By Émile Audet
February 07, 2024
The Third Component of ESSOR: Support for Investment Projects that Reduce the Environmental Footprint
Introducing the ESSOR program, a critical initiative of the Economic Development Fund (FDE) aimed at enhancing the productivity and competitiveness of businesses in Québec. Now, let's delve into the specifics of the third component of ESSOR, which focuses on reducing the environmental footprint. These key insights into the third component of ESSOR shed light on its pivotal role in reducing the environmental impact while offering critical financial support to eligible enterprises.
What is the ESSOR program?
The ESSOR program is a product of the Economic Development Fund (FDE), whose main objective is to improve the productivity and competitiveness of Québec businesses. Set up to help companies and investment projects in Quebec, it also aims to encourage and continue digital transformation. To achieve these objectives, the ESSOR program has four specific components. Through these various actions, the ESSOR program plays a crucial role in boosting the Quebec economy and consolidating the competitiveness of the province's businesses.
What projects are covered by the third component of ESSOR?
The third component of ESSOR is designed to support projects with a minimum expenditure of $100,000 that aim to reduce the environmental footprint. These projects aim to reduce pollution and ensure the efficient use of natural resources. They also seek to promote the use of renewable energies and bioenergies, as well as the production of new fuels with low environmental impact. The section also focuses on transport and mobility projects, encouraging sustainable, environmentally-friendly solutions. Recycling and the circular economy are also among the initiatives supported by this part of ESSOR. Finally, the program encourages projects aimed at preserving natural environments and reducing resource consumption. It is important to note that retrofit projects are not eligible for this third component.
Who is eligible for the third component?
The third component is open to a wide range of companies. For-profit companies, cooperatives and social economy enterprises are all eligible for this component. This means that profit-seeking private companies, cooperatives that are collectively managed by their members, and social economy enterprises with a social or environmental mission are all eligible. All sectors are accepted, with the exception of a few. The primary sector, mining, real estate, construction, utilities, management of companies and enterprises, healthcare, education, public administration, finance and insurance, culture, telecommunications, broadcasting and catering are not eligible for this third component. This means that companies operating in these sectors cannot benefit from the advantages offered by this specific component.
What type of support is offered?
When it comes to the type of support offered, there are different options to consider. First, there's the repayable contribution in the form of a loan. This form of support means that the recipient company will have to repay the sum granted, with interest, within a set period. This can be advantageous for companies seeking additional funds but able to repay the loan. Then there's the loan guarantee and the equity investment of less than 50%. This means that the company benefiting from this support can obtain funds without significantly diluting its capital. Finally, there are non-repayable contributions, commonly known as grants. This type of financial support does not require repayment and can be used by companies to finance a variety of projects or activities. In short, the type of support offered can vary according to the company's needs and the options available.
How to get involved
To participate, the first step is to check whether your company is eligible. It's important to make sure your company meets the criteria required to participate in this program. The next step is to find a project aimed at reducing the company's environmental footprint. This may involve a variety of initiatives, such as improving the energy efficiency of buildings or implementing recycling practices. Once a project has been identified, we recommend that you call 1 844 474-6367 for further information. This number will provide you with additional information on the participation process and allow you to ask any questions you may have. It's important to be well informed and to follow all the necessary steps to ensure successful participation in this environmental footprint reduction program.
Key facts about the third phase of ESSOR
In conclusion, Investissement Québec's ESSOR program plays an essential role in promoting the competitiveness and sustainability of Québec businesses. Here are five key points to remember about the third component of this program, which focuses on reducing the environmental footprint:
- Environmental objective: The third component of ESSOR aims to support projects with a minimum expenditure of $100,000 that contribute to reducing the environmental footprint, by encouraging the reduction of pollution, the use of renewable energies, and the promotion of ecological solutions.
- Eligible projects: Eligible projects include those related to sustainable mobility, recycling, the circular economy and the preservation of natural environments. However, retrofit projects are not covered by this section.
- Types of eligible businesses: This component 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 financial support: Companies can benefit from various forms of assistance, including repayable loan contributions, loan guarantees, equity investments (less than 50%), and non-repayable contributions (grants).
- Participation process: To participate effectively in the program, it is essential to verify your company's eligibility, choose a project aligned with environmental objectives, and contact the 1 844 474-6367 telephone number for further information and clarification on the participation process.
Related Tags
Business aid
Grants
Digital transformation
Government aid
article|about_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.
