The Government of Canada and the Government of Quebec through Investissement Québec are announcing a total of $7 million in loans as financial support for SP to acquire and fit out a new factory in Saint‑Hyacinthe.
The Government of Canada is granting a repayable contribution of $2 million through the Regional Economic Growth through Innovation (REGI) program administered by Canada Economic Development for Quebec Regions (CED). For its part, the Government of Quebec is granting a loan totalling $5 million from Investissement Québec's capital funds.
The Minister of Sport and Minister responsible for CED, the Honourable Pascale St-Onge, the Minister for the Economy, Lucie Lecours, and the Member for Saint-Hyacinthe, Chantal Soucy, made the announcement today.
The project, valued at $20 million, will enable the sports uniform manufacturer to create approximately 40 jobs and enhance its productivity and profitability. Production is expected to begin in fall 2022.
Quotes:
"By granting this financial support of $2 million, our government is following through on its commitments. We are helping businesses grow and innovate so they can create quality jobs and ensure the Canadian economy prospers. By building this new ultra-modern factory, SP is making every effort to sustain its momentum and maintain its enviable position on the international scene."
The Honourable Pascale St-Onge, Member of Parliament for Brome‒Missisquoi, Minister of Sport and Minister responsible for CED
"As a government, we support businesses as they innovate to help them become more efficient and productive. Through its new state-of-the-art equipment, SP will be able to ensure its growth in Quebec and remain a key player in the industry."
Lucie Lecours, Minister for the Economy
"By setting up in a new facility, the business will be able to enhance not only its productivity but also the quality of life of its employees, who will benefit from a modern work environment. I am delighted that SP has chosen to remain in Saint-Hyacinthe as it pursues its operations and fulfills its growth objectives."
Chantal Soucy, Member for Saint-Hyacinthe
"Our Montérégie-based team is proud to contribute to SP's major growth project. For nearly 25 years, the family-run business has made a name for itself in a highly competitive global market by leveraging research and development, innovation, and personalized service. In Saint‑Hyacinthe, like in all regions across Quebec, our experts have the funding and mentoring tools they need to support entrepreneurs who want to propel their businesses forward in Quebec and internationally."
Guy LeBlanc, President and Chief Executive Officer, Investissement Québec
Quick facts:
- SP specializes in hockey items (jerseys, socks, bags, promotional items, etc.). The business also manufactures equipment for other sports, including baseball, basketball, and soccer.
- The business is a sub-contractor for major players in the industry such as Nike, Adidas, and CCM.
- Approximately 90% of its production is for international markets.
- CED is the key federal player in Quebec to promote economic development in the regions and among SMEs.
- The REGI program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
- Investissement Québec, at the service of homegrown businesses, has a mission to support Quebec's economic development.
