across Atlantic Canada is key to our economic recovery. We’ll continue to invest in our local businesses and the organizations that support them to create good jobs, support inclusive and clean growth opportunities, and build resiliency for years to come,” said Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA.