FedNor is making strategic investments to support the expansion, and modernization of businesses across northern Ontario. That includes $1,421,079 to support two businesses in the North Bay area.
Corexplore Drilling Services will receive $1,000,000 while North Bay Plastic Molders in Corbeil will receive $421,079.
The Honourable Anthony Rota, Member of Parliament for Nipissing-Timiskaming says, “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.”
Corexplore Drilling Services is receiving a repayable investment of $1,000,000 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.
David Jones, President of Corexplore Drilling Services says, “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,”
Meantime, North Bay Plastic Molders (NBPM) 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.
Founder and Owner of North Bay Plastic Molders Don Champagne says, “I would like to express my sincere appreciation to Anthony Rota, his team and FedNor for making this funding possible. Nipissing-Temiskaming and Northern Ontario are the true beneficiaries of your work on this project. 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.”
Rota says, “These investments will also help the regional economy. By helping local businesses innovate and grow, we can continue to create good jobs and keep people living and working in Nipissing-Timiskaming and throughout Northern Ontario.”
