Momentum Fund
QC, Canada
The Momentum Fund provides up to $20,000 in funding to local businesses for growth projects spanning innovation, digital transformation, and energy efficiency.
grant_single_labels|summary
grant_single|eligibleFinancing
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- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- Desjardins
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grant_card_status|open
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The Momentum Fund aims to support local businesses by funding projects that stimulate innovation, accelerate digital transformation, or invest in energy-efficient equipment, covering 25% of project costs up to $20,000. Eligible activities include technological advancements, business succession plans, market development, human resources initiatives, sustainable development efforts, digital transformation projects, business model optimization, cybersecurity measures, and governance improvements.
grant_single_labels|projects
The Momentum Fund covers various project categories that are eligible for funding, each aiming to foster growth and development in different areas of the business.
- Innovation: Technological advances, innovative manufacturing processes or products, or future innovation plans.
- Business succession: Progressive takeover plans, training plans for growth challenges, and support for business transfers.
- Market and supplier development: Projects to increase sales abroad, diversify supply chains, promote local products, and develop new products or services.
- Human resources: Initiatives to recruit or retain top talent, workforce training, mental health support, and telemedicine programs.
- Sustainable development: Projects with a positive impact on the community, reducing energy consumption, improving material recovery rates, and supporting the circular economy.
- Digital transformation: Projects to accelerate digital transformation, optimize IT processes, and add new distribution channels.
- Business model optimization: Projects to change or optimize the business model, buy new equipment or real estate, or merge/acquire businesses.
- Cybersecurity: Projects to protect employees' and clients' personal information and minimize cyberattack risks.
- Governance: Initiatives to establish advisory committees, develop governance frameworks, and provide training.
grant_single|admissibleProjectsExample
$11,000
Vancouver
Launching a new eco-friendly product line by investing in sustainable raw materials and processes
$7,000
Toronto
Upgrading IT infrastructure to enhance cybersecurity and protect client data
$7,500
Montreal
Implementing an AI-based customer service chatbot to improve response time and customer satisfaction
$9,000
Edmonton
Training employees in advanced manufacturing techniques to improve production efficiency
$9,500
Ottawa
Developing a custom ERP system to streamline business operations and improve efficiency
$8,000
Calgary
Developing a comprehensive digital marketing strategy to expand market reach and increase sales
grant_single_labels|admissibility
The Momentum Fund aims to help local businesses grow by funding projects that create quality jobs and drive regional economic development. Eligible projects must fall under one of the fund's 9 categories:
- Innovation: Technological advances, innovative manufacturing processes or products, organizational innovation
- Business succession: Progressive takeover plans, training plans for growth challenges, expert support for business transfer
- Market and supplier development: Increased sales activities, supply chain diversification, local products promotion, new product/service development, distribution and marketing strategies
- Human resources: Innovative programs for recruiting/retaining top talent, multiple initiatives to set the employer apart, equity, diversity, and inclusion foundation
- Sustainable development: Positive impact initiatives, reducing energy consumption, supporting the circular economy, carbon neutrality actions
- Digital transformation: Accelerating digital transformation, optimizing IT processes, adding new distribution channels, digital transformation advice
- Business model optimization: Reinventing or adapting business models, changing/optimizing business strategies, business advice
- Cybersecurity: Optimizing security of personal information, acquiring tools to minimize cyberattack risks, employee education on cybersecurity best practices
- Governance: Establishing an advisory committee, developing governance frameworks, strategic planning
grant_eligibility_criteria|who_can_apply
The Momentum Fund does not specifically limit the types of eligible companies, but it does outline project categories that eligible businesses must align with. These categories span a range of business needs and development goals, from innovation to cybersecurity.
- Innovation
- Business succession
- Market and supplier development
- Human resources
- Sustainable development
- Digital transformation
- Business model optimization
- Cybersecurity
- Governance
grant_eligibility_criteria|eligible_expenses
The Momentum Fund covers various eligible project costs to help businesses grow. Eligible expenses are determined based on specific project categories designed to drive innovation, digital transformation, sustainability, and more.
- Technological advances and innovative manufacturing processes in innovation projects.
- Consulting fees for business succession and takeover plans.
- Marketing and distribution strategy implementation.
- Workforce training and mental health support under human resources initiatives.
- Eco-friendly management practices and projects for energy consumption reduction.
- IT process optimization and digital transformation projects.
- Business model change or optimization, including equipment purchase and facility layout rework.
- Tools and support to minimize cybersecurity risks.
- Advisory committee establishment and governance framework improvement projects.
grant_single_labels|register
- Step 1: Identify the project category under the Momentum Fund that best fits your project.
- Step 2: Contact your account manager or the Desjardins Business centre to discuss your project and ensure it aligns with the Momentum Fund's objectives.
- Step 3: Prepare the required documentation and information to support your project application. This may include project plans, budgets, timelines, and any other relevant details.
- Step 4: Submit your project application to the Momentum Fund through your account manager or the Desjardins Business centre.
- Step 5: Await feedback or a decision from the Momentum Fund regarding your application. Be prepared to provide additional information or clarification if requested.
- Step 6: If approved, follow the guidelines and requirements provided by the Momentum Fund to implement and manage your project effectively.
grant_single_labels|otherInfo
The Momentum Fund offers specific project categories where businesses can receive funding to grow and innovate. Here are some additional miscellaneous details about the fund:
- 25% of project costs covered.
- Up to $20,000 in funding per project.
- Projects must fall under one of the nine categories: Innovation, Business Succession, Market and Supplier Development, Human Resources, Sustainable Development, Digital Transformation, Business Model Optimization, Cybersecurity, and Governance.
- Support and advisory services provided through value-added partners like RCEI, Inno-centre, and TELUS Health.
- To apply, businesses need to contact their Desjardins Business centre or account manager.
Apply to this program
Momentum Fund: Empowering Business Growth
The Momentum Fund provides financial support to businesses aiming to stimulate innovation, accelerate digital transformation, or invest in energy-efficient equipment, covering 25% of project costs up to $20,000. With nine project categories, businesses can secure funding for a diverse range of growth-oriented initiatives.
Unlocking Potential with the Momentum Fund: Comprehensive Guide for Business Funding
In today's dynamic and competitive business environment, securing financial support for growth and innovation is crucial. The Momentum Fund offers an exceptional opportunity for businesses to gain that edge. This fund, focusing on various aspects of business development, is designed to help enterprises unlock their full potential by providing necessary financial backing. This detailed guide will delve into the specifics of the Momentum Fund, outlining the eligibility criteria, project categories, and the process for submission.
Key Objectives of the Momentum Fund
The Momentum Fund is crafted to assist local businesses in several key areas, creating a ripple effect of positive economic development within the region. Its primary objectives include:
- Stimulating Innovation: Encouraging businesses to adopt and develop technological advances, innovative manufacturing processes, and new products.
- Accelerating Digital Transformation: Supporting businesses in streamlining their operations through digital innovations, thus enhancing their online presence and sales capabilities.
- Investing in Energy-efficient Equipment: Promoting sustainable business practices by funding eco-friendly projects that reduce energy consumption and improve material recovery rates.
Funding Details
The Momentum Fund covers 25% of eligible project costs, with a maximum support of $20,000 per project. This substantial financial aid can significantly ease the financial burden on businesses seeking to implement growth-oriented projects and innovations.
Nine Project Categories
To qualify for the Momentum Fund, a project's objectives must align with one of the following nine categories:
1. Innovation
Projects under innovation can include:
- Demonstrating a technological advance or creating innovative manufacturing processes or products.
- Implementing processes that support future innovation within the organization.
- Implementing innovative strategies in various areas such as finance, management, products, networks, and customer relationships.
2. Business Succession
This category supports businesses in planning and executing a smooth takeover process. Eligible projects must:
- Demonstrate a progressive plan that ensures purchaser control of the business.
- Include a comprehensive training plan outlining growth challenges, timelines, and acquisition protocols.
- Ensure the availability of expert support (e.g., consulting fees) to facilitate the business transfer.
3. Market and Supplier Development
Projects in this category aim to expand business reach and reduce supplier risks. They can include:
- Activities that increase sales domestically or internationally.
- Diversifying the supply chain to minimize risks.
- Promoting local products and services to allow suppliers to evolve.
- Developing new products or services.
- Implementing effective distribution and marketing strategies.
4. Human Resources
This category supports innovative programs to recruit and retain top talent. Eligible projects may include:
- Workforce training programs and mental health support initiatives.
- Telemedicine programs (such as those offered by TELUS Health).
- Mentoring, break room and recreation space improvements, and initiatives to integrate temporary foreign workers.
- Programs that underscore company values of equity, diversity, and inclusion.
5. Sustainable Development
Projects here should aim to positively impact the environment and community. Eligible initiatives can:
- Implement eco-friendly management practices.
- Reduce energy consumption or improve material recovery rates.
- Support the circular economy.
- Take steps towards making the business more carbon neutral.
6. Digital Transformation
Digital transformation projects are crucial to stay competitive in the modern market. They can include:
- Designing projects to enhance the business's digital capabilities.
- Simplifying and optimizing IT processes (e.g., adding ERP or CRM systems).
- Projects can span across purchasing, sales, operations, administration, and human resources.
- Developing new distribution channels, such as transaction sites, to boost online sales.
- Leveraging advisory services from partners such as RCEI and Inno-centre for digital transformation.
7. Business Model Optimization
This category encourages businesses to adapt or reinvent their models to stay relevant. Projects may include:
- Acquiring new equipment or real estate to optimize operations.
- Reworking facility layouts, merging with or acquiring other businesses.
- Using consultant time from experts at Inno-centre to refine business models.
8. Cybersecurity
Given the increasing threats of cyberattacks, this category focuses on:
- Optimizing the security of personal information of employees and clients.
- Acquiring tools and support to minimize the risks of cyberthreats.
- Implementing educational initiatives to train employees on cybersecurity best practices.
9. Governance
This category supports projects aimed at improving governance frameworks. Eligible projects include:
- Establishing advisory committees, recruiting members, and providing mentoring or training on governance.
- Developing or updating strategic planning and governance frameworks to create value.
Submission Process
To submit a project for consideration under the Momentum Fund, businesses should contact their account manager or their nearest Desjardins Business centre. The dedicated representatives will offer guidance throughout the application process, ensuring that the submission aligns with the fund's objectives and requirements.
Conclusion
The Momentum Fund is a powerful tool for businesses in the region, offering financial support that can drive innovation, enhance digital capabilities, and promote sustainable practices. By aligning projects with the fund's objectives across its nine categories, businesses can not only secure funding but also position themselves for long-term growth and success. For further details or to initiate the application process, businesses should reach out to their account manager or visit a Desjardins Business centre.
