Rouyn-Noranda — FQM Business Succession Program
Rouyn-Noranda, QC, Canada
Supporting Quebec entrepreneurs in business succession transitions
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- grant_single|timelineUnspecified
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Grant and Funding
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- City of Rouyn-Noranda
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The Relève entreprise program supports entrepreneurs in business transitions by providing up to $15,000 to cover 50% of costs for specialized services like due diligence, market value assessment, and acquisition agreement preparation. This funding is aimed at entrepreneurs acquiring Quebec-based businesses with support from local investment funds.
grant_single_labels|terms_and_conditions
This grant facilitates financial assistance for entrepreneurs engaging in business succession, with specific modalities to support the funding process. The program is structured to maximize accessibility and proper fund allocation.
- The aid will cover up to 50% of the total eligible professional service costs incurred, capping at $15,000 per beneficiary, excluding taxes.
- A designated amount will be reserved for a project for 4 months, with a possible extension of 2 months, not exceeding a total reservation period of 6 months.
- The reimbursement is conditioned on FQM's approval, with a single request allowed per business, and no additional documentation is accepted post-request processing.
grant_single_labels|projects
This grant program is aimed at supporting entrepreneurial succession by providing assistance to entrepreneurs acquiring businesses in Quebec. It covers the costs associated with acquiring professional services needed during the business transition process.
- Due diligence activities for determining the fair market value of a business.
- Preparation of business acquisition agreements.
- Professional fees for specialists such as accountants, lawyers, notaries, and HR specialists involved in business succession projects.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the acquiring of a business in Quebec.
- The business to be acquired must be legally incorporated under the laws of the Government of Quebec or Canada and have an establishment in Quebec.
- If the acquirer is not incorporated, they must be a Canadian citizen or a permanent resident.
- The acquirer must be linked to a project that has obtained financing from the Local Investment Fund (FLI) of the MRC or the municipality exercising MRC powers. This project may also be supported by the Local Solidarity Fund (FLS).
- Accumulation of public aid of the same nature for the same project is not allowed.
- The professional solicited for the due diligence process must possess expertise qualifying them to intervene in a business succession project.
grant_eligibility_criteria|who_can_apply
Entrepreneurs who have obtained financing from a Local Investment Fund (FLI) within a Regional County Municipality (MRC) or a municipality exercising the powers of an MRC and wish to acquire a legally constituted business in Quebec are eligible for this program. This program is open to family members, employees, external buyers, or collective takeovers. However, applicants must also be linked to a project with FLI support, and the business to be acquired must be legally constituted under Quebec or Canadian laws and have an establishment in Quebec. Non-incorporated buyers must be Canadian citizens or permanent residents. Solicitations for professionals conducting business verifications must come from specialists with the necessary expertise for business succession projects.
grant_eligibility_criteria|eligible_expenses
The grant supports covering specific expenses associated with the entrepreneurial transition process.
- Due diligence to determine the fair market value of a business.
- Preparation of the business transfer agreement.
- Professional fees for specialists such as accountants, lawyers, notaries, and human resources specialists with expertise in business succession projects.
grant_eligibility_criteria|zone
This grant is aimed at entrepreneurs looking to acquire legally constituted businesses located in Quebec. The focus is on fostering business succession within the province's various regional county municipalities (MRCs).
- Companies located in Quebec.
- Entities operating within a regional county municipality (MRC) in Quebec.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Waitlist Application
- Fill out the waitlist form to register your interest as all current funds are reserved.
- Ensure that your contact information is up-to-date to guarantee prompt communication when funds are available.
- Step 2: Notification of Fund Availability
- Receive notification from FQM when funds are available and can be allocated to new projects.
- Step 3: Detailed Project Submission
- Coordinate with the MRC services or designated body to prepare the application.
- Include all necessary documents such as professional fees estimates, project outline, and financial requirements.
- Ensure that only one submission per enterprise is undertaken, as amendments or additions are not accepted after submission.
- Step 4: Approval Process
- Await the monthly analysis cycle for submitted applications.
- The FQM reviews and approves applications based on predetermined criteria.
- Step 5: Funding Reservation and Disbursement
- Once approved, a financial allocation is reserved for 4 months with a possible 2-month extension.
- The approved fund is disbursed according to the guidelines to the entity supported by the FLI.
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Here are additional relevant details for this grant:
- All available funds for the "Relève entreprise" program are currently reserved, but applicants can join a waiting list.
- Funds will be allocated on a first-come, first-served basis as they become available.
- The expenses for professional fees in a business succession project will be eligible for reimbursement if engaged before an official application submission, pending future approval.
- Acknowledgment of receipt from FQM reserves funds for up to 4 months, extendable by 2 months, up to a total of 6 months.
- Only one application per business will be processed; additional documentation cannot be submitted after the initial application is processed.