The Little Potato Co. Project Financed By Alberta’s Agri-processing Investment Tax Credit Program
By constructing a new facility to manufacture ready-to-cook spuds, The Little Potato Company has been eligible for Alberta’s Agri-Processing Investment Tax Credit program.
A new USD39.5m project is being built by the firm in the Nisku hamlet, according to Alberta.ca. More packaged potatoes with spices that can be rapidly roasted, microwaved, or grilled are to be produced when the processing capacity is doubled.
“Our government developed Alberta’s Agri-Processing Investment Tax Credit program with corporations like The Little Potato Company in mind. The program is providing the right conditions for food and agriculture processors to invest in our province, grow their businesses, and create more jobs for Albertans. Through incentives like this tax credit, we’re building on Alberta’s competitive advantages and continuing to drive economic growth and diversification” RJ Sigurdson, Alberta’s Minister of Agriculture and Irrigation, said.
More potatoes were grown in Alberta in 2023 than in any other province. According to authorities, the province’s economy benefits from potato cultivation to the tune of more than USD2bn annually. Companies must invest a minimum of USD10m in a project to construct or extend a value-added agri-processing plant in the province to be eligible for the tax credit program. A 12% non-refundable tax credit is provided by the program for qualified capital expenses.
The Little Potato Company has received conditional clearance from the province government to get a tax credit via the scheme worth an estimated USD1.3m.
“The investment elevates our efforts to grow, pack, and bring more convenient, nourishing, and flavorful Little Potatoes to busy families. We share our heartfelt thanks for this funding as we open our new Nisku packaging facility, which allows us to better serve our family farmers, communities, customers, consumers, climate, soil, and water – and all of us,” Angela Santiago, co-founder and CEO of The Little Potato Company, concluded.
Approximately 56,699 tons of potatoes can be processed in the 22,296 square meter plant, compared to 29,483 tons at the previous Edmonton location.
Growers in Alberta planted 32,415 hectares of potatoes in 2023, up from 29,574 hectares in 2022. Up to 70% of the potato goods processed by The Little Potato Company will be sent to the U.S.