The federal government is investing $4 million towards supporting businesses looking to adopt cleantech in Atlantic Canada.
The funding is being allocated through the Atlantic Canada Opportunities Agency’s Business Development Program. The Atlantic Association of Community Business Development Corporations (AACBDC) will also work to encourage rural entrepreneurs to adopt clean technology.
“Our government’s investments in clean technology reflect our commitment to protect the planet, while creating new opportunities for small and medium-sized businesses in rural communities. Getting more innovative technologies, products and services to the marketplace leads to more well-paying jobs for Canadians” said Navdeep Bains, Minister of Innovation, Science and Economic Development. “That’s how clean technology and innovation lead to a better Canada.”
A new loan program will provide businesses with capital to develop clean technology products, services, and solutions. Entrepreneurs will also be able to access Clean Technology Advisory Services, which will allow them to hire outside professional expertise to address opportunities or challenges related to building up cleantech technologies.
“We are extremely pleased to be able to support Atlantic Canadian businesses with the addition of the new Clean Technology Initiative,” said Stan Reid, President, Atlantic Association of Community Business Development Corporations. “This initiative will provide flexible financing and advisory services to new and existing entrepreneurs in support of advancing clean technology in rural communities throughout the Atlantic region.”
The Atlantic Association of CBDCs estimates that 550 cleantech loans will be approved over the seven-year life span of this initiative, which will leverage an additional $26.3 million worth of clean technology investments by rural SMEs throughout Atlantic Canada.