In response to market demand, Soya-Source Inc. has opened a new processing facility to extract oil and meal from soybeans thanks to investments made by the federal and provincial governments.
“The economy is our Government’s top priority. It is small- and medium-sized businesses that remain the backbone of the economy in the Atlantic region,” said the Honourable Gail Shea, Minister of Fisheries and Oceans. “It is through the growth of companies such as Soya-Source that we are going continue to recover from this economic recession.”
Soya-Source’s new processing facility in Pooles Corner will extract oil and meal from soybeans to be used as an additive in livestock feed. This soy meal and oil has the capability to add a significant amount of natural protein to processed livestock feed.
“On behalf of the Government of Prince Edward Island, I am pleased to congratulate Soya-Source for the establishment of this highly innovative project,” said Alan McIsaac, MLA for Vernon River-Stratford. “The provincial government is strongly committed to the support of projects such as this which add value and expands markets for locally-produced crops and which provide a new feed source for the livestock industry.”
The Government of Canada has invested $106,400 to help provide the necessary equipment to extract oil and meal from soybeans. The Government of Prince Edward Island has invested $40,000 in the company through the Department of Agriculture and Innovation PEI, which includes $30,000 under the Canada-Prince Edward Island Growing Forward agreement.
“The investments made by both level of governments have not only helped us open our facility and begin our processes but it also helps Island farmers,” said Herman VandenBroeck, Owner of Soya-Source. “Our facility allows farmers to sell their product locally and purchase soy oil and soy meal locally for their livestock feed, which helps to cut down their costs.”
This innovative new processing facility will also help the Island agriculture community. With the increase in price for soybeans and a decrease in the need for barley and wheat, more farmers are turning to soybean as a cash crop.
The new facility enables farmers to sell their crop locally reducing overall shipping costs.