Second round of McCain Fund grants approved
Residents and the regional economy stand to benefit after three businesses and the municipal government of Borden-Carleton were announced as grant recipients under the second round of the McCain Fund.
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.
“This fund has been a tremendous driver economic development in the Borden-Carleton region,” Economic Growth, Tourism and Culture Minister Matthew MacKay said. “It’s helped to create dozens of jobs, and has assisted the region’s recovery from the loss of the plant and the workers that went with it.”
Recipients under the second round of funding include:
- Town of Borden-Carleton - $247,000 – Phase 1, Master Plan
- Island Gelato - $25,000 – Business start-up
- Bernard’s Welding - $25,000 – Business expansion
A fourth recipient will be announced next week in partnership with ACOA and Finance PEI.
“This fund has allowed businesses to expand or open in our community and that has certainly helped to lessen the blow from the closure of the plant in 2014,” Borden-Carleton Mayor Charles MacKenzie said. “It’s also allowed our community to do some long term planning to help our town reach its full potential into the future.”
Previous recipients of the fund included:
- MacDougall Steel
- Silliker’s Glass
- Mrs. Dunster’s Bakery
- Atlantic Beef Products
- Tree Top Haven
- The Handpie Company
- The Town of Borden-Carleton
Innovation PEI established a steering committee to administer the fund and review funding applications. The committee includes representatives from Innovation PEI, Borden-Carleton, the Central Development Corporation, ACOA, and McCain’s.
Department of Economic Growth, Tourism and Culture