The P.E.I. cabinet has approved a loan of $540,000 to Trout River Industries from Island Investment Development Inc., part of the Department of Workforce and Advanced Learning.
- Premier voicing ad opens Pandora's box, says Opposition
- P.E.I. approves $3M credit for company
The company in Coleman, in western PEI, manufactures specialized trailers for hauling large loads.
"They are a major employer in West Prince," said Economic Development and Tourism Minister Heath MacDonald, pointing out the company employs about 75 people year-round.
"They are a major exporter of manufactured goods," he explained.
"Our [P.E.I.'s] exports are up 16 to 18 percent over the last year.
"We led the country in exports and you know these types of companies are playing a major part of it."
The company has borrowed from government before. This loan is for a five-year term.
A company official says the money will be used to purchase equipment.
"The province is committed to the success of Island companies and entrepreneurs, especially in rural P.E.I.," MacDonald added. "Anything government can do to advance that is most beneficial."
Last fall P.E.I. Premier Wade MacLauchlan stirred controversy by voicing an ad for Trout River Industries. MacLauchlan responded he was eager to share the company's success story.