MRC L'Érable — Local Investment Fund (FLI)
QC, Canada
Local Investment Fund: financial aid for business growth
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
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- MRC L'Érable
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grant_card_status|open
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The Fonds local d’investissement (FLI) - General Component provides technical and financial assistance to startups, expanding businesses, or businesses undergoing restructuring, offering up to $150,000 in funding, which can cover up to 50% of eligible expenses (80% for social economy enterprises). Eligible activities include starting a business, enhancement and transformation, growth and expansion, and business succession, with funds available for working capital, land, buildings, equipment, and professional fees, excluding R&D activities.
grant_single_labels|projects
This grant is designed to support businesses through various stages of development such as starting up, improving, expanding, or succession planning. Eligible projects must demonstrate financial viability and economic impact.
- Startup initiatives for new businesses.
- Improvement and transformation projects for existing businesses.
- Growth and expansion efforts for businesses looking to increase their operations.
- Entrepreneurial succession planning for business continuity.
grant_single_labels|admissibility
Eligibility for the Fonds local d’investissement (FLI) – volet général is defined by specific criteria associated with the company's sector and financial projections.
- The company must operate in any sector of activity.
- The project must demonstrate viability and profitability.
- The project must have economic impacts.
- The company must have an equity of 20% after the project.
grant_eligibility_criteria|eligible_expenses
The grant covers a range of expenses essential for the establishment, expansion, or restructuring of a business project.
- Working capital for the first two years of the project's implementation.
- Purchase of land and buildings.
- Acquisition of equipment and rolling stock.
- Incorporation fees.
- Investment in technology, software, and patents.
- Professional fees.
grant_single_labels|criteria
The evaluation and selection of projects for the Fonds local d’investissement (FLI) – volet général are focused on several key factors to ensure projects align with the fund's criteria and objectives.
- Viability and profitability of the project.
- Economic impacts of the project.
- Post-project equity of 20%.
grant_single_labels|register
- Step 1: Verify Eligibility
- Ensure your business meets the criteria set out for the Fonds local d’investissement (FLI) – volet général, including project type and financial needs.
- Step 2: Prepare Documentation
- Create a comprehensive document presenting your project, its objectives, and anticipated economic impacts.
- Develop financial forecasts covering at least the next three years, demonstrating the project's viability and profitability.
- Gather additional relevant documents that can support your application, such as business plans or letters of intent.
- Step 3: Review Financial Requirements
- Assess the coverage of eligible expenses through the grant, and prepare documentation for expenses such as equipment, real estate, or professional fees.
- Ensure any additional financing required, such as a mandatory FLS loan if seeking more than $25,000, is arranged.
- Step 4: Complete Application Form
- Fill out the application form provided by Développement économique de L'Érable completely and accurately.
- Step 5: Submit Application
- Double-check all information and supporting documents for completeness and accuracy.
- Submit your application to Développement économique de L'Érable by the specified deadline.
- Step 6: Await Confirmation
- Look for confirmation of receipt from Développement économique de L'Érable to ensure your application is being processed.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- A loan exceeding $25,000 must be combined with a Fonds local de solidarité (FLS) loan.
- The interest rate applied is based on the Bank of Canada's benchmark rate with an added risk premium, not falling below a base rate of 4.5%.
- The amortization period for the loan ranges from 36 to 84 months.
- An administration fee of 1% is applied to the loan.
- Technical and financial assistance is available for businesses at various stages, including startup, expansion, and restructuring.
- Equity after the completion of the project must be at least 20%.
Apply to this program
Unlock Financial Support for Your Business Growth
The Fonds local d’investissement (FLI) provides essential financial and technical assistance to businesses at various stages of development, including startups, expansions, and business turnarounds. This funding opportunity aims to enhance the economic impact of sustainable projects across diverse sectors.
In-Depth Overview of the Fonds local d’investissement (FLI)
The Fonds local d’investissement (FLI) is a strategic financial instrument designed to empower businesses with the resources needed for development, growth, and restructuring. This initiative is crucial for fostering economic development by supporting viable and impactful projects through comprehensive financial solutions. Eligible businesses across all industry sectors in the region can apply for this funding, thereby opening doors to new opportunities, enhancing business capabilities, and driving local economic growth.
FLI offers financial aid that is both adaptive and substantial, providing up to $150,000 in funding, which can cover up to 50% of eligible project costs for standard businesses, and up to 80% for social economy enterprises. This flexibility ensures that businesses can tailor their financial plans to meet their unique needs and goals, significantly reducing financial barriers to innovation and expansion. The interest rates applied are competitive, being aligned with the prime rate set by the Bank of Canada, with an added risk premium. This ensures that projects are not only financially viable but also manageable within a business’s financial ecosystem.
Moreover, the wide array of eligible expenses under FLI means that businesses can cover essential costs such as land acquisition, building development, procurement of equipment and machinery, and incorporation fees, among others. This comprehensive support is invaluable for businesses seeking to enhance operational capabilities and achieve significant milestones. It emphasizes long-term growth by supporting businesses during the critical initial two years of operation through working capital, paving the way for sustained development and economic contribution.
One of the pivotal features of FLI is its emphasis on the economic impact of supported projects. Businesses applying for this funding must clearly demonstrate not only the immediate benefits but also the broader economic implications of their projects. This ensures that the funded projects contribute meaningfully to the community, creating employment opportunities, and stimulating local economies. By prioritizing projects with significant economic impacts, FLI acts as a catalyst for regional prosperity and competitiveness.
Administrative ease and strategic alignment are also at the forefront of the Fonds local d’investissement’s objectives. The application and approval processes are structured to ensure efficiency and clarity, enabling businesses to focus more on project development and execution rather than bureaucratic hurdles. Additionally, the requirement for a solid equity position post-project completion—at least a 20% equity stake—ensures that funded projects are sustainable and financially sound, contributing to the long-term financial health of the business.
The thoughtful design of FLI’s structure, including its repayment terms which range from 36 to 84 months, allows businesses the latitude to manage repayments comfortably, ensuring that financial obligations do not stifle growth initiatives or innovation. The 1% administrative fee is a nominal cost in view of the significant resources and opportunities the program unlocks, thus making it a feasible option for businesses of various scales.
Ultimately, FLI not only addresses immediate financial needs but also aligns with broader economic strategies to bolster local industries. By supporting innovation, expansion, and continuity in businesses, the Fonds local d’investissement serves as a powerful tool for economic revitalization and long-term success within the community. Businesses participating in this program can leverage it to navigate financial challenges, thus positioning themselves at the forefront of industry advancements and regional economic leadership.
This initiative by Développement économique de L'Érable stands as a testament to the commitment towards fostering a resilient and diversified economy. The FLI provides a robust platform for entrepreneurs to explore new ventures, enhance operational efficiencies, and ultimately realize their growth potential in a supportive environment.
