Blaketown manufacturer receives funding through Seed Capital Equity Program

Industry, Trade and Rural Development Minister Judy Foote today announced that Distinctive Mouldings Ltd., a wood moulding manufacturing operation in Blaketown, has received $50,000 in funding through the department�s Small Business Seed Capital Equity Program. The investment will help the company expand its manufacturing plant and will result in the creation of three new permanent full-time jobs and two new seasonal full-time jobs. The total cost of the project is $100,000. Minister Foote made the announcement during a tour of the company today.

"Distinctive Mouldings is a prime example of the innovative small scale manufacturing businesses located throughout the province that can benefit from provincial programs like the Seed Capital Equity Program," said Minister Foote. "This funding supports increased local activity in the manufacturing sector with a strong focus on export markets."

Distinctive Mouldings Ltd. has been in operation for more than 10 years and specializes in the production of finger-jointed pine mouldings. The manufacturing plant in Blaketown employs 20 people full-time (15 permanent and five seasonal). The company�s product line includes over 60 types of wood mouldings which are currently marketed primarily to building supply dealers on the Avalon Peninsula. Distinctive Mouldings is one of two major wood moulding producers in the province and plans to begin exporting its products to Nova Scotia later this year with the assistance provided through the Seed Capital Equity Program.

"Distinctive Mouldings is a significant contributor to the regional economy of the area through the employment it creates and the spin-off benefits it generates," said Percy Barrett, MHA for Bellevue. "The funding secured through government�s Small Business Seed Capital Equity Program, plus the $50,000 being invested by the company itself, will provide the financial support the company needs to expand and help contribute even more to the local economy."

The Department of Industry, Trade and Rural Development established the Small Business Seed Capital Equity Program on April 1, 2000 in direct response to representations made by the business community during government�s Jobs and Growth consultations. The program makes equity contributions of up to $50,000 available, on a matching basis, to new entrepreneurs or existing small businesses seeking expansion opportunities in areas of the economy that offer significant growth potential.

Media contact: Tansy Mundon, Communications, (709) 729-4570.

2003 08 14                                        3:00 p.m.