Window blind and metal furniture manufacturers receive funding

Two local small manufacturing companies have received funding under the province�s Small Business Seed Capital Equity Program.

Blindex shades (1995) Inc. of St. John�s manufactures window blinds and roller shades and has received $50,000 to expand its operation. The money will be used to purchase manufacturing equipment that will allow the company to extend its product line and create an import substitution by manufacturing vertical blinds that are currently being imported. The company also plans to export its products.

Avalon Crafts and Designs is a new Mount Pearl company that manufactures wrought iron and aluminum furniture and accessories not currently produced in Newfoundland and Labrador. The company has received $21,385 for the purchase of equipment and for working capital.

"Small manufacturing has been identified as a growth area in our Renewal Strategy for Jobs and Growth," said Kelvin Parsons, Minister (acting) of Industry, Trade and Rural Development. "These two companies are producing niche items for local markets and both companies have the potential to grow and increase local employment opportunities."

The Small Business Seed Capital Equity Program makes direct equity investments in qualifying small and medium-sized enterprises on a matching basis. The funding must be matched by an equivalent amount of new private sector funding.

Media contact: Josephine Cheeseman, Communications, (709) 729-4570.

2002 06 28                             3:30 p.m.