The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, today announced over $570,000 in repayable loans from the Business Investment Program for Hi-Point Industries to help support the growth, development and expansion of the company. This new support will result in the creation of six new jobs.
Minister Mitchelmore was joined on a tour of the company today by Jerry Dean, MHA for Exploits.
Support from the Provincial Government will assist Hi-Point Industries with working capital and equipment upgrades to improve productivity, increase international exports and assist with the export of the company’s unique product, Oclansorb. This product is a lightweight industrial oil absorbent that is made from naturally occurring blonde sphagnum peat moss, and is harvested at the company’s facilities in Bishop’s Falls and Corner Brook. Part of the company’s product line also includes the manufacturing of stock oil containment booms and turbidity curtains.
Hi-Point Industries is a privately-owned company that employs over 40 people during peak production, and is a member of the Central Continuous Improvement Network in central Newfoundland.
The Department of Tourism, Culture, Industry and Innovation provides customized business growth support in areas such as financing solutions and advisory services, as well as export and innovation support to Newfoundland and Labrador firms with high-growth potential. The Provincial Government collaborates with federal partners as part of the Accelerated Growth Service and the Cabinet Committee on Jobs Technology Sector Work Plan, which was produced in partnership with industry. Through both initiatives, government provides individualized assistance to businesses to assist with crucial growth and transition periods.
Support for innovation and technology delivers on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
Quotes
“The Department of Tourism, Culture, Industry and Innovation supports firms with high growth potential, and Hi-Point Industries is making its mark in the province. This repayable loan will assist this company with working capital, to further assist their expansion and growth, while allowing Hi-Point to innovate its unique brand. Our government is guided by The Way Forward, and we are committed to achieving a stronger, more diversified province, with a high standard of living.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
“This is an important investment for Hi-Point Industries, the community of Bishop’s Falls, and the district of Exploits. The repayable loans will contribute to their efforts of increasing the company’s efficiency and export efforts on an international level. Through programs such as the Business Investment program, our government is delivering on its commitment of growth, development, and expansion of industry to reinforce the economic foundation for rural communities.”
Jerry Dean
MHA for Exploits
“It has been a positive experience working with Tourism, Culture, Industry and Innovation on our upcoming projects here at Hi-Point. We now have the resources required to enter new international markets with our products that are manufactured right here in central. I believe manufacturing and exporting is the way forward for the province. So it is important to us that we continue to be successful here in our community for the future.”
Mike Butler
Hi-Point Industries
– 30 –
Learn more
Follow us on Twitter: @GovNL and @TCII_GovNL
Media contacts
Tansy Mundon
Tourism, Culture, Industry and Innovation
709-729-4570, 693-1865
tansymundon@gov.nl.ca
Erin Sulley
Government Members Office
709-729-5306
erinsulley@gov.nl.ca
Mike Butler
Hi-Point Industries
709-258-6274
mbutler@hi-pointindustries.ca