Kramp announces federal cash for business innovation

“It means more jobs for our area,” MP Daryl Kramp said in announcing the innovation money Tuesday morning. File photo by Alexa Hansen Forson

By Alisa Howlett

BELLEVILLE – Daryl Kramp, the Member of Parliament for Prince Edward-Hastings, announced additional funding for business innovation at Loyalist College Tuesday.

Small and medium-size businesses in the Quinte region will be helped by the $12 million that is being added to $8 million previously allocated to eastern Ontario for economic development, Kramp said.

“It means more jobs for our area – that’s the bottom line.”

The original funding announcement came after the 2012-13 federal budget. Ontario received $20 million for new innovative businesses and industries; $12 million was allotted to southwestern Ontario and the rest went to eastern Ontario.

The additional funding is to allow loans to businesses for upgrades in equipment and technology. The upgrades will not only allow local businesses to compete in southern Ontario, but to succeed, Kramp said.

A solar manufacturing business in Napanee has reaped the rewards already. Through the funding, the business was able to afford specialized equipment for building solar modules. As a result, it is expanding, Kramp said.

The funding is available immediately, Kramp said.

“I’m truly excited to see more jobs and more opportunities for our families, for our business in the community with these funds here today.”