THUNDER BAY — Over $500,000 has been loaned to two local businesses for equipment and staff expansions.
Venshore Mechanical president John Jurcik said they received $368,201 from FedNor, which allowed them to buy several new pieces of equipment to increase the number of projects they can take on.
"It just brings that work back to Thunder Bay. This allows us to enhance and offer more opportunities for metal trades in Thunder Bay and keep the ebb and flow kind of smooth with the current trades that we have - where we would go from one project to the next and not have anything to fill in between."
The other business receiving federal funding is BioNorth Solutions. This local company develops and produces various strains of bacteria and microbes used to help clean dirt, sand and water of impurities. BioNorth received $145,000 from FedNor.
Co-founder and president Amber Kivisto said this loan will allow them to expand their facilities.
Both local businesses will also hire staff with the funding, resulting in 17 new jobs. Six positions will be made into full-time roles and 29 jobs will be maintained.
Marcus Powlowski, MP for Thunder Bay Rainy River, called the investment good for the future.
"For all those kinds of manufacturing processes, you need the equipment beforehand in order to actually do the mining, and that's the kind of stuff they make here. So, it means jobs for Thunder Bay. But also, people are making money and then spending it in the community."
The loan to each business can be repaid over a 10-year period with a zero per-cent interest rate.
