Corexplore Drilling Services and North Bay Plastic Molders share $1.4m
Two local businesses will receive more than $1.4 million in FedNor funding to help the owners expand and modernize.
Corexplore Drilling Services will receive $1 million, while North Bay Plastic Molders in Corbeil will receive $421,079.
“Strong local economies rely on the growth of local businesses. Strategic investments such as these will allow the two businesses to purchase equipment, increase production and find new ways to become more energy efficient,” said Nipissing-Timiskaming MP Anthony Rota.
Corexplore Drilling Services is receiving a repayable investment of $1 million to support purchasing equipment and supplies to establish the business.
Specifically, this funding will support the acquisition of clean-tech drilling equipment and supplies including drill bits, safety equipment, and in-hole tools; and the hiring and training of staff.
“Special thanks to the FedNor team for provide funding to expedite the growth and expansion of Corexplore Drilling Services. We are expanding our fleet of clean-tech surface drills and creating strong paying long-term jobs for Canadians,” said David Jones, President of Corexplore Drilling Services.
North Bay Plastic Molders is receiving an unconditionally repayable investment of $421,079 to support the purchase of three new plastic injection moulding machines to increase product diversity and to reach new markets.
The new energy-efficient machines will allow NBPM to produce larger items that cannot be manufactured with their existing equipment.
“This financing will allow us to broaden our customer base and increase exports while increasing productivity and efficiency in order to remain competitive locally and globally. Investments such as this allow us to continue to grow as a company and create more local jobs,” said founder and owner of North Bay Plastic Molders Don Champagne.
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