MRC Charlevoix — FQM Business Succession Fund
grant_single|update January 24, 2025
QC, Canada
Financial support program for entrepreneurial transition and acquisition
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|closingDate September 30, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC Charlevoix
grant_single|status
grant_card_status|open
grant_single_labels|preview
The MRC Charlevoix — FQM Business Succession Fund offers a maximum of $15,000 to support entrepreneurs acquiring a part or entirety of a legally constituted business in Quebec through services such as due diligence and professional fees for specialists. This grant aims to facilitate business succession and ownership transfer, fostering entrepreneurship within the region.
grant_single_labels|terms_and_conditions
This grant provides specific modalities for financial assistance that cater to the needs of businesses involved in succession planning and acquisition. These financing modalities are designed to assist entrepreneurs with professional services and transfer processes.
- Financial assistance covers up to 50% of the total eligible costs of professional services related to business succession, with a maximum cap of $15,000 per beneficiary, excluding taxes.
- Eligible costs include expenses for due diligence, preparing business transfer agreements, and professional fees for specialists.
- Funds are disbursed by the MRC or designated organization upon approval according to the terms outlined by the FQM.
- Expenses incurred before the application submission date via the financial assistance form are not eligible.
grant_single_labels|projects
This fund focuses on supporting entrepreneurs in the acquisition and succession of businesses across Quebec. It offers assistance in essential areas related to business transfer and entrepreneurship.
- Funding due diligence processes to determine the fair market value of a business.
- Support for the preparation of business takeover agreements.
- Coverage of professional fees for specialists such as accountants, lawyers, notaries, or human resource experts with relevant expertise in business succession.
grant_single|admissibleProjectsExample
$ 100,000
Acquisition of a local grocery store with job retention
$ 100,000
Support for new ownership of a local printing business
$ 100,000
Transition of a family-owned bakery with workforce expansion
$ 100,000
Purchase of a hotel to boost local tourism economy
$ 100,000
Business succession in a local artisanal craft store
$ 100,000
Transfer of automotive repair shop to a new entrepreneur
grant_single_labels|admissibility
Eligibility for the MRC Charlevoix — FQM Business Succession Fund is determined by specific criteria related to the applicant's legal and financial standing.
- The applicant must be an entrepreneur who has obtained financing from a Fonds local d’investissement (FLI) of a MRC or a municipality with MRC powers.
- The business to be acquired must be legally constituted under the laws of Quebec or Canada and have an establishment in Quebec.
- For non-incorporated purchasers, the individual must be a Canadian citizen or permanent resident.
- The project should not receive cumulative public aid of the same nature for the same project.
- The professionals engaged for enterprise evaluations must possess the necessary expertise to intervene in a business succession project.
grant_eligibility_criteria|who_can_apply
Entrepreneurs who have received financing through a Local Investment Fund (FLI) from a regional county municipality (MRC) or a municipality with MRC powers, and are looking to acquire a legally constituted business in Quebec, are eligible to apply. This includes family members, employees, external buyers, and those involved in collective takeovers of businesses.
grant_eligibility_criteria|eligible_expenses
The grant supports partial coverage of expenses associated with acquiring services for business succession.
- Due diligence to determine the fair market value of a business.
- Preparation of business succession agreements.
- Professional fees for specialists (e.g., accountants, lawyers, notaries, human resources specialists) with the expertise necessary for business succession projects.
grant_eligibility_criteria|zone
This grant is specifically targeted at companies located within the territories covered by the Fédération québécoise des municipalités (FQM) in Quebec. Eligible areas are those with access to local investment funds.
- MRC de Charlevoix.
- Any MRC or municipality in Quebec with local investment fund (FLI) capabilities.
grant_single_labels|criteria
The selection criteria for projects under the MRC Charlevoix — FQM Business Succession Fund focus on ensuring compliance with legal and financial standards for acquiring businesses in Quebec.
- The enterprise to be acquired must be legally constituted under the laws of Quebec or Canada and must have an establishment in Quebec.
- If the acquirer is not incorporated, they must be a Canadian citizen or permanent resident.
- The acquirer must be associated with a project that has received funding from the FLI of the MRC or the municipality exercising MRC powers. The project can also be supported by the local solidarity fund (FLS), but the accumulation of public aid of the same nature for the same project is prohibited.
- The professional engaged for the enterprise's diligence must possess expertise enabling them to participate in a business succession project.
grant_single_labels|apply
1
2
3
4
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The grant provides a combination of non-repayable contributions and interest-free loans.
- No funding is available for equipment replacement under FDEÉS if it previously received funding from the same source.
- Application analysis occurs tri-annually on specific dates: 30th September, 30th December, and 30th April.
- Financial aid from the Fonds Relève Entreprise requires coordination with the FLI.
- Pre-application fees or expenses are not eligible for reimbursement.