P.E.I. government loans $4.5M to Master Packaging
Loan will be used to expand production
The P.E.I. government has granted a $4.5 million loan to Master Packaging, a box plant in Borden-Carleton.
Economic Development and Tourism Minister Chris Palmer said a new machine will be purchased with the loan that will increase production to serve increasing demand for the company's products. It's expected another four jobs will be created through this project.
Master Packaging currently employs about 190 people. It exports products internationally.
The loan is through Island Investment Development Inc. and is for a seven year period with a five-year term at four per cent interest.
Palmer noted Master Packaging is a major contributor to the economy in the Borden-Carleton region and the whole province. The company has been a lending client of IIDI since it opened 22 years ago, he said, and the interest generated from this loan will be used to help in the development of other companies across P.E.I.
Palmer said IIDI performed all necessary due diligence on the loan and recommended it be approved by cabinet.
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With files from Angela Walker