MRC Drummond — Business Succession Program
Drummondville, QC, Canada
Business financing demystified for tailored entrepreneurial support
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
Expert Advice
Other Support
grant_single|eligibleIndustries
- Manufacturing
- Wholesale trade
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC Drummond
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Fonds locaux d’investissement (FLI) and Fonds locaux de solidarité (FLS) offer funding for enterprises in the MRC de Drummond with amounts ranging from $5,000 to $250,000, aimed at supporting business creation, maintenance of jobs, technology adoption, and local enterprise growth. These funds are suitable for start-ups, expansions, and acquisitions in various sectors including manufacturing, commercial services, and recreational tourism.
grant_single_labels|terms_and_conditions
This grant is designed to financially support business succession efforts for companies located within the MRC Drummond area. The funding modalities are aimed at facilitating succession planning while ensuring efficient capital utilization.
- Funding ranges from a minimum of $5,000 to a maximum of $250,000.
- Financial aid is provided in the form of loans.
- Coverage includes up to 50% of professional fees for services like due diligence and legal document preparation, with a maximum limit of $15,000.
- Loans are subject to evaluation, including interest rates, loan amount, and required guarantees.
- No-interest short-term loans of up to $20,000 are available for certain qualifying conditions.
grant_single_labels|projects
The MRC Drummond Business Succession Program is designed to assist in the smooth transition of small businesses either by family transfer, internal management buy-out, or external acquisition, including collective takeovers. It focuses on reducing costs associated with essential professional services required during the business succession process.
- Support for family members acquiring ownership of a family-operated business.
- Facilitation of employee buy-outs of existing enterprises.
- Assistance for external entrepreneurs in acquiring established businesses.
- Provision of funds to cover due diligence costs.
- Coverage of expenses related to the fair market value assessment.
- Support for drafting purchase agreements.
grant_single_labels|admissibility
Eligibility for these funds and programs is determined by specific criteria related to the type and status of the business, as well as the entrepreneur's profile.
- The business must be located on the territory of the MRC de Drummond.
- The funds support businesses that are in the startup phase, expanding, or in acquisition.
- Eligible businesses include those that are manufacturing, commercial, service, distribution, wholesale, or recreational-tourism.
- For the Relève d'entreprise program, the repreneur must be involved in a project funded by a FLI and the business being acquired must be legally constituted and located in Quebec.
- Futurpreneur Canada is open to young entrepreneurs aged 18 to 39 who are Canadian citizens or permanent residents, with businesses less than 2 years old.
- Desjardins Mentoring Fund requires entrepreneurs to have exhausted conventional funding resources.
- Créavenir Program supports young entrepreneurs aged 18 to 39 who face challenges in obtaining traditional funding.
grant_eligibility_criteria|who_can_apply
Entrepreneurs and businesses seeking financial support for projects in the MRC de Drummond, particularly those targeting investment, job creation, and business growth within the region, are encouraged to consider the various funds and programs available. Specific programs cater to different types of businesses and situations, such as:- Startups or expanding businesses within the manufacturing, commercial, service, distribution, wholesale, or recreation-tourism industries.- Entrepreneurs looking to acquire existing businesses in the MRC de Drummond.- Young entrepreneurs aged 18 to 39 seeking to establish a new business in Canada.- Entrepreneurs requiring support for environmentally sustainable practices.Additional assistance is typically available in the form of loans, mentorship, and specialized services to facilitate business transitions, financial planning, and growth.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for the programme include costs associated with professional services essential for the business transition.
- Fees related to due diligence processes.
- Costs of appraising fair market value.
- Preparation costs for purchase agreements.
- Professional fees from qualified accountants, lawyers, and notaries.
grant_eligibility_criteria|zone
This grant is specifically targeted at companies located within the MRC de Drummond region in Quebec, Canada. The focus is on supporting local business development and succession planning initiatives.
- Companies situated within the MRC de Drummond territory in Quebec.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility
- Review the eligibility criteria to ensure your business qualifies for the grant.
- Step 2: Develop Business Plan
- Prepare a comprehensive business plan with financial projections for the next three years.
- Highlight the profitability and the social and economic value added by the project.
- Step 3: Gather Supporting Documents
- Compile necessary documents such as legal constitution papers if applicable, identification documents, and professional qualifications.
- Step 4: Engage with Drummond Économique
- Contact Drummond Économique to begin the funding application process.
- Utilize their services for evaluation of interest rates, loan amounts, and guarantees.
- Step 5: Submit the Application
- Submit your completed business plan and supporting documents as directed by Drummond Économique.
- Step 6: Receive and Keep Confirmation
- Obtain confirmation that your application has been received.
- Retain any confirmation numbers or documentation for your records.
grant_single_labels|otherInfo
Here is additional relevant detail for these grants and programs:
- Drummond économique offers independent assistance to evaluate all available market funding options through their financial partners.
- There is a strong focus on supporting digital technologies and automation for local businesses.
- Futurpreneur Canada provides mentorship support in addition to financial assistance, aiming for a higher success rate in business.
- Drummond économique also manages the evaluation of loan requests and determines interest rates and guarantees.
Apply to this program
Unlocking Funding Opportunities for Business Growth
The Fonds et programmes de financement d’entreprises demystifies business financing to help you discover optimal financial solutions for your entrepreneurial projects. This program presents various funding sources, ensuring you are equipped with the right support at the right time for your business needs.
In-Depth Insight into Business Financing Programs and Their Benefits
The fonds et programmes de financement d’entreprises serve as a vital resource for businesses seeking financial assistance to enhance their operations, facilitate expansions, or initiate new ventures in the Quebec region, particularly within the MRC de Drummond. By offering a comprehensive overview of available financial instruments, this initiative supports entrepreneurs in identifying suitable funding opportunities that align with their project goals. The primary objective is to strengthen local enterprises by providing them with the necessary capital to innovate, adopt digital technologies, and automate processes, thereby increasing operational efficiency.
Among the notable funding avenues are the Fonds locaux d’investissement (FLI) and the Fonds locaux de solidarité (FLS). These funds provide essential financial support through loans to start-ups and businesses pursuing acquisitions within the region. The loans range from $5,000 to $250,000, crafted to meet the diverse needs of various sectors, including manufacturing, commercial, service, distribution, wholesale, and recreational tourism enterprises. Eligibility criteria focus on the strategic alignment of the operational and financial plans of the business, emphasizing sustainable job creation and the integration of cutting-edge technologies.
For businesses undergoing ownership transitions, the Programme Relève d'entreprise offers targeted assistance to facilitate the process. It empowers family members, employees, or external acquirers with up to 50% of professional fees, covering due diligence, fair market value assessments, and legal document preparation. This program aims to ensure successful transitions of ownership, crucial for the longevity and continuity of local businesses.
Futurpreneur Canada extends its reach to young entrepreneurs aged 18 to 39, providing up to $75,000 in unsecured loans alongside personalized mentorship from seasoned business professionals. This program seeks to nurture a new generation of business leaders by offering the financial leverage and guidance necessary for a successful start in entrepreneurship.
Additional support programs, such as the Fonds Mentorat Desjardins, Créavenir, and the Programme d’incubation commerciale, cater specifically to young entrepreneurs and those operating within the start-up phase of their businesses. These initiatives offer not just financial assistance but also mentoring and business development support, critical for overcoming initial hurdles in the competitive business landscape.
For businesses committed to eco-friendly practices, the Fonds Écoleader provides a strategic advantage by offering grants and personalized support to integrate sustainable business practices and clean technologies. This not only aids in conforming to regulatory expectations but also enhances the market appeal of businesses adopting eco-responsible strategies.
Beyond these structured programs, Drummond économique collaborates with various financial institutions to expand the repertoire of funding sources, ensuring that businesses can access tailored financial solutions that cater to their unique operational and developmental needs. The array of over 40 funding options underscores the region’s commitment to fostering a vibrant entrepreneurial ecosystem.
In summary, the range of funding and support programs available through this initiative encourages entrepreneurs to explore and leverage financial resources that align with their growth strategies. By providing meticulous support in financial planning, loan management, and project evaluation, Drummond économique plays a pivotal role in economic development, empowering businesses to achieve their full potential, drive innovation, and contribute positively to the regional economy.