| Community Futures
South Central
Mustard Capital Inc. (MCI) is Canada's newest
dry mustard milling operation
Located in Gravelbourg, Sask., MCI has received
debt financing from the Community Futures Program on two separate
occasions. The first loan helped to support the launch of the
company, and the second loan assisted in the expansion of additional
equipment.
The financing came as an arrangement package
with the participation of two Community Futures offices - South
Central and Southwest.
It is truly a great example of strength
of local economic development agencies being able to find opportunity
for diversification and value-added processing through strong
partnerships.
Tom Halpenny CEO of MCI has this to say about
community futures participation; "There has been a good working
relationship with the advisory staff supporting the Community
Futures program. Also, the cooperation of two regions, Community
Futures South Central and Community Futures Southwest, helped
to deliver the level of funding required to assist our project.
The terms have been competitive, and the process of approval reasonably
simple and straightforward. MCI would recommend the Community
Futures program to other new ventures as a viable alternative
to assist new and growing businesses in the region."
The SEDA 2008 OUTSTANDING ECONOMIC DEVELOPMENT
INITIATIVE
was presented to Mustard Capita Inc. . This project began back
in 2001 and after almost 7 years of hard work by economic development
staff and volunteers, culminated in the formal opening of a dry
mustard milling facility in fall of 2007 after securing an experience
management team and successful round of capital acquisition.
Supporting this venture was the financial investment
of Community Futures South Central as well as the Town of Gravelbourg
and various agencies and local stakeholders. Mustard Capital Inc
is already shipping three different mustard products around the
world. It is Kosher verified and is currently pursuing organic
certification - as well as seeking out new markets with the support
of industry partners such as AgWest Bio.
MCI has seen sales grow steady and is in a position
to look at phase three expansion and become the true mustard capital
of world.
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