Appnovation setting up in Saint John, creating 63 jobs
InvestNB providing $500K payroll rebate, $230K forgiveable loan
A Vancouver-based IT company is setting up shop in Saint John, creating 63 full-time jobs over three years with help from the provincial government, Premier David Alward announced on Thursday.
It has already hired seven people and is in the process of recruiting, officials said. Seventeen people are expected to be hired during the first year, 19 in the second year and then 27 in the third.
Invest NB will provide a payroll rebate of up to $500,000 over five years, as well as a forgiveable loan of $230,000 toward capital costs, Alward said, one week before the provincial election campaign begins.
The investment is expected to add $7.5 million annually to the province’s gross domestic product once all of the positions have been filled, he said.
Appnovation CEO Arnold Leung says he is excited about expanding to Saint John.
”Being situated within a four-hour time zone between the United Kingdom and the west coast of North America, Saint John provides unique access to both markets across the Atlantic," Leung said in a statement.
In an e-mail, a company spokesperson said the office is expected to open in early September. A space on the fifth floor of 40 King St., is currently being renovated, officials said.
Appnovation also has offices in Montreal, the United States and the United Kingdom.
The company was named to this year's PROFIT500 list by Canadian Business Magazine. Appnovation ranked 70th out of 500 companies nationwide