MRC Bécancour — Local solidarity funds (FLS)
QC, Canada
Local Solidarity Fund loans for eligible Quebec businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Retail trade
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC Bécancour
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Fonds locaux de solidarité (FLS) offers loans ranging from $5,000 to $100,000 to new, developing, and acquiring businesses within eligible sectors such as manufacturing, commercial services, tourism, and agri-food. The funding aims to support financial needs related to operational working capital and additional capital requirements for the first year of development projects.
grant_single_labels|projects
This grant provides financial support to a variety of business sectors to facilitate growth and development. It covers activities that enhance the operational capabilities and expansion potential of eligible businesses.
- Development projects in the manufacturing sector.
- Expansion initiatives for businesses in the agro-food sector.
- Growth and service improvement projects in the tourism industry.
- Commercial and service-oriented business expansions and developments.
grant_single_labels|admissibility
The eligibility for the grant requires meeting specific financial and registration criteria, as well as demonstrating project commitment.
- The applicant must have financial forecasts that demonstrate profitability.
- A marketing plan must be provided.
- The business must be registered in the Quebec business registry.
- The promoter must provide a minimum down payment of 10% of the project cost.
grant_eligibility_criteria|who_can_apply
The Fonds locaux de solidarité (FLS) provides loans for new businesses, businesses in development, and businesses to be acquired within the sectors of agriculture, commerce, manufacturing, services, and tourism in Quebec. Notably, primary agricultural sectors and general contractors in construction are not eligible. Companies must demonstrate financial forecasts indicating profitability, have a marketing plan, be registered with the Quebec enterprise register, and the promoter must contribute a minimum of 10% of the project's cost.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain industries and types of companies based on their primary sector activities. The goal is to focus financial aid on key sectors as specified in the grant guidelines.
- Companies in the primary agricultural sector.
- General construction entrepreneurs.
grant_eligibility_criteria|eligible_expenses
The grant covers eligible expenses related to working capital needs for business operations and additional working capital needs for the first year following a development project.
- Working capital needs related to business operations.
- Additional working capital needs calculated for the first year following a development project.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Verify Eligibility
- Ensure your business is within the eligible sectors: manufacturier, agroalimentaire, touristique, commercial, and service.
- Confirm that your business activities do not fall within non-eligible sectors like primary agriculture and general construction contracting.
- Step 2: Prepare Documentation
- Compile financial forecasts demonstrating potential profitability.
- Prepare a comprehensive marketing plan.
- Obtain documentation proving your business registration with the Quebec enterprise register.
- Ensure you have a minimum 10% personal investment of the total project cost available.
- Step 3: Develop Project Proposal
- Outline the project's objectives, needs for working capital, and development plans.
- Ensure the proposal includes a detailed explanation of how the funds will augment existing financial support from other partners.
- Step 4: Application Submission
- Contact the appropriate representative from the Fonds locaux de solidarité for submission details.
- Submit all required documents and the completed application form as directed.
- Step 5: Confirmation of Receipt
- Wait for a confirmation of your application submission from the funding body.
- Note the date and any application reference number provided for your records.
grant_single_labels|otherInfo
Additional key details for the Fonds locaux de solidarité (FLS) include the following:
- The loan is designed to be complementary to other financial partnerships, which may include traditional financial institutions or governmental bodies.
- A minimum personal financial commitment from the promoter is obligatory, indicating substantial involvement from the entrepreneur in the project.
- The loan supports operational working capital needs pertinent to business activities and expansion within the first year.
Apply to this program
Access Financial Support with the Local Solidarity Funds (FLS)
The Local Solidarity Funds (FLS) offers loans ranging from $5,000 to $100,000 to support new businesses, businesses in development, and those looking to acquire existing businesses. Aimed at specific sectors such as agriculture, commerce, manufacturing, services, and tourism, this fund facilitates business growth and sustainability in Quebec, in collaboration with Fonds locaux de solidarité (FTQ).
Detailed Insights into the Local Solidarity Funds Benefits and Requirements
The Local Solidarity Funds (FLS) is a strategic financial instrument designed to empower businesses across several key sectors in Quebec, specifically manufacturing, agro-food, tourism, commercial and service industries. By providing crucial loan amounts up to $100,000, this fund is pivotal for new startups, expanding businesses, and those pursuing acquisition opportunities. It is an effective initiative curated in partnership with the Fonds locaux de solidarité (FTQ) aimed at nurturing economic development by equipping businesses with the necessary financial resources.
FLS targets sectors where traditional funding mechanisms might be limited, thus playing a vital role in supporting the financial ecosystem in Quebec. The loan facility is tailored to meet the operational and development needs of businesses, addressing both working capital requirements and additional capital needs, particularly significant in the first year of a business development project. This focus enhances business capabilities to maintain and expand operations, ultimately driving sector growth and economic contribution to the regional infrastructure.
Predicated on stringent criteria to ensure potential return and stability, FLS mandates financial projections that convincingly demonstrate profitability alongside detailed commercialization plans. This ensures that funded projects have a solid strategic foundation, which aligns with the broader objectives of economic fortification and employment enhancement within eligible sectors. It is pivotal that companies are registered in Quebec's business registry to comply with the formal eligibility prerequisites.
Promoters are required to invest a minimum of 10% of the project's cost, thereby emphasizing the commitment and shared risk involved in the business venture. Such a clause ensures that the beneficiaries have a vested interest in the success and sustainability of their projects, fostering responsible financial management and promoting diligent project execution.
FLS loans are to be paired complementarily with other financial avenues such as support from financial institutions or government organizations, optimizing the financial structure of enterprises. This partnership approach not only broadens the scope of financial backing but also dissipates the financial burden across multiple stakeholders, reducing individual risk and enhancing financial efficacy.
The loan agreement is structured over a maximum of 84 months, providing ample timeframe for businesses to stabilize their operations and grow sufficiently to meet repayment schedules. The comprehensive support structure ensures that businesses can strategically direct their funding to activities that promise the highest return, such as scaling processes, augmenting production capabilities, and refining service delivery.
Moreover, businesses ineligible through the primary agriculture and general construction entrepreneur sectors are excluded, aligning the fund’s resources with sectors more susceptible to sustainable growth returns within the current market dynamics. This selective focus ensures that the funds are utilized where they can exert maximum impact, fostering economic advancements in chosen industries where financial leverage is crucial.
In summary, the Local Solidarity Funds provide an invaluable financial lifeline for businesses in Quebec, underscoring the significance of fiscal support in propelling business ventures towards lasting success. This initiative not only supports the immediate financial needs of businesses but also encourages a collaborative financial atmosphere while ensuring that economic prosperity ripples across Quebec's varied industrial landscape.
