Area agri-business Bioenterprise will receive $2.5 million from the federal government over five years, public works minister Diane Finley announced on Jan. 15.
The funding is made possible through the Canada Accelerator and Incubator Program (CAIP) established in 2013 to help small- and medium-sized businesses to grow, prosper and create jobs.
In 2013, $60 million was allocated to the project and in 2014 another $40 million was added.
Bioenterprise helps businesses in the agriculture-technology sector at every stage of development – from start-ups to well-established businesses.
The money will help the company provide local entrepreneurs with the resources and expertise needed to launch their businesses.
Finley highlighted the Guelph region’s international reputation in the agriculture and life science fields. She said this is something the government has not failed to notice.
“Agriculture and its development are at the heart of this community … it is home to some of the top innovators and entrepreneurs in Canada’s science and technology sector,” she said. “The partners and services that flow from this region are from small and medium-sized businesses that are run by hardworking and innovative folks just like you.
“And ladies and gentlemen our government recognizes you folks continuing to develop this particular sector, which is why we continue to make investments that support the right kind of conditions for community businesses to succeed.”
Approximately 100 applications were received for the funding assistance and 15 were selected. The CAIP aims to prepare early-stage companies for successful investment and prepare entrepreneurs for a competitive global marketplace.
