MRC Haute-Yamaska — Haute-Yamaska Agricultural Microcredit Fund

This grant offers specific financing modalities to support the growth and development of agricultural enterprises within the MRC de La Haute-Yamaska region. The funding conditions are designed to aid businesses in achieving their objectives while ensuring project feasibility and sustainability.

• The loan amount is set at a maximum of $10,000, determined at the discretion of the Comité d'investissement du FMAHY, based on the project proposal.
• The loan is interest-free for five years, with certain conditions applicable if defaults occur.
• Personal guarantees from the business owner(s) are required to secure repayment.
• Repayment is structured on an annual basis, with options for frequency adjustments at the loan's anniversary.
• The option for a capital repayment moratorium can be granted at the discretion of the investment committee.
• Early repayment is allowed under the stipulated terms of the loan agreement.
• In case of default, any outstanding balance must be repaid immediately to the MRC.

Eligibility for the Haute-Yamaska Agricultural Microcredit Fund is determined by specific criteria relating to the nature and location of the company's activities.

• The enterprise must primarily engage in agricultural activities.
• The headquarters of the company and the activities for which funding is requested must be located within the MRC of La Haute-Yamaska territory.
• The company must be in a phase of startup, diversification, transformation, or development.
• The proposed project must involve acquisition, transformation, distribution, marketing, or any related activities deemed acceptable by the FMAHY Investment Committee.
• All activities of the company must comply with applicable laws, standards, and regulations.
• Companies subject to supply management rules are not eligible for a loan from the FMAHY.

Who is eligible?

Eligibility for the MRC Haute-Yamaska Agricultural Microcredit Fund requires applicants to be enterprises that primarily engage in agricultural activities. These enterprises must be either in the startup phase, diversifying, transforming, or developing, and must be situated within the MRC Haute-Yamaska. It's crucial that their operations related to the funding application will also take place within this locale. Furthermore, the enterprises must adhere to existing laws and standards, and should not be engaged in operations regulated by supply management systems.

Who is not eligible

This grant excludes certain companies due to specific production rules. These restrictions are in place to ensure alignment with the fund's focus on particular agricultural goals.

• Enterprises whose production is subject to supply management regulations.

Eligible expenses

The eligible expenses for the Haute-Yamaska Agricultural Microcredit Fund relate to activities essential for the development and transformation within agriculture on the MRC territory.

• Purchase of agricultural property or land.
• Renovation and transformation of existing structures for agricultural purposes.
• Costs related to distribution activities.
• Expenses for marketing efforts.
• Any other related activity deemed acceptable by the FMAHY Investment Committee.

Eligible geographic areas

The eligible geographical area for companies applying for this grant is specific to the territory of the MRC de La Haute-Yamaska. This ensures that the financial assistance aligns with the region's agricultural development objectives.

• Businesses operating within the MRC de La Haute-Yamaska region.

Here are additional relevant details for this grant:

• The loans offered by the fund are interest-free for a duration of five years.
• A personal guarantee from the business owner(s) is required to secure the loan.
• There is a possibility of a moratorium on capital repayment, at the discretion of the investment committee.
• Early repayment is allowed and can be done without penalty.
• Loan agreements are contingent upon maintaining certain ownership and operational conditions, such as retaining at least 50% ownership and keeping the principal place of business within the MRC's territory.
• Loan contracts are executed in the name of the MRC by the appropriate director.
• In case of default, any outstanding loan amounts must be repaid immediately.
• The investment committee meets at least annually to review loan applications and relevant moratorium requests.
• Decisions regarding loans are made by majority vote of the committee members present and eligible to vote.
• Information submitted in loan applications remains confidential unless a loan is granted, in which case certain details are made public.