FedDev Ontario announces $5.6 million to help three area businesses scale up operations and create more than 115 new jobs
ONE LONDON BUSINESS and two regional firms are sharing $5.6 million in cash from the federal government to create new economic avenues and 115 jobs.
FedDev Ontario announced Friday morning the local businesses ― Factory Bucket (London), Titan Trailers (Delhi) and Oxford Pallet & Recyclers Ltd. (Norwich) ― will get loans to support plans to grow during the Covid-19 pandemic.
“Small- and medium-sized businesses are at the heart of our regional economies and a source of local employment and pride,” said Kate Young, parliamentary secretary to the Minister of Economic Development and Official Languages, in a released statement. “Helping companies like Factory Bucket, Titan Trailers, and Oxford Pallet innovate, adopt new technology and equipment, expand and scale up at the right time so they can create jobs remains a top priority for our government.”
London-based Factory Bucket is a software-as-a-service (SaaS) provider founded in 2016. The company’s platforms help manufacturers of all sizes digitize workflows and maximize the efficiency of their operations. The company is capitalizing on growing demand for its innovative solutions, including the opportunity to implement across a network of more than 1,000 suppliers locally and around the world.
With a $500,000-repayable contribution from FedDev Ontario, Factory Bucket will scale up the development and sales of its software, configure solutions to specific supplier needs and market globally, continuing to diversify its client base. Through this project, Factory Bucket expects to create more than 20 skilled jobs in London.
“We are grateful to have the financial backing of our customers, local Roundhouse Accelerator program, London Economic Development Corporation and now our federal government,” says David Uram, Factory Bucket founder. “It really does take a village to support up-and-coming companies like Factory Bucket. Adding FedDev Ontario to our list of partners helps Factory Bucket immensely in our mission to support our customers and grow key economic industries like manufacturing and information and communication technologies.”
In addition to the $500,000 to Factory Bucket, $4.1 million will go to Titan Trailers to build a new facility in Delhi and add 75 jobs in Tillsonburg and Delhi, and $1 million will go to Oxford Pallet for new equipment and to help build a 48,000-square-foot facility. It will add 20 jobs.