MRC Abitibi-Ouest — Local Investment Funds
QC, Canada
Investment fund for economic impact businesses in Abitibi-Ouest
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJanuary 01, 2023
- grant_single|closingDateDecember 31, 2023
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- MRC Abitibi-Ouest
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Fonds locaux d’investissement (FLI) and Fonds local de solidarité (FLS) provide up to $250,000 in repayable financial assistance to businesses with an economic impact in Quebec, aiming to support their development and job creation or preservation in the MRC of Abitibi-Ouest. Eligible activities include projects by for-profit businesses and collective enterprises with commercial activities operating and headquartered in Quebec.
grant_single_labels|projects
The grant is designed to aid a range of business development projects within the MRC d’Abitibi-Ouest, focusing on economic impact and employment sustainability. Although specific project types aren't detailed, eligible activities would align with this focus while meeting financial and operational criteria.
- Business expansion or modernization projects that create or maintain jobs.
- Start-up initiatives that demonstrate significant local economic impact.
- Projects that enhance cooperative or social enterprise operations.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific criteria related to the legal status, location, and activities of the applicant.
- The applicant must be a for-profit enterprise legally constituted under the laws of the Government of Quebec or Canada.
- The business must operate within the territory of the MRC d’Abitibi-Ouest.
- The head office of the business must be located in Quebec.
- The business must be registered with the Registre des entreprises du Québec (REQ).
- Collective enterprises, such as cooperatives and non-profit organizations with market activities as defined by the Social Economy Act, are also eligible.
grant_eligibility_criteria|who_can_apply
The "Fonds locaux" are accessible to for-profit businesses legally constituted under the laws of the Government of Quebec or Canada, conducting business in the MRC d'Abitibi-Ouest area, and having their head office in Quebec, provided they are registered with the Quebec Enterprise Register (REQ). Additionally, collective enterprises such as cooperatives and non-profit organizations (NPOs) with commercial activities, as defined under the Law on Social Economy (RLRQ, chapter E 1.1.1), are also eligible, though they must meet conditions specified in annex "A" of the investment policy.
grant_eligibility_criteria|zone
This grant is specifically targeted at companies operating within a defined geographical area in Quebec. Eligible companies must be doing business in this particular region to qualify for funding.
- Territory of the MRC d’Abitibi-Ouest in Quebec.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Consult with a Development Advisor
- Contact a development advisor for guidance on the application process and to discuss your project's eligibility.
- Request assistance with completing the necessary forms and understanding the requirements.
- Step 2: Complete the Application Form
- Fill out the "Formulaire Demande d'aide financière Entreprise" with accurate and comprehensive details about your project.
- Ensure all sectors of the form are completed as instructed by your advisor.
- Step 3: Gather Supporting Documents
- Compile any necessary documents that support your application, such as business plans, financial statements, and proof of registration at Quebec's Enterprise Register (REQ).
- Step 4: Submit the Application
- Submit the completed application form and supporting documents to the appropriate department or advisor as directed.
- Ensure submission before any relevant deadlines.
- Step 5: Follow Up
- Confirm receipt of your application with the fund provider.
- Await further instructions or feedback regarding the status of your application.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The financial assistance provided is a repayable loan.
- The possibility of a capital repayment moratorium is offered, although interest remains payable monthly.
- It is possible to repay the loan fully or partially at any time without penalty or prior notice.
- A minimum equity requirement of 15% is stipulated for both new projects and existing businesses, with a typical requirement of 20%.
- A dedicated application form is required, which should be completed with assistance from their development advisors.
- Development advisors are available to assist entrepreneurs throughout their project stages.
- Contact information for development advisors is provided for those seeking further information about the program.
Apply to this program
Unlock Economic Opportunities with the Fonds Locaux d’Investissement
The Fonds Locaux d’Investissement (FLI) aimed at driving economic growth in the MRC d’Abitibi-Ouest, offers financial support to legally incorporated for-profit businesses and social economy enterprises that are active in commercial activities. These funds are designed to foster the creation, maintenance, or preservation of local jobs, contributing significantly to the regional economic landscape.
Detailed Insights into the Fonds Locaux d’Investissement
The Fonds Locaux d’Investissement (FLI) and Fonds Local de Solidarité (FLS) provide a strategic financial vehicle to invigorate the regional economy of the MRC d’Abitibi-Ouest. By targeting enterprises that are either starting out or expanding, these funds help stimulate economic development, enhance competitiveness, and create a robust job market within this critical regional hub of Quebec.
The primary mission of these funds is to support businesses that have a substantial Québec economic impact, ensuring that the province's economic vitality and employment rates are bolstered. Eligible applicants include for-profit entities and social economy collectives such as cooperatives and non-profit organizations with commercial operations, adhering to stringent guidelines meant to prioritize impactful projects. The eligibility is strict, requiring firms to be registered in the Quebec Enterprise Register to qualify, thus ensuring a structured and compliant approach to regional enterprise growth and sustainability.
The financial support available through the Fonds Locaux is repayable, offering a maximum limit of $250,000. This repayable financial assistance is structured with flexibility in mind, offering debtors the possibility of a moratorium on capital repayment for up to a year if circumstances warrant it, although interest payments must continue monthly. Such measures ensure that while enterprises have leeway to establish footing or expand operations, the fiscal integrity and return pathways of the fund are maintained.
Additionally, entrepreneurs planning to leverage this opportunity need to prepare for a minimum upfront investment. New project initiators need to ensure that their investment is at least 20% of the total project cost. This requirement can be slightly adjusted depending on the quality and potential impact of the project or promoters, although it can never dip below 15%. This stipulation incentivizes business owners' commitment to their growth plans and enhances the stakes for achieving stated business objectives.
Existing businesses, meanwhile, must demonstrate a post-project equity of no less than 20%, again subject to minor adjustments based on project merit but never below 15%. This equity stake establishes a strong foundational equity benchmark, reinforcing the financial health and ongoing viability of projects seeking funded support.
The application process is facilitated through comprehensive consultations with development advisors who guide applicants through each step, optimizing the project for compliance and economic impact. These advisors provide critical guidance, empowering businesses to navigate the eligibility criteria and enhance their approach to leveraging the financial support effectively.
This intricate system of support and governance speaks to the dedication to developing sustainable and thriving business environments within the MRC d’Abitibi-Ouest. By tailoring financial solutions to enterprise needs and encouraging direct stakeholder investment, the Fonds Locaux contribute substantially toward a more dynamic economy, fostering growth, development, and regional solidarity in business pursuits. This not only meets current economic demands but also bridges opportunities for innovation and enduring economic progress.
The FLI and FLS's commitment to investment in local businesses signifies a profound impact on the region's socio-economic fabric, ensuring that entrepreneurial ventures have the necessary support structures to maintain competitive edges on both the local and broader economic stages. By doing so, they underpin the growth of enterprises that are pillars of community vitality and innovation, fostering a resilient and prosperous economic future for MRC d’Abitibi-Ouest.
