Investment Banking — Corporate Finance
QC, Canada
Financing for cultural businesses in Quebec
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Information and cultural industries
- Arts, entertainment and recreation
grant_single|grantors
- Société de développement des entreprises culturelles (SODEC)
- Gouvernement du Québec
grant_single|status
grant_card_status|open
grant_single_labels|preview
Loans, loan guarantees and capital investments for cultural businesses, as well as tax credit advances for film, books, sound productions and shows.
grant_single_labels|projects
This grant is specific to companies having their headquarters in a particular geographical area. Eligibility is determined by the company's location and operational base.
- Companies with their headquarters located in Quebec, Canada.
grant_single|admissibleProjectsExample
$45,000
Montreal
Digital upgrade for an independent film studio
$60,000
Calgary
Development of an online platform for a cultural event company
$40,000
Ottawa
Supporting digital content creation for a non-profit arts organization
$25,000
Toronto
Succession planning for a family-owned theater company
$80,000
Quebec City
Expansion of a local bookstore chain
$65,000
Sherbrooke
Reinforcement of Quebec ownership of a music production company
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements regarding the company's legal status, location, and operational history.
- The company must be legally constituted, either as a for-profit or non-profit, excluding individual enterprises, except those in the field of crafts.
- The company must have its headquarters in Quebec, with effective control majority-held by individuals residing in Quebec.
- The company must have been in operation for at least one year or operate in new and non-competing sectors.
- The company must assume financial risk related to the operations for which financing is requested.
- The company must possess the necessary human and financial resources to meet all financial obligations, including loan repayment according to SODEC's conditions.
grant_eligibility_criteria|who_can_apply
Any legally constituted for-profit or non-profit enterprises, except sole proprietorships unless in the field of crafts, which have their headquarters in Quebec and demonstrate that effective control is held by persons domiciled in Quebec. They must have been operational for at least one year or be operating in a new and non-competitive niche. The company must be willing to assume financial risk in the operations requiring financing and possess the necessary human and financial resources to meet all financial obligations, including loan repayment under the conditions set by SODEC.
grant_eligibility_criteria|who_cannot_apply
This grant excludes specific types of companies based on their legal status or primary operational structure. These restrictions are designed to align the grant support with the broader objectives of fostering certain business types.
- Individual enterprises, except those in the artisanal sector, are not eligible.
grant_eligibility_criteria|eligible_expenses
This program aims to support the financial needs of Quebec-based cultural enterprises through various financing tools. The eligible activities focus on business development, digital transformation, and ensuring the sustainability of Quebec-owned cultural businesses.
- Supporting the development of overall business activities.
- Enabling the realization of their expansion potential.
- Ensuring business sustainability through succession planning or business transfer.
- Strengthening and maintaining Quebec ownership.
- Providing financing for impactful projects.
- Supporting digital development initiatives.
grant_eligibility_criteria|zone
The eligible geographic zone for this grant is Quebec, Canada.
- Headquarters must be in Quebec.
- Business control must be majorly held by individuals domiciled in Quebec.
grant_single_labels|criteria
Yes, there are evaluation and selection criteria for this grant from the SODEC. The criteria ensure that only established cultural enterprises with a strong Quebec ownership and financial stability are considered for funding.
- Legally constituted enterprise (for-profit or non-profit)
- Headquarters in Quebec with majority ownership by Quebec residents
- Operational for at least one year or operating in a new, competition-free niche
- Assumption of financial risk for the operations in the funding request
- Possesses necessary human and financial resources to meet financial obligations, including loan repayment
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Review Criteria and Policies
- Consult the financial policy to understand the eligibility criteria for the grant.
- Step 2: Access SOD@ccès Portal
- Navigate to the SOD@ccès portal to begin your application.
- Create a profile if you are a new user or enter your existing login credentials.
- Step 3: Select Program
- Choose the appropriate program for your application, specifically the program number 60-34-00.
- Step 4: Complete Application Form
- Fill out the application form provided on the SOD@ccès portal.
- Transfer all required documents as specified.
- Step 5: Submit Application
- Ensure all information is accurate before submitting your application through the SOD@ccès portal.
grant_single_labels|otherInfo
The Société de développement des entreprises culturelles (SODEC) offers various financial instruments to support cultural enterprises in Quebec.
- SODEC provides a preferential interest rate, which as of July is 6.95%.
- The financing options available include term loans, revolving credit, loan guarantees, and in exceptional cases, project investment and equity stake.
- It emphasizes maintaining Quebec ownership and supporting business succession or transfer processes.
- SODEC offers interim financing for tax credits as part of their financial services.
- Applicants can automate their payment processes with SODEC via pre-authorized debit or credit through dedicated forms.
- Businesses are encouraged to read articles about cultural entrepreneurship on their platform for further insights and inspiration.
grant_single_labels|contact
services.financiers@sodec.gouv.qc.ca
Apply to this program
Cultural Enterprise Funding through SODEC
The Société de développement des entreprises culturelles (SODEC) offers financial support tailored to Quebec-based cultural enterprises aiming to expand and ensure their sustainability. This program helps bridge financing needs, enhancing the viability and growth potential of cultural businesses.
Exploring the SODEC Business Banking Services
The SODEC, through its Business Banking Services, extends a comprehensive suite of financial tools specifically designed for the cultural sector in Quebec. This initiative is critical for nurturing the growth of local cultural enterprises, aligning with broader economic objectives to increase the stability and expansion of these entities. This financial support is crafted to meet diverse business needs, ranging from short-term credit to long-term investment in crucial cultural projects that might otherwise be constrained by resource limitations.
For cultural enterprises, obtaining financing from SODEC offers a strategic advantage. The financial mechanisms available include term loans, renewable credits, and loan guarantees, with occasional project-specific equity investments or share capital injections. These financing options provide cultural enterprises with the versatility required to cater to different stages of business development, ensuring they can scale operations effectively. Furthermore, SODEC fosters long-term relationships between these businesses and financial sectors, which is essential for creating enduring economic connections.
Additionally, SODEC aims to empower Quebec-based businesses by maintaining local ownership and enhancing competitive advantages in the broader market. This is particularly critical in the cultural domain, where maintaining genuine, locally-oriented cultural production is vital for community identity and industrial success. Moreover, the organization facilitates projects significant in scope or purpose with considerable economic impact, contributing to the cultural and creative economies.
The financial aid SODEC provides respects strict condition sets laid out in their financial policy, ensuring that potential recipients demonstrate sustainable business practices and a clear financial strategy. This indicates not only the project's initial feasibility but its sustainability and potential for far-reaching cultural impacts. Through these measures, SODEC ensures that funded projects effectively contribute to the cultural industry's vibrancy and vitality across the province.
Moreover, the digital transformation of businesses is another crucial objective. This initiative provides funding support for developing and deploying digital solutions that enhance cultural enterprises' operations, allowing them to reach broader audiences and streamline processes. By prioritizing digital development, SODEC prepares these businesses for future challenges and opportunities, ensuring they remain relevant and competitive.
SODEC's business banking services provide an invaluable lifeline for cultural enterprises in Quebec, facilitating necessary financial optimization and sustainable growth. The strategic financial support offered ensures these businesses can thrive, creating cultural richness and robust economic health within the Quebecois culture sector. Ultimately, SODEC's efforts amplify the creative voice of local enterprises, ensuring their contributions are recognized and maximized both locally and beyond.
