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MRC de L'Assomption — FLI/FLS
QC, Canada
Supports business growth and job creation in Quebec
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- MRC de L'Assomption
grant_single|status
grant_card_status|open
grant_single_labels|preview
The MRC de L'Assomption's FLI/FLS grant program provides funding up to $150,000 to support the start-up, improvement, and expansion of businesses with significant economic impact in Quebec. Eligible activities include entrepreneurial succession, business acquisition, and investments in productivity and sustainable practices.
grant_single_labels|terms_and_conditions
- Prêt à terme investment with interest payable monthly; maximum repayment horizon generally of 7 years, and theoretical maximum of 10 years for repayments based on cash flow generation in certain enterprise succession or expansion cases.
- Potential for moratorium on principal repayment for a maximum of 12 months, during which interests must still be paid monthly. For the FLS, the moratorium could extend up to 24 months under certain project conditions like exportation or productivity improvement cases.
- For the FLI, moratoriums for principal and interest are project-based with a maximum period of 24 months for startups and 36 months for entrepreneurial succession projects.
- Utilization of a weighted interest rate to be applied, with specifics communicated to clients in loan agreements.
- Ceiling for individual investments from the FLS is $100,000 per company or affiliated group; for the FLI, investments cannot exceed 50% of eligible project expenses or $150,000 within 12 months, with a cumulative refundable aid cap at $300,000.
- Anticipated repayment of loans is permitted under the terms of the loan agreement.
- Eligibility for venture participants includes the ability to provide at least a 20% equity stake for new projects and maintaining a minimum 20% company equity post-project for existing businesses.
- Administrative costs involve a non-refundable opening fee of $250 per application and an ongoing annual tracking fee of 1% of the remaining capital balance.
grant_single_labels|projects
- Démarrage: Support during the early commercialization phase until reaching profitability.
- Relève entrepreneuriale: Financing for individuals or groups acquiring significant stakes (minimum 25%) in existing businesses for succession purposes.
- Acquisition d’entreprise: Financing the acquisition of business assets or shares.
- Amélioration and transformation d’entreprise: Supporting projects for productivity improvement, digital transformation, and sustainable practices implementation.
- Croissance and expansion d’entreprise: Funding for existing profitable enterprises to support new product commercialization, export projects, growth support, or subsidiary establishment.
- Financement temporaire: Short-term bridge loans pending confirmed revenue sources.
- Redressement: Support for businesses undergoing a turnaround with demonstrated management strength and market viability.
grant_single_labels|admissibility
- The enterprise must be a legally constituted for-profit organization under Quebec or Canadian law or a collective enterprise (cooperatives and NPOs) with commercial activities as defined by the Social Economy Act.
- The business must operate within the territory of the MRC de L’Assomption and have its headquarters in Quebec.
- The company must be registered in the Quebec Enterprise Register (REQ).
- The enterprise must not be listed on the Register of Ineligible Enterprises for Public Contracts (RENA).
- The enterprise should not have failed obligations related to previous financial assistance from the Ministry or MRC within two years prior to the application.
- State-controlled enterprises or those indirectly owned by government authorities are not admissible.
- The company must not be under protection from the Companies' Creditors Arrangement Act or the Bankruptcy and Insolvency Act.
- The enterprise must not have ethical or environmental violations that could harm the integrity of the government or the MRC.
- Projects must have a significant economic impact within the MRC de L’Assomption territory.
- Certain sectors such as production or distribution of weapons, fossil fuels, gambling, violent sports, and sexual exploitation are ineligible unless specified otherwise.
- The project must not be in the pre-startup stage but should be in the phase of commercialization.
grant_eligibility_criteria|who_can_apply
- Legally constituted for-profit enterprises under the laws of Quebec or Canada.
- Collective enterprises such as cooperatives and non-profit organizations engaged in commercial activities, in accordance with the Social Economy Act.
- Businesses that are operational within the territory of MRC de L’Assomption and have their head office in Quebec.
- Enterprises involved in start-up, entrepreneurial succession, business improvement and transformation, expansion, and temporary financing projects.
- Businesses supporting economic development in MRC de L’Assomption.
grant_eligibility_criteria|who_cannot_apply
- Applicants listed on the Register of enterprises not eligible for public contracts (RENA), including their subcontractors registered under RENA.
- Entities that have failed to meet obligations on previous financial aid from the Ministry or regional county municipality within the last two years.
- State-owned enterprises or those controlled by municipal, provincial, or federal governments or majority-owned by a state corporation.
- Companies under protection of the Companies' Creditors Arrangement Act or Bankruptcy and Insolvency Act.
- Entities with unethical behavior that could damage the integrity or probity of the government or regional county municipality.
- Companies with poor environmental responsibility.
- Enterprises with a history of not respecting labor standards or human rights legislation.
- Businesses involved in the production or distribution of arms.
- Industries relating to exploration, extraction, drilling, production, and refining of fossil fuels, except for activities transitioning to a low-carbon economy.
- Gambling and betting enterprises, including casinos, bingo halls, and gaming terminals.
- Businesses engaged in violent gaming, combat sports involving any living species, racing, or similar activities.
- Enterprises involved in sexual exploitation, such as erotic bars, escort agencies, erotic massage parlors, or swingers' clubs, and production of pornographic material.
- Real estate management and development businesses.
- Entities producing, selling, and servicing tobacco or drugs, except for compliant cannabis and industrial hemp interventions.
grant_eligibility_criteria|eligible_expenses
- The need for additional working capital compared to current expenses, necessary to carry out the company's project for a maximum period of two years.
- Capital expenditures strictly and directly related to the realization of the company’s project, such as the acquisition of technology, land, buildings, equipment, machinery, and rolling stock, as well as construction, expansion, renovation, and landscaping of the premises.
- Professional fees incurred prior to the realization of the company’s project, such as feasibility analysis, external audit, or impact study.
- Professional fees strictly and directly related to the realization of the company’s project, such as implementation of technology, equipment, and machinery, as well as acquisition, construction, renovation, and landscaping of the premises.
- Acquisition expenses for ownership interests in the targeted company like voting shares or parts, and assets of the targeted company.
- Professional fees strictly and directly related to the transaction and acquisition of the company as well as the transfer of the company's management.
grant_eligibility_criteria|zone
- Territory of the MRC de L'Assomption
grant_single_labels|criteria
- Viability of the business: The project must demonstrate permanent profitability and repayment capacity, along with good future prospects.
- Knowledge and experience of the promoters: Promoters should showcase relevant knowledge and experience in their field, and management skills. If deficiencies are noted, sufficient internal and external support must be available.
- Environmental and societal impacts: Projects that contribute positively to the socio-economic and environmental balance of the territory, emphasizing sustainable business practices, are valued.
- Openness towards workers: The attitude of businesses towards their workers, as well as their approach to labor relations, is considered in the evaluation of a financing application.
- Participation of other financial partners: It's desirable for projects to have capital contributions from other sources, such as financial institutions and promoters' investments.
- Perpetuation of funds: The funding's impact on the portfolio, focusing on maintaining balance and ensuring the continuity of the funds, is analyzed for each investment case.
grant_single_labels|register
- Step 1: Preliminary Preparation
- Ensure your company is legally constituted in Quebec or Canada.
- Verify that your business meets eligibility criteria as per the policy guidelines, specifically operating with your headquarters in the Quebec region and being registered with the Registre des entreprises du Québec (REQ).
- Step 2: Document Preparation
- Complete the financial assistance application form, ensuring it is dated and signed.
- Prepare a comprehensive business plan or detailed project description.
- Organize detailed financial documents including spending breakdown and financing plans for the project.
- Gather the last three years of financial statements and interim statements if necessary.
- Ensure preparation of financial forecasts and any required compliance declarations, such as francisation or equal employment access program declarations.
- Step 3: Submit Application
- Provide all necessary documents and the completed application form to the MRC de L'Assomption for assessment.
- Ensure continuous monitoring of the application process to guarantee that all additional requirements are met as outlined by the MRC de L’Assomption, including any additional documents needed.
- Step 4: Follow-Up
- Maintain communication with the MRC de L’Assomption for updates on the application status.
- Be prepared to provide additional information or clarifications if requested by the evaluation committee.
grant_single_labels|otherInfo
- The collective investment policy of the local investment funds (FLI) and local solidarity funds (FLS) in the MRC de L'Assomption was adopted on August 28, 2023, under resolution #23-08-154.
- Investments are guided by the principle of sustainability, aiming for the self-financing of the funds.
- There is a cooperative framework for investment decisions between the FLI and FLS to maximize resource utilization.
- A dynamic application of the FLS is observed in the majority of the funding cases handled by the MRC de L'Assomption.
- Exceptionally, one fund may participate more than the other if the financial situation deems it necessary.
- A single loan contract is employed, detailing the total loan amount and weighted interest rate for combined loans.
- Legal and recovery actions are shared between the FLI and FLS according to their investment proportions.