How much funding can be received?

Funds up to 20% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the DEPS — Assistance and support program for local businesses?

DEPS — Assistance and support program for local businesses is funded by Economic Development Pierre-De Saurel (DEPS)

What are DEPS — Assistance and support program for local businesses's eligibility criterias?

The business must have a commercial nature and can be either for-profit or not-for-profit. The primary entrance of the business must directly face the construction zone affected by the works on Prince and Augusta streets. The business must experience a decrease in foot traffic during the construction period.

DEPS — Assistance and support program for local businesses

Last Update: February 22, 2025

Sorel-Tracy, QC

Financial support for businesses impacted by construction in Sorel-Tracy

DEPS — Assistance and support program for local businesses at a glance

Eligible Funding

Up to 20% of project cost

Timeline

Continuous Intakes

Financing Type

Loans and Capital investments

Eligible Industries

Retail trade
Arts, entertainment and recreation
Accommodation and food services
Other services (except public administration)
Public administration

Grant Providers

Economic Development Pierre-De Saurel (DEPS)

Status

Open

Overview of the DEPS — Assistance and support program for local businesses program

The DEPS Assistance and Support Program for local businesses provides repayable financial aid to sustain operational costs during the street renovation in downtown Sorel-Tracy, with a portion eligible for forgiveness under specific conditions. Eligible activities include covering fixed expenses such as rent, utility costs, and taxes, but exclude payroll and new capital expenditures.

Financing terms and conditions

The financial assistance is provided as a loan with a potential partial forgiveness of the loan under certain conditions.
An interest rate of 6% is applied to the loan.
A moratorium on both principal and interest is available for 36 months.
The final 20% of the loan principal may be eligible for forgiveness if specific repayment conditions, including repayment amounts and payment dates, outlined in the loan agreement are met.
The loan can have an amortization period of up to 60 months after the moratorium period, at the request of the applicant.
No personal guarantee or security is required for the loan.
A completed and signed application form is necessary, as well as a board resolution authorizing the signer if they are not the owner.
Proof of incurred amounts (invoices, leases, loan statements, tax accounts) for a 12-month period must be provided, including the start and end dates of each engagement or contract.

Eligible projects & activities

Maintain and operate businesses affected by road repair projects.
Ensure business continuity during public infrastructure upgrades.

Examples of admissible projects:

$ 50,000

Establish a community kitchen to support local food security

$ 75,000

Develop a mobile app to aid mental health awareness

$ 125,000

Create a virtual reality platform for remote education

$ 100,000

Launch a renewable energy initiative to power rural areas

$ 60,000

Organize an arts festival to promote local artists

Eligibility criteria of the DEPS — Assistance and support program for local businesses program

The business must have a primary entrance directly located in the area affected by the construction work on Prince and Augusta streets.
The business must experience a decrease in customer traffic during the construction period.
The business can be either profit or non-profit in nature.
Eligible types of businesses include restaurants and food services, pharmacies, retail stores, personal services, bars, and leisure establishments.

Who is eligible?

Restaurants and food services.
Pharmacies, boutiques, and retail stores.
Personal services.
Bars and recreational establishments.

Eligible expenses

Rent or mortgage payments, including the principal and interest related to the commercial premises.
Loans for commercial capital expenditures, including the principal and interest associated with the commercial premises.
Electricity expenses.
Gas expenses.
Heating expenses, if not already included in the rent, electricity, or gas.
Municipal and school taxes (portion payable during the construction period).
Telecommunications: Fixed phone lines.
Internet access for the business (maximum $75 per month).
Insurance premium related to the commercial premises.

Eligible geographic areas

City of Sorel-Tracy, particularly the downtown area directly affected by the renovation of streets Prince and Augusta.

How to apply to the DEPS — Assistance and support program for local businesses program

Preparation of the request

Fill out the application form by providing all the required information.
Obtain a resolution from the board of directors if the signer is not the owner to authorize the signing of the application.
Gather evidence of the amounts incurred such as invoices, leases, loan statements, and tax accounts covering a period of 12 months.
Verify the start date and end date (if applicable) of each commitment or supplier contract.

Analysis of the request

Submit the file to the business advisory service of the DÉPS for technical support and validation.
Ensure follow-up on the file for the obtaining of a compliance notice issued by the DÉPS.

Submission of the file

Send the complete file by email to the following address: info@depsregion.com.
Or drop off the file in person at the address: 26, place Charles-De Montmagny, office 210.
To make an appointment, contact the following number: 450 742-5933.

Additional information

The City of Sorel-Tracy initiated major street renovation work on Prince and Augusta streets on June 26, 2023, which will last until mid-December.
The $75 limit applies to internet expenses per month for the business.
A 6% interest rate applies to the loans provided under this assistance program.
A 36-month moratorium on both capital and interest is part of the loan conditions.
Up to 20% of the loan capital may be forgiven if all repayment conditions in the loan agreement are met.
No personal guarantees or collateral are required for the loan.
Loan amortization can extend up to 60 months post-moratorium, based on the applicant's choice.
The assistance is specifically handled by Développement économique Pierre-De Saurel (DEPS).
Applications require a completed and signed application form, and a board resolution authorizing the signatory if not the owner.
Supported expenses must be verified by providing related invoices, leases, loan statements, and tax accounts for up to 12 months, along with the contract's start and end dates if applicable.
Technical support and application analysis are offered by a member of the DEPS business advisory service.
A quarterly follow-up report must be submitted to the City of Sorel-Tracy.