Over $7.5M in funds and repayable loans en route to 9 Parry Sound Muskoka businesses

Nine businesses in Parry Sound and Muskoka are collectively receiving more than $7.5 million in federal assistance.

The money, from FedNor, was announced Friday by Patty Hajdu, federal minister responsible for the funding program, and aside from the Seguin cut, it is all in the form of repayable loans. Hajdu says the investments will create more than 75 jobs in Parry Sound and 60 in Muskoka.

In Muskoka, Icarus Aero Inc. receives just over $1 million and will expand and acquire innovative new equipment for its Gravenhurst manufacturing facility. Colquhoun Audio Laboratories Limited receives just over half a million to buy the latest acoustic technology and create around 20 jobs. Embertech Industrial Inc. will use more than $420,000 to boost productivity at its new Bracebridge plant, and about $200,000 each is on its way to Muskoka Timber Mills and Lake of Bays Brewing Company Limited.

In Parry Sound, the Township of Seguin gets the lion’s share of funding with $3 million. Officials say the money will create new airside lots for the development of aviation and aerospace businesses, adding that with growth previously limited by inaccessible and unsuitable land, this initiative will allow the township to help attract and retain businesses.

Parry Sound startup Eco Development Group Inc. will use its million dollars to buy new innovative value-added wood processing equipment. Crofter’s Food Ltd. receives just under $900,000 for purchase equipment, consolidate its production operations, adopt and adapt the latest innovative techniques associated with the processing of value-added fruit products.

Hadju says the money will support local innovation, job creation and industry growth in the Parry Sound-Muskoka region, and large-scale businesses helping them become more competitive.

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