Canadian economic development officials have approved a C$3 million (US$2.3 million) loan for injection molder Lacus Innovations, a startup making spas, swimming pools and components mainly for its parent, Trévi Investments Inc.
Trévi, based in Mississauga, Ontario, launched Lacus in Lachute, Quebec, in 2021. The funding will help it buy and install cutting-edge automated equipment and create about 150 jobs over two years, according to the agency Canada Economic Development for Quebec Regions.
“With the help of this assistance, we are proud to be able to contribute to the creation of manufacturing jobs,” Lacus President Benoît Hudon said in a July 5 CED news release.
The company has a 250,000-square-foot facility, according to its Facebook page. About 100,000 square feet of space is used for manufacturing; the rest is for storage and distribution.
CED said the loan is part of its efforts to support small and mid-sized enterprises (SMEs), which account for 99.7 percent of Quebec businesses and 50 percent of the province’s GDP. CED stressed the important role small, regional businesses will play in Quebec’s economic recovery.
“The players in this industry are major contributors to growth,” it said in the news release.