FIJE Fund
QC, Canada
Loans for business in Haute-Yamaska, Brome-Missisquoi or Rouville, Quebec
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateNovember 01, 2023
- grant_single|closingDateMarch 31, 2024
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Centre d'Aide aux Entreprises Haute-Yamaska et région (CAEHYR)
grant_single|status
grant_card_status|open
grant_single_labels|preview
If you are a woman, a young person under 39 years of age or an immigrant, you may be eligible for a business loan of up to $50,000,
grant_single_labels|projects
The FIJE fund targets specific demographic groups and provides support in the form of loans for business creation projects. It is designed to encourage creativity and support entrepreneurs in establishing their businesses.
- Business creation in creative and innovative industries.
- Establishment of startups led by women, immigrants, or young entrepreneurs.
- Projects aimed at enhancing social and economic inclusion of marginalized groups.
- Development of products and services that address community needs.
- Initiatives that foster economic growth and entrepreneurship within the eligible age and demographic groups.
- Projects that require scaling up or expansion of initial business ideas, focusing on sustainability.
grant_single|admissibleProjectsExample
$50,000
Expanding a tech start-up to develop a new AI product
$50,000
Acquisition of a local bookstore to promote local authors
$50,000
Opening a new bakery shop specializing in gluten-free pastries
$50,000
Starting a sustainable fashion brand with eco-friendly materials
$50,000
Expanding a farm-to-table restaurant specializing in local organic produce
$50,000
Modernizing fitness center equipment to enhance customer experience
grant_single_labels|admissibility
Eligibility for the FIJE funds is based on specific criteria regarding the profile of the entrepreneurs or business owners.
- The applicant must be a woman, an immigrant, or a young person aged 18-39.
- The funding supports business creation projects aiming for creativity and meaningfulness.
- Applicants must meet personal guarantee and other applicable security requirements.
- The applicant must provide financial statements and financial forecasts.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the FIJE funds include citizens between the ages of 18 and 39, with a focus on women entrepreneurs and immigrants.
grant_eligibility_criteria|eligible_expenses
Yes, there are eligible expenses for this grant. Businesses can use the funds for various purposes such as start-up costs, equipment modernization, business acquisition, and expansion projects.
- Start-up costs
- Equipment modernization
- Business acquisition
- Expansion projects
grant_single_labels|criteria
There are evaluation and selection criteria for this grant. The evaluation and selection criteria include:
- Business viability and growth potential
- Entrepreneurial experience and skills
- Relevance of the project to the region
- Job creation and economic impact
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Initial Research and Eligibility Confirmation
- Ensure that you meet the eligibility criteria for the FIJE funds (age, gender, immigration status).
- Review the financing conditions and consider how they apply to your business plan.
- Step 2: Attend Workshops and Mentoring Sessions
- Participate in available workshops to gain insights on application procedures and requirements.
- Engage with mentors or program advisors to refine your business plan and funding strategy.
- Step 3: Prepare Financial Documents
- Gather and prepare financial statements for your business.
- Develop detailed financial forecasts to support your funding request.
- Ensure readiness of any required personal guarantees or additional securities.
- Step 4: Draft the Business Proposal
- Write a comprehensive business proposal outlining your project objectives and milestones.
- Include a breakdown of the use of loan funds and impact projections.
- Step 5: Complete Application Form
- Access and fill out the application form associated with FIJE funds, available through their website or portal.
- Ensure all sections of the form are completed accurately and comprehensively.
- Step 6: Submit Application Package
- Upload all prepared documents, including the business plan and financial records, to the submission platform.
- Double-check the application for completeness before submission.
- Submit the final application package before the designated deadline.
- Step 7: Confirmation and Follow-up
- Receive confirmation of submission, either via email or through the application portal.
- Keep a record of the confirmation and any reference numbers provided.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- Workshops and mentoring sessions are available to assist applicants in their business development and enhance their entrepreneurial skills.
- Some resources may be provided to help applicants successfully manage and grow their business post-funding.
- The loan offers flexible capital leave which allows deferment of payments for a period ranging from 6 to 12 months, providing new businesses with breathing room to establish themselves.
- Applicants are expected to provide personal guarantees and possibly other forms of security for the loans, ensuring the commitment towards repayment.
- Applicants must prepare comprehensive financial statements and forecasts as part of the application process, highlighting the business's potential and financial strategy.
- Reduced set-up fees and applicable management fees could make financial management more accessible for young businesses.
Apply to this program
Empowering Young Entrepreneurs and Newcomers with FIJE Funds
FIJE funds offer tailored financial assistance to women, immigrants, and young entrepreneurs aged 18-39, supporting their entrepreneurial ventures by providing loans at favorable conditions. This initiative aims to foster creativity and encourage projects that have a meaningful impact on their communities.
Detailed Overview of FIJE Funds and Their Role in Business Development
The FIJE funds initiative plays a pivotal role in supporting the entrepreneurial aspirations of specific groups within the Canadian community, namely women, immigrants, and young entrepreneurs aged between 18 and 39. These funds provide a critical stepping stone for those seeking to establish or expand their businesses by offering loans up to $50,000 at preferred rates. These rates are strategically set at a prime rate plus 3%, ensuring that the offered financial support remains accessible yet sustainable for the borrowers.
The terms of amortization are personalized, offering up to five years for repayment, which provides a reasonable timeframe for new businesses to establish themselves and ensure profitability. Moreover, the requirement of a minimum down payment of only 10% makes this financing option more accessible to young Canadians who may have limited upfront capital.
To ease the initial financial burden on businesses, FIJE funds offer a valuable capital leave period ranging from six to twelve months. This grace period allows entrepreneurs to focus on setting their businesses up without the immediate pressure of loan repayment. This additional benefit enhances the survival rate of startups during the critical early stages.
The administrative setup for FIJE funds is also streamlined; reduced set-up and management fees relieve part of the typical financial strain experienced during the loan application process. Yet, this program rigorously ensures its funds' allocation by requiring a personal guarantee and possibly other securities, thereby balancing accessibility with responsibility.
Potential beneficiaries are required to submit comprehensive financial statements and financial forecasts. This requirement not only ensures the viability of the business plan but also encourages entrepreneurs to critically evaluate and document their business strategies and potential for financial success. Such documentation lays a strong foundation for both monitoring and guiding the growth of funded projects.
Beyond financial assistance, FIJE funds facilitate access to workshops, mentoring sessions, and a wide array of resources aimed at equipping entrepreneurs with skills and knowledge critical for their business journey. Through these sessions, entrepreneurs can gain insights into market trends, financial management, marketing strategies, and operational efficiency that significantly enhance their ability to navigate the complexities of running a business in a robust economic environment.
This comprehensive program underscores the larger strategy of integrating diverse populations into the Canadian economic framework by empowering them to become successful stakeholders and contributors to the community. By supporting entrepreneurial endeavors, FIJE funds effectively nurture innovation and drive meaningful economic growth within their target demographic. Consequently, this not only aligns with national economic goals but also supports a socially inclusive policy by actively engaging underrepresented groups in entrepreneurship.
Ultimately, FIJE funds provide a reliable platform for aspiring entrepreneurs, enabling them to transform their dreams into viable business ventures. The support structure encompassed by this initiative reflects an understanding of the challenges facing new entrepreneurs and offers a solution-driven approach to bridging the gap between ambition and action in the Canadian landscape. Through strategic financial aid and supportive education, FIJE funds pave the way for sustained social and economic benefits, showcasing the power of targeted investment in people and ideas.