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DEPS — Assistance and support program for local businesses
Sorel-Tracy, QC
Financial support for businesses impacted by construction in Sorel-Tracy
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- Economic Development Pierre-De Saurel (DEPS)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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.
grant_single_labels|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.
grant_single_labels|projects
- Maintain and operate businesses affected by road repair projects.
- Ensure business continuity during public infrastructure upgrades.
grant_single|admissibleProjectsExample
$ 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
grant_single_labels|admissibility
- 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.
grant_eligibility_criteria|who_can_apply
- Restaurants and food services.
- Pharmacies, boutiques, and retail stores.
- Personal services.
- Bars and recreational establishments.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
- City of Sorel-Tracy, particularly the downtown area directly affected by the renovation of streets Prince and Augusta.
grant_single_labels|register
Step 1: Gather Required Documentation
- Collect a completed and signed application form.
- Obtain a resolution from the board of directors authorizing the signatory, if the signatory is not the owner.
- Gather evidence of expenses incurred over a 12-month period, such as invoices, leases, and loan statements.
- Include the start and end dates of engagements or contracts if these are less than 12 months.
Step 2: Prepare the Application
- Ensure all supporting documentation is organized and complete.
- Communicate with the service de conseil aux entreprises du DÉPS for any technical support needed.
Step 3: Submit the Application
- Email the completed application and accompanying documents to info@depsregion.com.
- Alternatively, submit the application in person at 26, place Charles-De Montmagny, bureau 210.
- Contact the office via phone at 450 742-5933 to schedule an appointment if submitting in person.
Step 4: Await Confirmation and Follow-up
- Receive confirmation and an analysis from the service de conseil aux entreprises du DÉPS.
- Participate in any requested follow-up or provide additional information as needed.
grant_single_labels|otherInfo
- 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.
grant_single_labels|contact
info@depsregion.com
450 742-5933