A Nova Scotia firm making apple pies for sale in both Canada and the U.S. has picked up a loan guarantee from the province for $1.5 million in expansion funding.
Apple Valley Foods of Kentville gets this guarantee “to support the company with necessary resources to ensure future growth,” the province said in a release Tuesday.
The guarantee will flow through the province’s Industrial Expansion Fund, which on Tuesday was announced as receiving an extra $175 million in provincial funds this year.
Another three Nova Scotia companies were confirmed Tuesday as receiving a total of $2.5 million in loans or guarantees for expansion or restructuring.
Apple Valley Foods, which opened in 2000, produces over 60,000 pies per day for Canadian and U.S. markets, the province said.
The company buys almost $1 million in apples each year from apple growers in the Annapolis Valley, the province noted.
“This investment allows us to further grow the business where, otherwise, credit is so tight that we wouldn’t be able to,” Apple Valley Foods president Jeff Sarsfield said Tuesday in the province’s release.
The province in its release cited an independent study showing that the Industrial Expansion Fund showed a return of $1.89 for every dollar invested from the fund over a six-year period ending in March 2007.
During that time, the province said, the fund “created or maintained an estimated 11,000 full-time jobs.”