SME to receive $1M in financial assistance from CED to foster sustainable development in Quebec’s regions by offering an ecofriendly alternative to polluting plastics.
Québec, Quebec, February 9, 2024 – Canada Economic Development for Quebec Regions (CED)
SMEs have a key role to play in ensuring Quebec’s economy makes the environmental transition. They seek to innovate and grow by becoming more competitive in a greener world. That is why the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for CED, accompanied by the Honourable Jean‑Yves Duclos, Member of Parliament for Québec and Minister of Public Services and Procurement, took the opportunity during her visit to announce a repayable contribution of $1M for BOSK Bioproducts Inc. This CED support will enable the business to increase its production capacity by establishing a manufacturing unit for compostable bioplastics. The assistance provided will focus on the cost of acquiring equipment and installing, testing, and commissioning this unit.
BOSK Bioproducts is an innovative SME based on the model of a circular economy to collect industrial waste, such as bio-sludge from paper manufacturing, and convert it into compostable bioplastics. Its new manufacturing unit will enable it to improve its production capacity by securing its supply chain. The business will thus be able itself to produce polyhydroxyalkanoate (PHA), a key component of REGEN™, a bio-based bioplastic it has developed. Through this 100% compostable solution, BOSK aims to significantly reduce plastic waste in the environment.
A sustainable, just, and more inclusive recovery relies, among other things, on businesses making the green shift. The Government of Canada supports SMEs by fostering sustainable development across all Quebec regions. Adapted programs and services are available to accelerate the implementation of innovative projects, the adoption of clean technologies, and the development of greener products. In this way, CED is providing concrete assistance for Quebec’s businesses, entrepreneurs, and workers to better position themselves and seize opportunities arising out of an economy in transition.
Quotes
“Through their capacity to innovate, SMEs have a key role to play in the green transition and in our economy. That is why our government is proud to support them so they can continue to develop sustainable solutions to protect the environment, while also remaining competitive. I am therefore pleased with CED’s assistance for BOSK Bioproducts, whose growth will not only enable the region’s economy to develop, but also guarantee a greener, healthier planet for future generations.”
The Honourable Soraya Martinez Ferrada, Member of Parliament for Hochelaga, Minister of Tourism and Minister responsible for CED
“To counter the climate crisis, which is one of the determining challenges of our time, we are ensuring our SMEs have the support they need to complete their green transition so they can remain competitive, innovative, and well equipped to adapt to the economy of tomorrow. The funding granted to Québec’s BOSK Bioproducts will enable this business to develop a 100% compostable alternative to traditional plastics. I am confident the success and spin-offs of this wonderful project will be felt right across the city of Québec and throughout the province and Canada.”
The Honourable Jean‑Yves Duclos, Member of Parliament for Québec and Minister of Public Services and Procurement
“We are profoundly grateful to CED for its generous support. This loan is not just a financial boost; it is a sign of confidence in our mission. Plastic pollution is one of the most pressing environmental challenges of our time. Every day, we throw the equivalent of 2000 trucks of waste into our oceans, and plastic packaging represents most of the world’s production. Our commitment at BOSK Bioproducts is to be part of the solution. As a proudly Quebec-based business, we want to make a positive contribution to the local economy, and this grant enables us to accelerate our production of compostable bioplastics, marking a major step in our path towards sustainable development. We are more than a business; we are a community of innovators animated by a vision of a cleaner, greener future for Quebec and the world.”
Paul Boudreault, President, BOSK Bioproducts
Quick facts
- According to a 2022 survey by Canadian Manufacturers & Exporters, 90% of Canadian manufacturing SMEs have not begun their transition to net‑zero emissions. Yet, SMEs generate approximately 30% of Canada's total GHG emissions.
- CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
- The funding announced today has been granted under the Jobs and Growth Fund (JGF) program. This program targets businesses and economic organizations to help them prepare local economies for long‑term growth. It involves strategic investments in projects aimed at reducing Canada’s environmental impact and fostering a green, resilient economy.
Source: Government of Canada
