MRC Drummond — Business Succession Program
Overview
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.
At a glance
Funding available
- Buying or selling a company
- Maximum amount : 250,000 $
- Up to 51% of project cost
- Open continuously
Eligible candidates
- Manufacturing
- Wholesale trade
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
- Drummond
- Drummondville
- Centre-du-Québec
- Quebec
- For-profit business
- Sole proprietorship
- All revenue ranges
- All organization sizes
- Youth (<40)
- Startups
Activities funded
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.
Eligibility
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.
Who is eligible?
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.
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.
Eligible geographic areas
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.
How to apply
Identification of the need
- Analyze the needs of the business to choose the most suitable grant.
- Consult Drummond Économique for a personalized recommendation.
Visit of Funds and Programs
- Explore the different funds: FLI, FLS, Futurpreneur Canada, Créavenir Program, etc.
- Decide on the program or fund that corresponds to the identified needs.
Preparation of the documentation
- Write a detailed business plan including the projected financial statements.
- Gather all necessary documents, including cover letters if required.
Consultation with partners
- Contact the financial partners of Drummond économique for any necessary clarification.
- Determine the specific requirements for each selected program.
Submission of the request
- Submission of the application file to Drummond Economic or via the online portal of the concerned organization.
- Ensure that all documents are complete and submitted by the specified deadlines.
Tracking of the request
- Receive a confirmation of receipt of the request.
- Track the progress of the processing of the request with the organization.
Additional information
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.
