MRC Drummond — Business Succession Program
- Open continuously
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
- Complete an acquisition or business transfer
- 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
Next Steps
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
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.
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.