Since 2017, the McCain Foods Adjustment Fund has helped to create 140 new jobs for Islanders in the Borden-Carleton region.
Island Acres – the final business to be awarded financing through the McCain Fund – will receive $121,250 towards building a new headquarters. The company will also receive $25,000 from the Borden-Carleton Development Fund, which is administered by Central Development Corp.
“The McCain Fund will help us move forward in a new facility,” said Brent Craig, owner of Island Acres Produce and Prince Freight Lines. “This space will allow us to house our sister company, Prince Freight Lines Inc, and work together to serve our customers, staff and community now and in the future.”
The $2 million economic development fund was set up by McCain’s after the closure of their Albany plant in 2014. The first round of grants was announced in 2017. A second call for proposals was issued in 2018 to grant the remaining funds. The fund is administered by Innovation PEI.
“The McCain Fund provided significant investments and product development for businesses in the Borden-Carleton region. It helped create good jobs for hard-working Islanders and positive, lasting impacts for Prince Edward Island,” said Economic Growth, Tourism and Culture Minister Matthew MacKay.
Previous recipients of the fund included:
- MacDougall Steel
- Silliker’s Glass
- The Handpie Company
- Town of Borden-Carleton
- Tree Top Haven
- Island Gelato
- Bernard’s Welding
- Lone Oak
Innovation PEI established a steering committee to administer the fund and review funding applications. The committee included representatives from Innovation PEI, Borden-Carleton, the Central Development Corporation, ACOA, and McCain’s.
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