Government of Canada invests in growth by supporting Les Fruits de Mer Madeleine

Les Îles-de-la-Madeleine business obtains $2 million in funding from CED.

LES ÎLES-DE-LA-MADELEINE, QC, May 3, 2024 /CNW/ - Canada Economic Development for Quebec Regions (CED)

Supporting growth contributes to economic development in Quebec's regions. That is why the Honourable Diane Lebouthillier, Member of Parliament for Gaspésie–Les Iles‑de la‑Madeleine and Minister of Fisheries, Oceans and the Canadian Coast Guard, on behalf of the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, today announced a repayable contribution of $2 million for Les Fruits de Mer Madeleine inc. This funding from CED will allow the business to acquire various equipment for its snow crab production line, expand its deep‑freeze warehouse and upgrade its current facilities.

Founded in 1991, Les Fruits de Mer Madeleine specializes primarily in the processing of snow crab and other types of seafood, including lobster. This investment will support this manufacturing company's growth and performance and allow it to increase its daily production capacity in order to be able to process high volumes in short periods of time. The acquisition of the new equipment will also help the business improve its energy efficiency.

The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec's economic growth relies on organizations with strong roots in the regional economy; they are key assets for building a sustainable and inclusive economy.

Quotes

"One of our government's priorities is ensuring the prosperity of communities. SMEs are key to economic growth, which is why CED supports them in their efforts to increase their productivity. Les Fruits de Mer Madeleine contributes significantly to the economic vitality of Les Îles-de-la-Madeleine and its success has an impact on the entire region."

The Honourable Diane Lebouthillier, Member of Parliament for Gaspésie–Les Îles-de-la-Madeleine and Minister of Fisheries, Oceans and the Canadian Coast Guard

"CED supports businesses to help them seize business opportunities and adjust to economic changes. That is why we contribute to the development of the assets of the various regions of Quebec, including here in Les Îles-de-la-Madeleine. Building on the strengths and potential of the regions is key to ensuring inclusive economic growth in all our communities."

The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED

"We are extremely grateful to be able to obtain funding from Canada Economic Development for Quebec Regions. It is an honour to have our work recognized and supported in this way. This contribution will be a key enabler in the realization of our vision and the achievement of our objectives. We thank the Government of Canada for believing in us and investing in our project."

James Derpak, General Manager and Chief Accountant, Les Fruits de Mer Madeleine inc.

Quick facts

The funds have been granted under CED's Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
In Quebec, SMEs account for 99.7% of the province's businesses and 50% of its GDP.
CED is the key federal partner in Quebec's regional economic development. With its 12 regional business offices, CED accompanies businesses, support organizations and the regions of Quebec into tomorrow's economy.

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