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DEPS — Local Investment Fund
QC, Canada
Supports entrepreneurship in the MRC de Pierre-De Saurel
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Economic Development Pierre-De Saurel (DEPS)
- MRC de Pierre-De Saurel
grant_single|status
grant_card_status|open
grant_single_labels|preview
The DEPS — Local Investment Fund provides financial support up to $250,000 for businesses in the MRC of Pierre-De Saurel to facilitate start-up, expansion, or business transfer activities. The program aims to support viable enterprises, enhance job creation, and contribute to local economic development.
grant_single_labels|terms_and_conditions
- The financial aid is available in the form of a loan, which may or may not require guarantees, sureties, or obligations.
- The maximum amount of financial aid per enterprise is set at $250,000.
- Investments through the Local Investment Fund (FLI) cannot exceed 50% of the eligible project expenses, while for social economy enterprises, the limit is 80%.
- The total cumulative financial support from government sources cannot surpass 50% of the total project cost, or 80% for social economy enterprises.
- The loan term interest rates are determined by a risk premium and an amortization premium applied to a base rate of 4%, with variations depending on the level of risk and whether the loan is guaranteed.
- Early repayment is allowed, subject to conditions outlined in the loan agreement.
- Loans can have repayment deferrals on the principal for up to 12 months, with interest due monthly, although this period might be longer for specific projects.
- There are no contributions awarded as non-repayable or repayable grants equivalent to a subsidy.
- Management fees for the loan processing include a non-refundable initiation fee of $150 per file and an annual follow-up fee of 1% of the initial loan amount.
- Funds must typically be used for working capital needs related to enterprise projects, investments directly tied to improvement initiatives, or entrepreneurial succession plans.
grant_single_labels|projects
- Start-up phase from commercialization to reaching profitability.
- Entrepreneurial succession for significant ownership transfers.
- Business acquisition involving asset or share purchases.
- Business improvement and transformation projects, including digital transformation and sustainable practices implementation.
- Growth and expansion for commercializing new products or services and supporting business growth.
- Temporary financing, such as bridge loans, with confirmed future revenue sources.
- Business turnaround for companies facing temporary crises.
grant_single|admissibleProjectsExample
$ 40,000
Launching a community kitchen for food sustainability
$ 50,000
Implementing a community solar panel initiative
$ 75,000
Developing an app for mental health support services
$ 130,000
Revitalizing a historic theater for community engagement
$ 54,000
Developing an e-commerce platform for local artisans
$ 30,000
Creating an urban rooftop garden project
grant_single_labels|admissibility
- The applicant must be a legally constituted for-profit business under Quebec or Canada laws.
- The applicant must operate primarily in the territory of the MRC de Pierre-De Saurel.
- The applicant must have its headquarters in Quebec and be registered with the Registre des entreprises du Québec (REQ).
- The applicant must be able to provide an equity investment (mise de fonds).
- The business plan must demonstrate sustainability, profitability, good future prospects, and significant economic impact potential.
- Entrepreneurs must demonstrate relevant knowledge and skills related to the proposed project.
- The project must contribute to job creation within the MRC de Pierre-De Saurel.
- The project must include financial participation from other capital sources beyond the applicant’s equity investment and the FLI/FLS funding.
- The applicant should not be listed in the Registre des entreprises non admissibles aux contrats publics (RENA).
- The applicant should not be under protection from credit or bankruptcy laws, nor have ethical or environmental legal issues.
grant_eligibility_criteria|who_can_apply
- For-profit businesses legally incorporated under the laws of Quebec or Canada.
- Collective enterprises such as cooperatives and non-profit organizations (OBNL) with commercial activities.
- Businesses operating within the MRC of Pierre-De Saurel with their headquarters in Quebec and registered in the Quebec Enterprise Register (REQ).
- Companies involved in sectors aligned with the priorities of the MRC, such as innovative local and regional development, economic diversification, development of transportation and sustainable projects.
- Entrepreneurs or groups of entrepreneurs aiming to assume significant ownership or leadership of an existing business for succession purposes.
grant_eligibility_criteria|who_cannot_apply
- Businesses registered in the Register of Enterprises Not Eligible for Public Contracts (RENA).
- Entities that previously failed to meet obligations related to financial aid from the Ministry or regional county municipality within the last two years.
- State-owned enterprises or those directly or indirectly controlled by a government (municipal, provincial, or federal).
- Companies under the protection of the Companies' Creditors Arrangement Act or the Bankruptcy and Insolvency Act.
- Companies with unethical behavior that could tarnish the image of the government or regional municipality.
- Entities with irresponsible environmental conduct as per applicable laws.
- Companies with a history of non-compliance with labor standards or human rights legislation.
- Enterprises involved in the production or distribution of armaments.
- Involvement in operations related to fossil fuels such as oil and thermal coal, excluding those transitioning to a low-carbon economy.
- Organizations running gambling or betting activities, like casinos or bingo halls.
- Businesses engaged in violent games, combat sports involving living creatures, or racing activities.
- Entities engaged in sexual exploitation such as escort agencies or adult entertainment venues, and the production of pornography.
- Companies in real estate management and development, aside from certain tenant services or improvement projects.
- Businesses involved in the sale and services related to the consumption of tobacco or drugs, with certain exceptions for cannabis and industrial hemp under specific conditions.
grant_eligibility_criteria|eligible_expenses
- Need for additional working capital related to the company's project, determined on the basis of justified and reasonable expenses for a maximum period of two years.
- Capital expenditures strictly and directly related to the realization of the company's project, such as acquisition of technology, land, building, equipment, machinery, and mobile equipment, as well as construction, expansion, renovation, and development of the land and premises.
- Professional fees prior to the realization of the project's activities, such as feasibility analysis, external audit, or impact study.
- Professional fees strictly and directly related to the realization of the company's project, such as the implementation of technology, equipment, and machinery as well as acquisition, construction, renovation, and land and premises development.
- Expenses related to the acquisition of ownership titles of the company concerned (voting shares or units) and assets of the company concerned.
- Professional fees strictly and directly related to the transaction and acquisition of the business as well as the transmission of the company's management.
grant_eligibility_criteria|zone
- Territory of the MRC de Pierre-De Saurel
grant_single_labels|criteria
- Viability and profitability of the business.
- The knowledge and skills of entrepreneurs related to the proposed project.
- Creation of employment within the territory of the MRC de Pierre-De Saurel.
- The encouragement of other capital contributions beyond the entrepreneurs' investment and financing from FLI/FLS.
- The business plan should demonstrate permanence, profitability, positive future outlooks, and the potential for significant economic benefits.
- The involvement of other financial partners is encouraged.
- Permanency and self-financing of local funds guide the selection of businesses to support.
grant_single_labels|register
- Step 1: Gather Required Documents
- Complete the financial assistance application form, ensuring it's dated and signed.
- Prepare a detailed business plan or project description as specified in the financial assistance application.
- Detail the project's expenses breakdown.
- Assemble a financial plan outlining the project's financial structure and confirmations of any other financial aids or funding secured.
- Provide financial statements for the past three years.
- If applicable, include interim financial statements unless the company has been in operation for less than a year.
- Prepare projected financial statements.
- Include declarations for language requirement compliance or a french-language certification if applicable.
- Provide a declaration regarding equal employment standards or a copy of the Equal Employment Access Program, where relevant.
- Submit any additional documentation required by MRC.
- Step 2: Submit Application
- Compile all documents as per the requirements.
- Ensure all documents and information are complete and accurate before submission.
- Step 3: Application Review
- Submit the application to the MRC responsible for processing financial aid requests.
- The application is evaluated based on eligibility, available budget, and adherence to the management standards.
grant_single_labels|otherInfo
- The maximum financial assistance available from the Local Investment Fund (FLI) is $250,000 per enterprise.
- Financial assistance is provided in the forms of loans, guarantees, or bonds, and not as non-repayable contributions.
- The interest rates on loans are determined based on a risk assessment and can vary depending on factors such as the nature of the project and the terms of the loan.
- The financial assistance under the FLI can only cover a portion of the project costs, and additional capital from other sources is strongly encouraged.
- The committee has the flexibility to make exceptions in investment proportions between the FLI and FLS if deemed necessary.
- The financial aid received must be used responsibly; any misuse might result in the termination of assistance and repayment demands.
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