MRC Fjord-du-Saguenay — Local FLI/FLS funds
Saguenay, QC, Canada
Investment funds supporting economic impact businesses in Quebec
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJuly 09, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Professional, scientific and technical services
- Health care and social assistance
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC Fjord-du-Saguenay
grant_single|status
grant_card_status|open
grant_single_labels|preview
The FLI/FLS Investment Policy aims to invest in Quebec-based businesses to bolster their development and create or maintain jobs, offering maximum funding amounts of $150,000 for FLI and $100,000 for FLS per enterprise. Eligible activities include business start-up, improvement and transformation, growth and expansion, entrepreneurial succession, and funding for short-term needs or restructuring efforts.
grant_single_labels|projects
The grant supports a range of projects aimed at fostering economic growth, entrepreneurial development, and sustainable practices. Eligible projects include various stages and types of business activities, ensuring support for entrepreneurs at different phases of their business journey.
- Start-up projects, which involve the period between the commencement of commercialization and reaching profitability.
- Entrepreneurial succession, aiding individuals or groups in acquiring significant ownership and managerial control of existing businesses.
- Business acquisition, supporting entities that purchase another company’s assets or shares.
- Business improvement and transformation, including productivity enhancement and digital transformation initiatives.
- Business growth and expansion, involving existing profitable companies launching new products, entering new markets, or expanding operations.
- Temporary financing solutions, providing bridge loans awaiting confirmed income sources.
- Business recovery, focusing on short-term crises with feasible recovery plans.
grant_single_labels|admissibility
Eligible companies for this grant must meet the following criteria:
- Companies must be for-profit entities legally constituted under Quebec or Canadian laws, or collectively owned enterprises (cooperatives and non-profits) as defined by the Act on Social Economy, engaging in commercial activities.
- The enterprise must operate within the MRC's territory and have its headquarters in Quebec.
- It must be registered with the Quebec Enterprise Register (REQ).
- For FLS support, social economy companies must comply with Annex "A" conditions, but FLI can invest alone in companies that do not meet one or more conditions in Annex "A".
grant_eligibility_criteria|who_can_apply
Eligible applicants for the FLI/FLS investment policy include legally constituted for-profit enterprises under Quebec or Canadian law, as well as collective enterprises such as cooperatives and non-profit organizations (NPOs) operating as social economy enterprises within the meaning of the Social Economy Act.The eligibility criteria include:1. Location and Registration: - Must operate within the MRC's territory. - Must be registered at the Quebec Business Register (REQ). - Must have its head office located in Quebec.2. Eligible Enterprises: - Legal for-profit entities and social economy enterprises conducting commercial activities. - Social economy enterprises must meet specific conditions outlined in Annex A, including characteristics such as democratic governance, priority given to people over capital, collective control, and impactful local development.3. Eligible Sectors: - Enterprises from sectors aligned with MRC’s priorities.Sections 3.3 details non-eligible applicants who are excluded based on criteria such as non-compliance with public contract registers, governmental ownership, bankruptcy protection, unethical behavior, environmental non-responsibility, and other specific sector exclusions. Additionally, projects not supported include those involving arms production, fossil energy, gambling, violent games, sexual exploitation, real estate management, and some drug-related services, unless falling within specified exceptions for cannabis and industrial hemp.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to ensure that funds are directed toward sectors that align with sustainable and ethical practices, as well as to ensure financial prudence.
- Companies listed in the Register of enterprises ineligible for public contracts (RENA), including contractors associated with them.
- Applicants that have failed to meet obligations related to previous financial aids within the last two years after a formal notice.
- State-owned enterprises or those controlled by municipal, provincial, or federal governments, or entities majority-owned by such companies.
- Entities under protection from the Companies' Creditors Arrangement Act or the Bankruptcy and Insolvency Act.
- Companies with unethical behaviors affecting the integrity or reputation of the government.
- Businesses with non-compliant environmental practices according to applicable laws.
- Those with a history of violating labor standards or human rights legislation.
- Companies involved in the production or distribution of armaments.
- Entities related to fossil fuel activities except for transition projects.
- Organizations engaging in gambling activities like casinos and bingo halls.
- Firms involved in violent games or sports involving combat with any living species.
- Businesses in the sex industry, like erotic bars or adult entertainment.
- Real estate management and development, barring certain exceptions for tenant services.
- Enterprises linked to the tobacco or drug consumption industry, with certain exceptions for cannabis and industrial hemp under strict criteria.
- Cannabis industry projects related to recreational use or non-approved medical products.
Moreover, financial aid under this grant should not be utilized for payments benefiting ineligible entities.
grant_eligibility_criteria|eligible_expenses
The eligible expenses for this grant are detailed with specific attention to funding requirements and circumstances.
- The need for additional working capital compared to current expenses, necessary for implementing the company's project for a maximum period of two years, which includes the project year and the following year, based on justified and reasonable expenses.
- Capital expenditures strictly and directly related to the company's project implementation, such as acquiring technology, land, buildings, equipment, machinery, and rolling stock, as well as construction, expansion, renovation, landscaping, and fitting out premises and fields.
- Professional fees preliminary to the company's project implementation, such as feasibility analysis, external audit, or impact study.
- Professional fees strictly and directly related to the company's project implementation, such as the implementation of technology, equipment and machinery, as well as acquisition, construction, renovation, and landscaping of fields and premises.
- Entrepreneurial succession projects can include purchases of ownership shares (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
This grant is intended for companies operating within specific geographical areas in Quebec, Canada. It aims to support economic impact projects on the territory of the MRC du Fjord-du-Saguenay.
- Companies must operate on the territory of the MRC du Fjord-du-Saguenay.
- Businesses must have their registered office in Quebec.
grant_single_labels|criteria
The evaluation and selection of projects for this grant focus on several key criteria designed to assess the viability and impact of proposed initiatives on both economic and social levels.
- Economic viability and sustainability of the funded enterprise. The project should demonstrate prospects of ongoing profitability and repayment capacity.
- Promoters' knowledge and experience, highlighting the expertise and relevant background in their field as well as managerial skills.
- Environmental and societal impacts, emphasizing contributions to improving the socio-economic and environmental landscape through sustainable business practices.
- Openness towards workers, considering the company's approach to employee relations and workplace environment.
- Involvement of other financial partners, showing the presence of additional capital sources such as financial institutions or promoters' equity contributions.
- Impact on fund sustainability, ensuring that the investment aligns with the self-financing objectives of the local funds.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility
- Review the list of eligible and ineligible applicants and projects to ensure compliance.
- Assess if your project aligns with the sectors and types of projects funded.
- Ensure your organization is registered and operates within the specified territory.
- Step 2: Prepare Application Documents
- Complete the official application form for financial assistance.
- Draft a detailed project description including objectives, scope, and anticipated outcomes.
- Prepare detailed financial projections, including a budget, funding sources, and financial statements.
- Gather additional required documents such as interim financial statements and declarations of compliance, as relevant.
- Step 3: Submit Application
- Contact your MRC to know the submission method, physical or electronic.
- Submit the completed application form and all supporting documents to the MRC.
- Ensure submission is complete before any set deadlines, if applicable.
- Step 4: Await Acknowledgment and Feedback
- Wait for confirmation of receipt from the MRC.
- Track your application status if a tracking mechanism is provided.
- Step 5: Follow-Up and Support
- Be prepared to provide additional information or clarification if requested.
- Contact the MRC for any assistance or to address queries regarding your application.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The partnership between FLI and FLS involves utilizing a combined loan contract with differentiated interest rates for each fund.
- Pre-startup projects are excluded from funding, with eligibility beginning at the commercialization stage.
- The loan moratorium on capital and/or interest is determined by the project type, with specific durations provided.
- The maximum total repayable funds for any single enterprise under the FLI is $300,000, with specific restrictions on government aid combinations.
- Interest rates are determined by a risk analysis and may include a risk premium, amortization premium, and deduction for secured loans.
- Enterprises must meet high integrity standards to qualify and enjoy continued financial support.
Apply to this program
Unlocking Local Economic Growth Through Strategic Investments
This grant serves as a strategic tool to stimulate local economic development by providing essential financial solutions to businesses and entrepreneurs. It seeks to bolster economic activity within Quebec through the creation, maintenance, and preservation of employment opportunities in the region.
Understanding the Grant's Role and Contribution to Economic Development
The grant outlined in the Investment Policy is a vital component designed to inject vitality into the local economy by supporting businesses across various stages of development. Whether for start-ups finding their footing, enterprises in expansion phases, or businesses looking to innovate and improve their operations, this grant stands out as a crucial financial lever facilitating access to necessary capital. Its principal mission is to ensure the financial viability of companies while fostering an entrepreneurial spirit that can drive sustainable economic growth within the designated jurisdiction, the MRC du Fjord-du-Saguenay.
One of the hallmark features of this grant is its focus on the long-term retention and creation of jobs, thus directly contributing to the socio-economic tapestry of Quebec. By strategically investing in projects with significant economic impacts, the grant not only helps enterprises achieve a solid start or scale but also contributes to the broader economic ecosystem by supporting a diverse range of sectors deemed critical to regional economic priorities. Moreover, the grant emphasizes sustainable business practices, ensuring that supported companies contribute positively to both societal and environmental standards.
Eligible initiatives cover broad aspects including start-up capital support, business expansion, improvements through technological adaptation, and strategies for business succession planning. These investments are carefully calibrated to strike a balance between immediate economic needs and sustainable long-term growth objectives. This dual focus aims to equip enterprises with the necessary tools and resources to navigate the complexities of today’s market while remaining agile and competitive.
Additionally, the funding initiative underscores the significance of collaborative financial participation, encouraging partnerships with other financial entities to amplify the effect of its investments. This partnership approach leverages a combined capital strategy that not only ensures resource availability but also spreads the investment risk. The policy also incorporates robust mechanisms for evaluating the potential economic viability of beneficiary projects, ensuring that only those with promising returns and alignment with strategic regional economic goals receive support.
Noteworthy is the grant's flexibility in loan structuring, which can be adapted to meet the unique needs of each business, including moratorium periods on capital repayment to facilitate smoother operational cash flow management. Tailored intervention allows for practical support aligned with business cycles, especially for seasonal industries, ensuring that operations are not unduly hampered by rigid repayment schedules.
In conclusion, the grant represents a significant opportunity for businesses in the MRC du Fjord-du-Saguenay, aiming to foster an environment of innovation, collaboration, and sustained economic growth. By promoting a vibrant business ecosystem through strategic investments, the grant not only injects essential resources into the local economy but also aligns with broader goals of efficiency, sustainability, and resilience, key to thriving in an increasingly competitive global economic landscape.
