Investments in Cardwell Farms Compost Products12 October 2017
PENOBSQUIS (GNB) – Investments by the provincial and federal governments will help Cardwell Farms Compost Products Inc. of Penobsquis purchase new equipment and increase export opportunities.
“Small businesses are the backbone of New Brunswick’s economy,” said Transportation and Infrastructure Minister Bill Fraser. “We are pleased to support a successful homegrown business like Cardwell Farms Compost Products as they grow and expand their global reach.”
Fraser spoke on behalf of Economic Development Minister Francine Landry, who is also the minister responsible for Opportunities NB.
The company uses byproduct from the forestry, aquaculture, horticulture and agriculture industries to create organic compost products and other goods for the horticultural and agricultural industries across Canada and the United States. It processes about 65,000 tonnes of various products annually.
The investments will help the company purchase new machinery and build a facility to house the equipment. This is meant to improve production efficiency, increase export sales and help maintain existing jobs in the Penobsquis area. The company also plans to hire two additional full-time employees and one part-time employee.
In support of this project, Cardwell Farms Compost Products is eligible for a non-repayable contribution of up to $70,717 from Opportunities NB, which is a Crown corporation that seeks to attract and support opportunities to grow the economy and create jobs, while providing support services for businesses. The investment is expected to generate $663,572 for the province’s GDP over three years.
The federal government is investing $117,861 through the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Program.
“This project aligns perfectly with the Government of Canada’s clean growth initiatives designed to help businesses develop products, processes and services that improve environmental performance in support of clean economic growth and jobs,” said federal Innovation, Science and Economic Development Minister Navdeep Bains, who is also the minister responsible for ACOA.
These investments build on the federal and provincial governments’ Atlantic Growth Strategy, which aims to help Atlantic Canadian entrepreneurs compete internationally, grow their businesses and create jobs at home.
“With the financial assistance from ACOA and the Province of New Brunswick, Cardwell Farms Compost Products is able to expand its operations to facilitate growth opportunities while producing its composting products more efficiently,” said company president James Cunningham.