MRC Charlevoix — FQM Business Succession Fund
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|closingDateSeptember 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|register
Here are the steps to submit an application for this grant:
- Step 1: Familiarize Yourself with the Requirements
- Download and review the investment policy and application form.
- Understand the specific objectives and criteria of the Business Succession Fund.
- Step 2: Prepare Your Business Plan
- Utilize the provided business plan guide and templates to draft your plan.
- Ensure your business plan addresses how it aligns with the fund's goals, such as supporting entrepreneurship and job creation.
- Step 3: Gather Required Documentation
- Compile necessary financial documents and any previous funding or investment details.
- Include any other required documents specified in the application form.
- Step 4: Complete the Application Form
- Fill out the application form with accurate and complete information.
- Step 5: Submit the Application
- Ensure all components of your application are complete.
- Submit your application by the next deadline: December 30, 2023, or April 30, 2024.
- Send the application to the appropriate MRC office or designated fund administrator.
- Step 6: Confirmation and Follow-Up
- Receive confirmation of your application submission.
- Keep in contact with the MRC office for any updates on your application status.
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.
Apply to this program
MRC Charlevoix — FQM Business Succession Fund: Ensuring Economic Continuity
The MRC Charlevoix and FQM Business Succession Fund is tailored to support business continuity and economic sustainability by helping entrepreneurs acquire existing businesses within Quebec. This fund assists individuals, whether family members, employees, or external buyers, in obtaining the resources necessary for smooth business transitions.
Detailed Overview of the MRC Charlevoix — FQM Business Succession Fund
The Business Succession Fund, established by the MRC Charlevoix in collaboration with the Fédération québécoise des municipalités (FQM), aims to promote entrepreneurial continuity and economic stability across Quebec's regions. By offering financial support for business transfers, this fund seeks to ensure that viable businesses continue to operate effectively, safeguarding jobs and local economies. Entrepreneurs who are looking to acquire a business, whether they are existing employees, family members of the current owners, or external parties interested in acquisition, can apply for this fund to access necessary financial aid and expert services.
This funding initiative offers several benefits. At its core, the fund provides up to $100,000 in non-repayable contribution per project, granting significant financial relief to qualifying entrepreneurs. Additionally, it offers a structured environment for accessing expertise in various professional arenas necessary for successful business transitions, such as due diligence, business valuation, and legal support in drafting acquisition agreements. By covering up to 50% of expenses related to these processes—capped at $15,000, excluding taxes—the fund effectively reduces financial burdens associated with professional services critical for a successful takeover.
Through such initiatives, the Business Succession Fund actively supports the spirit of entrepreneurship by ensuring the seamless transfer of business operations from one proprietor to the next. This allows enterprises to continue thriving under new leadership, thereby securing continued employment for existing staff and the sustainability of regional economic footprints. The availability of funds for up to 35% of project costs, particularly for participating in special initiatives like market expansion studies or economic impact assessments, ensures that businesses have the necessary tools to innovate and expand under new ownership.
Moreover, this fund emphasizes the importance of strategic business positioning and long-lasting economic contributions. Candidates wishing to benefit from the program must attend to rigorous criteria, including legal compliance of the business being acquired, citizenship or residency for individual buyers, and the involvement of qualified professional advisors. The targeted allocation of the fund aims to bolster local economies by reducing the risk of business closures due to inefficient succession planning. By addressing these critical elements, the MRC Charlevoix and FQM showcase their commitment to fostering an environment conducive to sustainable market practices within the region.
Importantly, these financial aids are structured not merely as grants but as strategic injections of sustainability, aimed at keeping the Quebecois business environment vibrant and dynamic. This aligns with modern economic development goals that prioritize durability, employment retention, and adaptability in progressively changing markets. For MRC Charlevoix, partnering with diverse municipal and local entities further aligns with their broader objective of creating resilient economic ecosystems capable of weathering fluctuations and seizing future opportunities.
Overall, the MRC Charlevoix — FQM Business Succession Fund represents a keystone in economic development strategies designed to maintain and enhance business successions. By underpinning the practicality and strategic planning of business acquisitions, the Fund invites a new era of investment in continuity characterized by efficiency, innovation, and communal growth. Entrepreneurial actors are thus encouraged to leverage these resources to ensure seamless transitions, ultimately contributing to a robust and diversified regional economy.
