Rector Machine Works Ltd. in Sault Ste. Marie has received more than $700,000 to expand its facility and make equipment upgrades.
The funding comprises a $369,100 loan and a $369,100 grant, which come from the Northern Ontario Heritage Fund Corp.’s Enterprise North Job Creation Program, and has contributed to a $1.4-million expansion.
“We are providing provincial funding to Rector Machine Works through the NOHFC to support the expansion of a local business that is making major improvements to their facilities as well as upgrades to their equipment in order to increase competitiveness, create local jobs and reduce outsourcing to southern Ontario,” Sault MPP David Orazietti said in a news release.
“Boosting economic opportunities in Northern Ontario is a top priority for our government and we are protecting the NOHFC’s $100-million budget in order to help entrepreneurs and businesses of all sizes.”
The combined $738,200 in provincial funding has been used to build a 5,000-square-foot fabrication building, which is an addition to the existing 10,000-square-foot building, for manufacturing and fabrication activities in the mining and steel sectors. Provincial funding will also be used to make essential equipment upgrades that include a CNC plasma cutting machine that is used to handle speciality work, such as precision custom cutting.
"The provincial government’s NOHFC funding program created an opportunity and supplied the initiative for our business to expand its infrastructure and upgrade its heavy equipment so that we can compete for contracts that have been going to southern Ontario,” Herv Rector of Rector Machine Works said in the release.
“The NOHFC is important for businesses of all sizes in Northern Ontario and we are pleased to have been approved for a program that will have economic benefits for our community and the Algoma region.”