Monday, 29 May 2017

East Point Potato, a processor from Souris, Prince Edward Island (P.E.I.), Canada, will receive a USD500,000 loan from the federal government to help expand its business.

The company says the repayable contribution from  Atlantic Canada Opportunities Agency  (ACOA) will help with the purchase of equipment meant to increase productivity and respond to an ever-changing market.

"As a growing rural P.E.I. business whose goal is to add value to our primary produce and to provide employment to rural Islanders, we are pleased that our federal government is working with us in achieving our goal," company President Boyd Rose said in a news release.

Shareholders of East Point Potato come from sixth generation potato farms that pack their own potatoes as well as product from farms in the surrounding region. The company exports to retail and foodservice clients across the country.

This is the second major recent investment in the potato industry by the federal government, which announced a few days ago a USD400,000 loan for Mid-IsleFarms of Albany, P.E.I. 

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