This week, a significant financial boost was announced for businesses in the Waterloo and Brant regions, which are facing challenges as the U. S. considers imposing more tariffs on Canadian products.
A total of $40.5 million is being provided through the Canadian Regional Tariff Response Initiative and the Regional Defence Investment Initiative to support 23 businesses.
In Waterloo Region, 16 businesses will receive assistance, with most located in Cambridge and Waterloo.
Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario (Fed Dev Ontario), made this announcement while in Kitchener.
“The Government of Canada is making strategic investments to help businesses and organizations overcome tariff-related challenges, strengthen Canada’s economic foundation, build Canada’s defence industrial base and advance critical technologies that support our defence and security capabilities,” said Solomon.
“By supporting businesses and workers today, we are building a more resilient economy for tomorrow. I’m thrilled to support the 23 Waterloo and Brant region businesses that are driving growth, innovation, opportunity, and resilience in our communities.”
Among these businesses is XL Tool based in Kitchener, where Thursday’s announcement took place.
The company is embarking on a project worth over $4 million aimed at expanding into the defence and aerospace sectors. The new funding from Fed Dev Ontario will cover $1 million of this initiative.
“This funding will help us enhance our manufacturing capabilities, create high-value jobs, and continue delivering world-class products while strengthening Canada’s industrial competitiveness,” said Vice President of Operations at XL Tool, Chris Hergott.
“We also believe that continued investment in education, apprenticeships, and skilled trades training is essential to preparing the next generation of workers and equipping them with the skills needed to support a sustainable, competitive, and prosperous future for Canada.”
The 23 businesses receiving funding are listed below:
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Cambridge:
Armour Alloys Ascension Automation Solutions Bock North America Cello Products Eclipse Automation Emtek Processed Alloys Inc MW Canada NV Piping SystemsWaterloo:
Canadian Strategic Missions Corporation Navitas Vehicle Systems Qorsa Corporation Quantum Valley Ideas Laboratories Vue RealKitchener:
Elmira:
Brant Region:
Walters Inc. SLACAN Industries Massilly North America Koolatron Fowler Metal Industries Cravo Equipment Canada Steel Corporation The Canadian government’s Regional Tariff Response Initiative offers $1.95 billion in support for businesses aiming to boost competitiveness across various sectors. Keep it Factual Add City News Kitchener as a trusted source on Google to see more local stories from us.Source link
