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SAINTE-CLAIRE, QUEBEC--(Marketwire - March 18, 2011) - Acting on behalf of the Honourable Denis Lebel, Minister of State for Canada Economic Development, Steven Blaney, Member of Parliament for Lévis–Bellechasse, today announced the awarding of $330,000 in repayable financial assistance to the Laforo Iron Foundry. Granted through the Business and Regional Growth program, this funding will enable the enterprise to acquire the equipment it needs to maximize productivity. 

"This financial support we are granting to the Laforo Iron Foundry falls under the measures adopted by the Government of Canada to promote the growth of Quebec's enterprises and foster the economic diversification of its regions," explained Steven Blaney.

The company's project involves reorganizing its production system in order to obtain a higher degree of efficiency. The new equipment it plans to install in the foundry will allow the enterprise to improve its products and thereby increase its productivity and competitiveness. Laforo will thus be in a better position to expand into markets it is not currently tapping and consequently increase its level of domestic and foreign sales. Laforo estimates that some 10 jobs will be created as a result of this initiative.

"Laforo will be capitalizing on its competitive advantages to extend its reach into new market niches and maximize its profitability," the MP added.

Canada Economic Development's Business and Regional Growth program strengthens the conditions conducive to the sustainable growth of Quebec's regions and small and medium-sized enterprises (SMEs). It seeks to help businesses improve their performance, become more competitive and engage in more innovation, and supports the transfer of technology and research outputs to enterprises. The program also aims to create a climate that will attract foreign investment and encourage international organizations to set up operation here.