Feds back Que. ag-biotech business incubator

Federal funding for a Quebec-based business incubator agency specializing in ag biotechnology is expected to help 11 businesses boost their sales and create new jobs.

The Ag-Bio Centre, based at Levis, will gets $260,000 in “non-repayable” funding to continue its support for new biotech firms through their pre-startup, startup and expansion phases, the federal government announced Wednesday.

The funding, flowing through the Business and Regional Growth program, is expected to leverage $970,000 in investment from other sources, the government said.

Eleven enterprises will be members of the Ag-Bio Centre incubator, the government said. It’s expected that by 2013, these firms will be able to create 75 specialized jobs and boost their sales on domestic and international markets.

As well, the government said, the centre itself will be able to maintain two jobs and create one position.

Officially opened in June 2002, Ag-Bio Centre operates using a personalized mentoring approach and caters specifically to entrepreneurs interested in applied biotechnologies in the fields of agri-food, health, nutrition and the environment.

“The growth of these areas of excellence will ensure the Greater Quebec City area true competitive advantage and promote it at home and abroad,” the government said Wednesday.

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