$1.65M in loans for Island company
With the government loans P.E.I. Mussel King will add cold storage to its facility in Morell. (P.E.I. Mussel King)
P.E.I. Mussel King is adding cold storage capacity to its facility in Morell with assistance from ACOA and the P.E.I. government.
Finance PEI is providing a $1.15 million loan and ACOA is adding a $500,000 loan towards the project.
“The addition of our own cold storage facility is the next logical step in our overall growth strategy,” said Esther Dockendorff, president of P.E.I. Mussel King in a news release.
“We now control our product from harvest to final transport.”
Currently the company does not have cold storage for mussels, and has to ship some of them off-Island. Having storage in the province will reduce transportation costs.
The new facility is now complete and will be ready to start storing mussels on Oct 16.
Agriculture and Agri-Food Minister Lawrence MacAulay said the loan is a part of a federal government strategy to grow agri-food exports to $75 billion by 2025.