P.E.I. Brewing Company is expanding again to meet increasing demand across the country and further boost the province’s exports.
To support phase two of the expansion, the province is providing $746,366 in repayable financing, which will be used for the purchase of new brewing and packaging equipment.
The province also supported phase one with previously announced repayable financing of $754,132.
Jeff Squires, president and CEO of the brewing company, said the craft beer industry continues to grow in Canada.
“The increasing demand for P.E.I. beer products across the country is another example of the increasingly excellent reputation of the food and drink produced right here on Prince Edward Island,’’ Squires said.
Economic Development and Tourism Minister Chris Palmer said the P.E.I. Brewing Company is a significant exporter of craft brew and this will help it reach a wider audience.
Provincial financing assistance has proven essential to facilitate business growth across the Island.
Provincial loans currently help support nearly 900 Island businesses with more than $372 million in financing, the vast majority which supports entrepreneurs and primary producers in rural communities.