Potato Packer in Canada Gets USD1m Loan from the Government

A potato packer in eastern P.E.I. is expanding its operations with a loan from the Atlantic Canada Opportunities Agency (ACOA).

Rollo Bay Holdings has found an innovative solution to help meet this challenge, with support from the Government of Canada, which is working to create the right conditions for agricultural and rural-based businesses to contribute to a strong, sustainable economy. ACOA’s Business Development Program is providing a repayable contribution of USD1,045,045 for upgrades to processing and packaging equipment.

For more than 70 years, Rollo Bay Holdings Ltd. has been growing potatoes. With these equipment upgrades, the company will be able to focus on higher value product development to reach new markets. The investment in new technology will also create skilled positions for workers, and allow Rollo Bay Holdings Ltd. to improve environmental standards in its operations through reduced waste, water and energy use. The company exports to major centers across North America.

Rollo Bay Holdings Ltd. is one of 37 Atlantic Canadian firms that are currently participating in the Accelerated Growth Service. Launched in 2016 as part of the Innovation and Skills Plan, the initiative coordinates government support for high growth firms in areas such as financing solutions, advisory services, and export and innovation support from existing programming. This project also builds on the Government of Canada’s commitment to drive economic growth in Atlantic Canada through the Atlantic Growth Strategy.

RolloBay is not the first company which gets the loan from the government.

By now, East Point Potato, a processor from Souris, Prince Edward Island (P.E.I.), Canada, received a USD500,000 loan from the federal government to help expand its business, while at J & S Visser Produce Inc. received a repayable contribution of USD250k for the purchase and installation of the new equipment.