Slemon Park gets $5M for upgrades from federal, P.E.I. governments
Money to finance hangar upgrades, facility expansion
The aerospace industry in Slemon Park, P.E.I., has gotten a $5 million boost from the provincial and federal governments.
The mix of repayable and non-repayable funding will finance upgrades to Hangar 8, a multi-tenant facility, as well as an expansion for tenant StandardAero, a written release said.
It's the second funding announcement of the day for Slemon Park companies.
Navdeep Bains, minister responsible for the Atlantic Canada Opportunities Agency, made the announcement along with Premier Wade MacLauchlan and Egmont MP Bobby Morrissey.
Hangar upgrades
ACOA's Innovative Communities Fund will give $2 million to Slemon Park Corporation for upgrades to the 300,000 square-foot hangar.
The agency's Business Development Fund is making a conditionally repayable contribution of $750,000 for an infrastructure fit-up and building improvements for StandardAero so it can expand its operations.
The P.E.I. government is giving $1.5 million in non-repayable funding to Slemon Park through its Business Development Fund. The province is also providing $750,000 in repayable funding to assist with the facility expansion.
"As the fastest-growing industry in P.E.I., aerospace is a success story built on innovation. It comes from understanding the strengths of a region and building on those assets through strategic investments," Bains said.