Federal funds for Cape Breton rope company | Local-Business | Business

SYDNEY, N.S. —

The federal government announced a repayable loan of $204,000 to Polysteel Atlantic Limited on Feb. 4 for equipment and automation upgrades to its manufacturing line and control systems.

The Edwardsville-based company manufactures uniquely designed high strength synthetic rope. Its Cape Breton facilities can produce up to six million pounds of rope a year.

Improvements will streamline production, reduce maintenance costs and deliver products for industries like aquaculture and commercial fishing.

Federal support for the project is through the Atlantic Canada Opportunities Agency’s regional economic growth through innovation program.