What Can ESSOR Component 2 Fund? A Comprehensive Overview
ESSOR – Component 2 is a key initiative aimed at supporting Québec businesses through investment projects that enhance productivity and promote business expansion. This program offers a variety of financial support mechanisms, including repayable contributions and loan guarantees, to encourage technological advancement and economic growth.
Overview of ESSOR – Component 2
ESSOR – Component 2 is designed to accelerate the growth of business productivity in Québec by facilitating technological transitions and the acquisition of new technologies. It aims to support the realization of significant investment projects within Québec, fostering both the establishment and expansion of local and international businesses.
For comprehensive program details, including specific eligibility requirements and application steps, consult the complete program guide.
Eligible Expenses
The program funds a range of expenses associated with investment projects. Key eligible expenses include:
Technology Acquisition: Costs related to purchasing and implementing new technology solutions to enhance productivity.
Equipment and Machinery: Investments in equipment that contribute directly to business expansion or productivity improvements.
Consulting Fees: Professional fees for services that support project planning and execution, such as feasibility studies or process optimization.
Workforce Training: Expenses for training employees to effectively use new technologies or processes implemented through the project.
For detailed information on eligible expenses, see the complete program guide.
Ineligible Expenses
Certain costs are not covered by ESSOR – Component 2, including:
Routine Operational Costs: Day-to-day operating expenses that are not directly tied to the investment project.
Debt Servicing: Costs related to paying off existing debt obligations.
Real Estate Purchases: Acquisition of real estate is not eligible unless it directly contributes to a technological project.
Visit the complete program guide for a comprehensive list of ineligible expenses.
Funding Amounts and Rates
ESSOR – Component 2 offers various funding mechanisms, including:
Repayable Contributions: Financial assistance that must be repaid under agreed terms.
Loan Guarantees: Guarantees covering up to 70% of the net loss on loans, providing security to financial institutions lending to eligible projects.
Non-Repayable Contributions: Grants that do not require repayment, available under specific conditions.
For current funding rates and detailed calculations, refer to the complete program guide.
Conclusion
ESSOR – Component 2 is a robust program offering Québec businesses the opportunity to enhance productivity and expand operations through strategic investments. By funding a wide range of eligible expenses, this program plays a crucial role in driving technological innovation and economic growth within the province. For full details and to explore how your project might benefit, consult the complete program guide.
