A repayable loan of $700,000, and deferring principal payments on the company's current provincial loan of $750,000, provided in 2008 through the Industrial Expansion Fund (IEF), will give Sustainable Fish Farming Canada Ltd. additional working capital.
The company's European sea bass grow quickly, creating faster market readiness than other fish species and are already in Nova Scotia and Ontario markets.
"This innovative Nova Scotia company is moving forward with its plans to grow and export a species of fish that is in significant demand worldwide," said Ramona Jennex, Minister of Service Nova Scotia and Municipal Relations, on behalf of Economic and Rural Development Minister Percy Paris.
"This investment demonstrates government's commitment to supporting the sustainable development of aquaculture, the importance of immigration and the creation of knowledge-based jobs in rural Nova Scotia."
Co-owner Jeremy Lee immigrated to Nova Scotia from the United Kingdom over six years ago through the Community Identified Stream of the provincial nominee program. Mr. Lee has extensive experience in the development, manufacturing and installation of leading-edge water-treatment systems for marine and freshwater fish farms, hatcheries and aquariums. He is currently sharing some of this expertise with another facility in the province.
"We are pleased with government's confidence in our business model and technology, which supports our ambitions for growth over the next five years," said Mr. Lee. "We already have 50,000 European sea bass at the facility and an additional 25,000 are planned to arrive later this month. This stocking cycle will continue with batches being introduced every two months, and the farm is on target to achieve continuous production around July."
The IEF helps industries with innovation and technology, and contributes to a prosperous and sustainable business climate for Nova Scotia. This fund provides access to capital, helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees, when many traditional sources are reluctant to do so.
Province Invests in Rural Aquaculture Company
CANADA - A state-of-the-art, aquaculture company in Centre Burlington, near Windsor, is expanding into new markets across Canada and the Northeastern United States with help from the province.
