The federal government has allocated over $6.9 million to assist 17 businesses and organizations in Prince Edward Island (P.E.I.) in responding to the impacts of U.S. tariffs. This financial support, which does not require repayment, is being provided through the Regional Tariff Response Initiative managed by the Atlantic Canada Opportunities Agency within the Atlantic provinces. The initiative aims to aid businesses in enhancing productivity, fortifying supply chains, and expanding into new markets.
One of the beneficiaries of this financial aid is the P.E.I. Bag Company, a local business that produces bags for various consumer products and employs 65 individuals. The company is set to receive more than $260,000 to acquire new manufacturing equipment and digital technologies. Notably, the three largest grants are earmarked for Trout River Industries, receiving $987,625, P.E.I. Brewing Company with $790,000, and Somru BioScience Inc. obtaining $747,500.
Minister Sean Fraser, who oversees the Atlantic Canada Opportunities Agency, emphasized the significance of the $6.9 million in direct support, stating that it will benefit P.E.I. Bag Co. and 16 other entities in Prince Edward Island, with additional support planned for businesses across the Atlantic region. The government is committed to swiftly assisting workers and businesses impacted by these tariffs.
In a related development, the P.E.I. government recently unveiled a $12.5 million support package for local businesses affected by U.S. tariffs. The federal government’s contribution is part of a larger $7.5 billion initiative designed to aid Canadian workers and businesses grappling with the repercussions of the tariffs.
