(May 29, 2013) Newfoundland and Labrador businesses are in a better position to improve operational efficiencies, boost capacity, and provide a competitive edge through funding provided by the Provincial Government. The Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development, announced $480,100 to support 10 local businesses this morning at C&W Industrial Fabrication and Marine Equipment Limited in Bay Bulls.

“We are pleased to provide funding to local businesses to support innovation which helps to improve efficiencies and competitiveness,” said Minister Hutchings. “These investments totalling $480,100 support the application of technology-based solutions which allow growth, and benefit businesses and the communities they operate in.”

The Technology Utilization Program, which has been incorporated into the Business Development Support Program, assists local small and medium-sized enterprises to improve business processes, product quality, efficiency and competitiveness. The program provides non-repayable contributions to eligible project costs; a list of the 10 companies receiving funding is provided in the attached backgrounder.

“This investment will allow our business to purchase a new cutting machine and water injection system which will upgrade our technology and substantially improve productivity which is essential to improving our operations,” said Terry Crane, President, C&W Industrial Fabrication and Marine Equipment Limited. “We must be innovative to remain competitive and grow our business, and the new equipment will allow us to do just that.”

Since 2011, $964,600 has been invested in 21 initiatives throughout Newfoundland and Labrador through the Technology Utilization Program.

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Media contacts: Heather MacLean, Director of Communications, Department of Innovation, Business and Rural Development, 709-729-4570, 697-4137, heathermaclean@gov.nl.ca