NOHFC Funding Supports Local Businesses and Boosts Sault Ste. Marie’s Economy
News Release for local2 sault ste. marie
June 19th, 2012 at 12:50pm
The province’s Northern Ontario Heritage Fund Corporation (NOHFC) is continuing to support business expansion in Sault Ste. Marie through targeted investments, such as today’s announcement of $738,200 to help Rector Machine Works Ltd. enhance operations by purchasing important new equipment and expanding existing infrastructure, David Orazietti MPP, announced today.
“We are providing provincial funding to Rector Machine Works through the NOHFC to support the expansion of a local business that is making major improvements to their facilities as well as upgrades to their equipment in order to increase competitiveness, create local jobs and reduce outsourcing to Southern Ontario,” said Orazietti. “Boosting economic opportunities in Northern Ontario is a top priority for our government and we are protecting the NOHFC’s $100 million budget in order to help entrepreneurs and businesses of all sizes.”
The NOHFC’s Enterprise North Job Creation Program is supporting Rector Machine Works with a loan for $369,100 and a grant for $369,100 that will be used as part of an overall $1.4 million expansion. The combined $738,200 in provincial funding has been used to build a 5,000 square foot fabrication building, which is an addition to the existing 10,000 square foot building, for manufacturing and fabrication activities in the mining and steel sectors. Provincial funding will also be used to make essential equipment upgrades that include a CNC Plasma Cutting Machine that is used to handle speciality work, such as precision custom cutting.
"The provincial government’s NOHFC funding program created an opportunity and supplied the initiative for our business to expand its infrastructure and upgrade its heavy equipment so that we can compete for contracts that have been going to Southern Ontario,” said Herv Rector of Rector Machine Works. “The NOHFC is important for businesses of all sizes in Northern Ontario and we are pleased to have been approved for a program that will have economic benefits for our community and the Algoma region.”
Since 2003, the province has approved nearly $50 million for nearly 400 NOHFC projects in Sault Ste. Marie. These investments have resulted in new jobs and allowed for over $150 million in infrastructure and business projects to be completed. The provincial government’s previous budgets have increased the NOHFC’s funding by a further $10 million per year from $60 million to $100 million to support vital community infrastructure and economic development projects that create jobs and enhance the quality of life for northerners.
Since 2003 some of the key NOHFC investments in Sault Ste. Marie include:
· $5 million Agawa Canyon Tour Train
· $2.5 million Heliene Solar Manufacturing Plant
· $2.4 million for the Sault Ste. Marie Airport Development Corporation
· $2.3 million for Algoma University Biosciences and Technology Building ($10.3 million total provincial investment)
· $2.1 million Flakeboard Ltd. Expansion
· $2 million Sault College - IT infrastructure, Multi-Media Centre, Wind Energy Training Centre
· $1.6 million Hub Trail & Waterfront Walkway Expansion ($3.1 million total provincial investment)
· $1.5 million West End Recreation Centre ($6.2 million total provincial investment)
· $1.5 million for Sault College Academic Building ($9.5 million total provincial investment)
· $1.5 million Huron Central Rail upgrades ($16.5 million total provincial investment)
· $1 million Essar Centre ($4.7 million total provincial investment)
· $1 million Algoma Public Health building – Technology ($8.3 million total provincial investment)
· $1 million City - Emergency Response Centre (EMS) ($2.2 million total provincial investment)
· $1 million SIS Manufacturing to upgrade equipment and infrastructure
· $785,500 Palmer Construction Group Inc.
· $738,200 for Rector Machine Works infrastructure and equipment upgrades
· $475,000 Soo Foundry & Machine equipment upgrade
· $202,750 China Steel equipment upgrade