N.S. floats $10-million in aerospace funding
By Design Engineering StaffGeneral Aerospace Defense Aerospace Nova Scotia
Provincial repayable loan program to cover equipment, tooling and engineering costs.
Nova Scotia announced a $10-million repayable loan program to help its aerospace and defence companies cover the costs of equipment, tooling and engineering. The province is home to 40 per cent of Canada’s military assets, and the highest concentration of marine technology companies in North America. In addition, the aerospace and defence industries account for more than 6,000 good jobs across the province, and contribute about $600 million annually to our gross domestic product.
“Often the cost of doing business with large equipment manufacturers and subcontractors can be overwhelming for small- and medium-sized businesses,” said Steve Elder, president of the Aerospace and Defence Industries Association of Nova Scotia. “We wholeheartedly endorse this funding, which eases that burden and shows the province recognizes this high value and growing sector.”
This is a one-time allocation of funds through the Industrial Expansion Fund. The province recently announced that a new modern fund will be created to replace it. During the transition period to the new fund, all investment proposals will continue to be considered on their merits.