June 15, 2015
The Eastern Ontario CFDC Network is pleased to announce that NOD (Nature’s Own Design) Apiary Ltd. has been approved for a $500,000 loan to assist in the launch of a new product into the European market.
NOD Apiary is a pesticide and agri-chemical manufacturing and distribution company located in Frankford, Ontario. The focus of the company is to bring sustainable, pest control products to the beekeeping Industry. Their flagship product, Mite Away Quick Strips (MAQS) controls the destructor using formic acid as an active ingredient.
“Our government recognizes that innovation is a vehicle for prosperity in both rural and urban communities,” said MP Rick Norlock. “Through this Fund, (SOFII – Southern Ontario Fund for Investment in Innovation) we are investing in innovative companies that will create new business prospects and help to secure a prosperous future for all of eastern Ontario.”
“The support NOD Apiary Products received through the SOFII program a year ago allowed our company to immediately expand our capacity to serve additional off-shore markets with our honey bee protection products. We now have market access to 17 countries in Europe and New Zealand, as well as in Canada and the US. Several new permanent positions have been created here in Quinte West as a result, and more will come as we continue to expand,” commented David VanderDussen,” CEO NOD Apiary Ltd.
“Through SOFII, we are pleased to support NOD Apiary’s entrance into new global markets with its unique bee health products,” commented Carol Armstrong, Executive Director, Eastern Ontario CFDC Network,” This initiative is aligned with our funding priorities to support small- to medium-sized businesses in their efforts to overcome growth challenges, and open new doors of opportunity through innovation.”
The Southern Ontario Fund for Investment in Innovation (SOFII) is supported through FedDev Ontario and is being delivered by the Western Ontario Community Futures Development Corporation (CFDC) Association and the Eastern Ontario CFDC Network Inc. SOFII provides interest-bearing business loans to support innovation and growth in small- and medium-sized enterprises (SMEs) across the region. A total of $ 20 million was contributed to each of the two regional SOFII funds, which are self-sustaining, revolving loan funds, delivered in their respective territories.
The Southern Ontario Fund for Investing in Innovation supports high-growth, innovative small and medium-sized enterprises (SMEs) in rural and urban communities by offering loans of usually $150,000 to $500,000 to support all aspects of growth challenges facing them. The loans are intended to help finance:
- Late-stage commercialization;
- New product or service development;
- New applications or markets; or
- Development or implementation of new processes or technologies.
The SOFII loan fund acts as a catalyst for increased investment in and support for innovation and is one element in the emerging climate of support for these high-growth companies in southern Ontario.
For more information about this release, please contact:
Loans Manager, SOFII Program, Eastern Ontario CFDC Network
t: 705-741-1980 ext. 2
Release Source: Rick Norlock, MP, Northumberland-Quinte West
The Eastern Ontario CFDC Network is pleased to announce that NOD (Nature’s Own Design) Apiary Ltd. has been approved for a...