Province Invests in Manufacturing to Boost Regional Economy
Ontario supports more than $8.8 million surge into Simcoe North economy from the Regional Development Program
NEWS RELEASE: April 5, 2022
SIMCOE NORTH — The Ontario government is contributing over $1.3 million through the Southwestern Ontario Development Fund (SWODF) towards a total investment of over $8.8 million by J.V.C. Precision Ltd through 2022 and 2023. This investment into Oro-Medonte will strengthen the regional manufacturing sector and attract new investments to the local economy while supporting the province’s economic growth. The investment will directly contribute to the creation of up to 17 new jobs and the retention of 32 jobs.
Jill Dunlop, MPP for Simcoe North, congratulated J.V.C. Precision Ltd. on receiving the grant of over $1.3 million. The investment will go towards a 16,000 square foot extension to their existing 22,000 square foot facility. J.V.C. Precision will undertake capital improvements to house new advanced manufacturing equipment and improve their shipping and receiving infrastructure resulting in the creation of new highly skilled jobs while bolstering the competitiveness of Ontario’s manufacturing sector.
“Since taking office, the government has sent a clear message that Ontario is open for business and open for jobs,” said MPP Jill Dunlop. “We’re creating an environment where businesses can focus on what they do best — developing great products and services and building successful companies. It’s great to see J.V.C. Precision invest in new technology and grow their market share while creating jobs and boosting the economy of Simcoe North and Ontario.”
J.V.C. Precision Ltd. is a metal fabrication company specializing in the supply of components and assemblies to original equipment manufacturers of mining vehicles, forestry, agricultural and commercial equipment, many of which are then exported.
“JVC Precision is thrilled to be awarded funding from the Government of Ontario’s SWODF program for our 2022 / 2023 strategic plans. This investment will be instrumental in supporting our long term continued business growth and capital expansion plans in Simcoe County”. says Mike Van Campen, JVC President.
Ontario is investing more than $100 million through the Regional Development Program from 2019 to 2023 to support distinct regional priorities and challenges. The program provides cost-shared funding to businesses, municipalities and economic development organizations to help local communities attract investment, diversify their economies, and create jobs.
• The government launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.
• The government recently launched the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of the Regional Development Program to help support Ontario advanced manufacturers to invest in the equipment, advanced technologies and skilled workforce needed to improve competitiveness, growth, and create, retain and bring jobs back to every region of the province.
Learn more about the Regional Development Program