MRC Charlevoix — FQM Business Succession Fund
Overview
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.
At a glance
Funding available
- Reduce the ecological footprint
- Selling in a new market
- Up to 50% of project cost
- Closing date : April 30, 2024
Eligible candidates
- Professional, scientific and technical services
- Other services (except public administration)
- Public administration
- Charlevoix
- Capitale-Nationale
- Quebec
- For-profit business
- Social economy enterprise
- All revenue ranges
- All organization sizes
- Startups
Activities funded
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.
Eligibility
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.
Who is eligible?
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.
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.
Eligible geographic areas
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.
Selection 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.
How to apply
Preparation of the business plan
- Use the writing guide and the business plan template provided to create a solid file.
- Write the business plan in detail, including all the necessary aspects for presenting the project.
Consultation of the investment policy
- Access the investment policy to understand the criteria and requirements of the program.
- Download the corresponding application form.
Submission of the request
- Fill out the application form with the precise information about your project.
- Attach the completed business plan and any other required documents.
- Submit the complete file to the organization managing the types of grant applications, before the specified deadline.
Request tracking
- Wait for confirmation of receipt of your request by the organization in charge of the evaluation.
- Prepare any additional documents if clarifications are requested.
Additional information
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.
