05/25/2012 09:04 EDT | Updated 07/25/2012 05:12 EDT

Nova Scotia parking meter manufacturer gets $500,000 federal loan

NEW GLASGOW, N.S. - A Nova Scotia-based manufacturer of parking meters has been given a $500,000 federal loan.

Defence Minister Peter MacKay says the funding for J.J. MacKay Ltd. of New Glasgow is to support the development of two new parking meter systems.

The company is working on a new generation of single-space meters and a web-based parking meter management system.

The loan is administered through the Atlantic Canada Opportunities Agency.

MacKay made the announcement today in New Glasgow on behalf of Bernard Valcourt, the minister responsible for ACOA.