Développement Vaudreuil-Soulanges — FSAET

This grant provides a structured financial approach to support key tourism projects in Vaudreuil-Soulanges, with provisions for conversion from a loan to a grant upon meeting certain criteria.

• Project costs must be between $20,000 and $250,000.
• Loan amounts range from $10,000 to $40,000, subject to fund availability.
• A financing rate of 2% applies during the project's operational period, up to 60 months.
• Amortization over 60 months is included in the terms.
• There is a maximum grace period of 24 months on the principal.
• If the project concludes prematurely, the outstanding principal becomes due with an interest rate of 5%.

The eligibility criteria for this grant focus on aspects related to the applicant's business profile, location, and proposed project alignment.

• The business must be a tourism enterprise located within the Vaudreuil-Soulanges territory.
• The project must align with the opportunities and challenges outlined in the Vaudreuil-Soulanges Tourism Development Plan 2022-2026.
• The applicant can be an existing business or an entrepreneur seeking to develop a new emerging sector, either independently or in partnership with an established tourism company.
• The equity of the business post-project must reach 15%, although this requirement may vary based on the project and quality of the promoters.
• If in partnership, an agreement must be established for a minimum of three years and submitted with the application.
• The business must provide detailed project costs, a timeline for implementation, viable three-year financial projections, and financial statements for the past three years.

Who is eligible?

The Développement Vaudreuil-Soulanges — FSAET program is designed for tourism enterprises located within the Vaudreuil-Soulanges region. Eligible applicants include existing businesses or entrepreneurs seeking to develop a new emerging sector, either independently or in partnership with an existing tourism enterprise. The business must align its project with the development opportunities and challenges identified in the Vaudreuil-Soulanges Tourism Development Plan 2022-2026. Additional requirements include maintaining a minimum 15% equity post-project, and in cases of partnerships, a minimum three-year partnership agreement must be provided. Applicants are also required to present detailed project costs, a timeline, viable three-year financial forecasts, and financial statements from the past three years. Specific commitments apply to project completion and initiation timelines depending on the project's nature.

Who is not eligible

This grant excludes certain companies and industries based on their activities or the nature of their projects. The restrictions are in place to ensure alignment with tourism-focused development objectives.

• Real estate development projects without an active tourism link.
• Businesses of a religious, sexual, political nature, those involved in gambling and alcohol sales, or any activity that could harm DEV.
• Projects with expenses incurred before January 1, 2023.
• Companies upgrading in relation to health measures.
• Wages and operational expenses of the main business.
• Consultancy fees where entrepreneurs have a participation stake, and recurrent expenses.

Here are additional relevant details for this grant:

• DEV holds the discretion to withdraw from the financial arrangement if the project no longer meets the criteria or is altered without their approval.
• If the project is terminated before the end of the loan period, the remaining principal amount becomes due and will incur interest at a rate of 5%.