Federal government provides $26 million in interest-free loans to Saskatchewan businesses

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The federal government announced Wednesday that nearly a dozen Saskatchewan businesses will receive $26 million in assistance.

The funds will be used to spur innovation and growth in the province.

Prairie Economic Development Minister Daniel Vandal announced that the funding would go to 11 businesses in the provinces.

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The funding will support businesses in digital technologies, agriculture and agri-food, advanced manufacturing, and health and safety.

“We help companies bring their cutting-edge products and services to market to accelerate growth and create new markets in a growing prairie economy,” Vandal said.

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The funds are interest-free, repayable loans under the Productivity and Job Growth Fund.

Coconut Software is receiving $5 million in funding, which its owner says is essential to show that the tech industry is alive and thriving in Saskatchewan.

Coconut Software founder and CEO Katherine Regnier noted that tech hubs were in big cities like Toronto and Vancouver, and when the company started raising venture capital, it was asked when and where they were. would move.

“I was like, ‘Oh no, no – we’ve come this far without you and I think we can go on,'” Regnier said.

“We actually have a lot of advantages that we don’t have living in the city, but we should definitely take that knowledge and bring it back so that we become a better and stronger place as a tech community.”

The company will use the money to expand the market for its popular dating program.

The $3.5 million donated to Biktrix ventures will be used to fund new e-bike hardware and software released.

Founder and CEO Roshan Thomas said he started the company in 2013 in his garage while working full time. It has since grown to around 60 employees.

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“We want to continue to invest in people and take those risks that we normally wouldn’t have taken if we didn’t have the extra fuel on the fire, so to speak, from governments,” Thomas said.

Northern Nutrients Ltd. also receives more than $3.8 million to acquire new equipment for the manufacture of specialized fertilizers.

Another $5 million will be paid to a group of companies operating as Donald Fine Foods to convert a closed beef processing plant in Moose Jaw into a sow slaughter and processing plant.

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Just under $1.8 million will go to Mother Labs to expand and improve cannabis breeding operations in Western Canada.

Block funding from the federal level will also create 500 jobs for the province.

Vandal claims this work is expected to generate over $470 million in revenue, with over $290 million in export sales.

“When we see promising businesses that need a little extra help to succeed and grow, our government will always be there in partnership,” Vandal said.

© 2022 Global News, a division of Corus Entertainment Inc.

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