By Émile Audet
October 20, 2023
The Second Component of ESSOR: Support for Productivity-Enhancing Investment Projects
Investissement Quebec's ESSOR program is a major lever for stimulating the growth and competitiveness of Quebec businesses. Designed to support innovation, expansion and the digital transition, this program is of crucial importance to the province's economy. To better understand how it works and its impact, let's take a closer look at the essential elements of Investissement Quebec's second phase of ESSOR.
What is Investissement Quebec's ESSOR?
Investissement Quebec's ESSOR is a program originating from the Fonds du développement économique (FDE) designed to increase the productivity and competitiveness of Quebec businesses. Its main objective is to support companies and investment projects in Quebec. The program also focuses on accelerating the digital transformation of businesses. To achieve these objectives, ESSOR comprises four distinct components. Through these four components, Investissement Quebec's ESSOR aims to stimulate Quebec's economic growth by supporting companies and accelerating their transformation to the digital economy.
What projects are eligible for ESSOR’s second component?
The second stage of ESSOR provides funding for a variety of economic projects in Quebec. To be eligible, these projects must involve at least $100,000 in eligible expenses. Eligible projects include those aimed at increasing production capacity, as well as the creation of a new business. The expansion or establishment of an existing business in Quebec, as well as the modernization or technological transition of a company, are also considered. To be accepted, these projects must demonstrate an increase in profitability or payroll. It is also possible to apply for funding for projects involving the acquisition of digital solutions, but this requires a digital diagnosis. In short, the second component of ESSOR offers a financing opportunity for various economic projects in Quebec, as long as they meet certain established criteria, notably in terms of eligible expenses, profitability and job creation objectives, and the use of digital solutions.
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Which companies can benefit from this component?
This component is aimed at several types of companies operating in Quebec. First and foremost, it is open to for-profit companies, as well as cooperatives and social economy enterprises. All sectors of activity are accepted, with the exception of certain fields such as the primary sector, mining, real estate, construction, public services, management of companies and enterprises, healthcare, teaching, public administration, finance and insurance, culture, telecommunications, broadcasting and catering. In short, this component offers opportunities to a wide range of companies, provided they are not part of the excluded sectors mentioned above.
What help is available?
The assistance offered comes in different forms. Firstly, there is the repayable contribution, which takes the form of a loan granted to individuals or companies. Then there's the loan guarantee and the equity investment, provided that the shareholding remains below 50%. Finally, there is the non-repayable contribution, which takes the form of a grant. It is awarded to individuals or companies to help finance their projects, with no obligation to repay. Finally, the assistance offered includes repayable loans, loan guarantees, equity investments and non-repayable contributions.
How to participate
To participate in the program, it is essential to verify your company's eligibility. This means ensuring that the required criteria are met. Once this has been done, it's time to decide on a project that could be covered by the program. It's important to be well-informed about the different types of projects accepted, so as to choose the one that best suits your company's needs. If you have any doubts or additional questions, you can call 1-844-474-6367 to find out more about the program and its terms and conditions. This contact can be useful for clarifying eligibility criteria, as well as for obtaining additional information on the various stages of program participation. In short, to participate effectively in the program, it's essential to check your company's eligibility, choose a project covered by the program and contact the telephone number provided.
Key elements of the second phase of ESSOR
In conclusion, Investissement Quebec's ESSOR program is designed to support Quebec's economic growth by promoting business productivity and the transition to the digital economy. Here are five points to remember about this program:
- Main objective: ESSOR aims to support companies and investment projects in Quebec, with a focus on increasing productivity and competitiveness, as well as digital transformation.
- Project eligibility: The second component of ESSOR offers financing for various economic projects in Quebec, provided they involve at least $100,000 in eligible expenses. This includes expansion, creation, modernization, technological transition and acquisition of digital solutions.
- Types of eligible businesses: This program is open to for-profit businesses, cooperatives and social economy enterprises in various sectors, with the exception of certain excluded fields such as real estate, finance and healthcare.
- Types of assistance offered: ESSOR offers various types of assistance, including repayable contributions, loan guarantees, equity investments (under 50%) and non-repayable contributions (in the form of grants).
- How to participate: To take part in the program, it's essential to check your company's eligibility, choose a project covered by the program, and contact the telephone number 1 844 474-6367 for further information and clarification on the participation process.
Related Tags
Business aid
Grants
Digital transformation
Government aid
About the author
Émile Audet
Canadian grants specialist
Working at helloDarwin for some time now, I'm in charge of providing you with the information you need on government aid. Dedicated to helping companies in Quebec and Canada reach their full potential, I write on the helloDarwin blog about the various programs, allowances and funding available to enable organizations to make their digital transformation through access to federal and provincial support.
Frequently asked questions about ESSOR
What is the ESSOR program?
The ESSOR program is an Investissement Québec initiative designed to help and support Quebec companies in their growth. By focusing on digital transformation, the program aims to improve the competitiveness and development of businesses. The program contains four distinct components covering important aspects of the economic future of companies and of Quebec.
Who is eligible for ESSOR?
For-profit companies, cooperatives and collective enterprises operating in Quebec are eligible for the program. All sectors are eligible for the diagnosis and implementation of a digital plan, and can then access the projects covered by the first component. However, companies in certain sectors are not eligible to participate in the different components of the program.
See our articles on Components 1, 2, 3 and 4 to learn more.
What kind of project are covered by ESSOR?
The projects covered by ESSOR aim to accelerate the growth and development of companies in Quebec. The first component covers the realization of investment projects, notably through the analysis, evaluation and implementation of digital plans. The second covers projects that improve productivity through expansion, new business creation, capacity enhancement and modernization. The third component supports projects that reduce the environmental footprint and, finally, the fourth component targets internationalization and expansion outside the Quebec market.
What type of help is offered by ESSOR
The ESSOR program offers several types of assistance. Investissement Québec supports Québec companies by offering repayable loans, loan guarantees and equity investments of less than 50%. In addition, subsidies may be offered to companies. Assistance amounts vary according to project size, type and corresponding component.
Why take part of the ESSOR program?
Participating in the ESSOR program enables companies to pursue their growth and development, while also benefiting from help with their digital transformation, an essential factor in today's environment.