MRC Rouyn-Noranda — FQM Business Succession Program
Rouyn-Noranda, QC, Canada
Supporting Quebec entrepreneurs in business succession transitions
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- MRC Rouyn-Noranda
grant_single|status
grant_card_status|open
grant_single_labels|preview
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|projects
This grant supports entrepreneurial succession for acquiring legally constituted businesses in Quebec. It provides financial assistance for specific professional services necessary during the business transition process.
- Due diligence to determine the fair market value of a business.
- Preparation of the business succession agreement.
- Professional fees for accountants, lawyers, notaries, and HR specialists involved in the succession project.
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 available to companies legally constituted within Quebec. The eligible locations are specific to the regions supported by local investment funds linked to municipal or regional county municipalities.
- Companies located in Quebec, Canada.
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.
grant_single_labels|otherInfo
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.
Apply to this program
Support for Entrepreneurial Succession in Quebec
This grant program, Relève entreprise, facilitates professional services for entrepreneurs acquiring businesses through the support of a local investment fund. It aims to ensure a smooth transition and continuity in family-owned businesses, employee takeovers, or external acquisitions, enhancing the economic fabric of Quebec.
Detailed Overview of the Relève Entreprise Grant
The Relève entreprise grant is specifically designed to support entrepreneurs in Quebec who are involved in the acquisition of a business, providing necessary financial support to cover professional service fees. This program acknowledges the critical importance of business continuity and aims to provide a framework that caters to both individual entrepreneurs and collective takeovers, thereby promoting economic stability and growth in the region. The program's focus is on aiding both familial and non-familial transitions, ensuring that the acquirers can access expert advice to help them succeed in their new roles.
Eligible entrepreneurs benefit from financial support that covers a portion of costs associated with key professional services. These services include due diligence processes to determine the fair market value of a business, preparation of acquisition agreements, and professional fees from specialists such as accountants, lawyers, and HR experts who are essential in facilitating an efficient and successful transition.
This grant aims to alleviate the financial burden related to these professional fees by covering up to 50% of the eligible costs, with a maximum allocation of CAD 15,000, exclusive of taxes, per acquisition project. This cap ensures that funds are distributed judiciously, benefiting as many potential entrepreneurs as possible.
Participants must be associated with projects that have received funding through a Fonds local d’investissement (FLI) in Quebec, emphasizing the program's dedication to locally driven growth. The criterion ensures that these opportunities are available to Canadian citizens or permanent residents linked to legally established enterprises in Quebec, fostering a nurturing environment for entrepreneurial activities.
This well-structured support not only facilitates the smooth transition of business ownership but also enhances the entrepreneurial ecosystem by retaining jobs and securing the future of local businesses. It thus plays a significant role in strengthening community ties and local economies.
By focusing on the sustainability and development of smaller enterprises through strategic financial and professional support, the Relève entreprise grant enhances the ability of new business leaders to thrive, innovate, and contribute to the province's economic goals. Businesses looking to leverage this opportunity are encouraged to engage with the local investment funds to explore how this program can benefit their specific transition objectives.
Overall, the Relève entreprise grant epitomizes a forward-thinking approach to economic development, recognizing the value of nurturing entrepreneurial talent and providing the necessary tools and resources to ensure the longevity of Quebec's business landscape. By aligning financial support with professional expertise, this program is paving the way for sustainable business practices and successful entrepreneurial transitions in Quebec.
