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MRC L'Islet — Local investment fund (FLI / FLS)
QC, Canada
Local funds support business startup, expansion, and consolidation
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
- Agriculture, forestry, fishing and hunting
- Mining, quarrying, and oil and gas extraction
- Manufacturing
- Arts, entertainment and recreation
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC de L'Islet
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Fonds local d’investissement (FLI) and Fonds local de solidarité (FLS) of the MRC de L’Islet provide loans up to a maximum of $150,000 to support the start-up, expansion, succession, and consolidation of businesses, with a focus on creating viable enterprises and maintaining employment within prioritized sectors such as manufacturing, agro-food, forestry, mining, tourism, and renewable energy. Eligible activities include capital expenses, technology acquisition, and working capital for projects that contribute to economic and social development, ensuring sustainable job creation and economic diversification within the MRC.
grant_single_labels|terms_and_conditions
The MRC L'Islet Local Investment Fund (FLI/FLS) provides structured financial support to eligible projects, focusing on fostering economic growth and sustainability. The financing modalities are tailored to meet various project needs within the laid-out investment framework.
- Investments include term loans with or without guarantees and may also offer participatory loans with conditions.
- The typical investment term ranges from 1 to 7 years, with a possible extension up to 10 years in exceptional cases.
- Interest rates are determined using a risk-based analysis grid, with the base rate aligned with Desjardins' preferential rate for the FLI.
- A funding cap of $150,000 per project for the FLI, with specific allocations related to project needs and financial structure.
- FLI Relève offers interest-free, unsecured personal term loans for up to 5 years, with a capital repayment moratorium for the first 12 months.
- Eligibility for moratoriums on capital repayment for up to 12 months, extendable in the case of export projects, growth support, or productivity improvements, not exceeding 24 months.
- No application or administrative fees are charged for the submission and handling of project proposals.
- The financial support cannot be used for operational costs of organizations, debt services, or projects already completed.
grant_single_labels|projects
Through the MRC L’Islet's Local Investment Funds (FLI/FLS), projects that aim at enhancing local economic development, creating jobs, and ensuring business sustainability are eligible for support. The focus is on leveraging financial tools to facilitate growth and transition of businesses within strategic sectors that align with the community's long-term goals.
- Business startup projects seeking to establish operations within strategic sectors.
- Business expansion initiatives aimed at increasing capacity or entering new markets.
- Succession projects focused on business continuity through transition planning.
- Consolidation projects that strive to stabilize businesses facing temporary financial challenges.
- Business acquisition projects that ensure the transition of business ownership while retaining or bringing jobs to the region.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the company's constitution and business operations.
- The company or organization must be legally constituted with its place of business (economic activity, investment, job creation) located in the territory of the MRC de L'Islet.
- Ideally, the project should address certain strategic territorial planning issues identified.
- The project promoter or promoter group must present a compelling entrepreneurial profile and demonstrate the necessary knowledge (training and/or relevant experience) and management skills to complete their project.
- The promoter is generally required to inject a minimum equity contribution of 20% into the project.
- A complete business plan, including financial forecasts over a period of three years, must be submitted, except for agricultural succession projects.
- In all succession project cases, a succession plan must be submitted if the entrepreneur or group of entrepreneurs' participation is less than 50% in the company.
- The project must demonstrate positive financial indicators, a potential for profitability and development, and be assessed on market, organizational structure, capitalization, and debt level.
- There must be a market share available as demonstrated through a competitive analysis in the sector targeted by the company.
- The project must fall within the economic activity sectors detailed in the policy.
- The project should promote the diversification of the local economic structure.
grant_eligibility_criteria|who_can_apply
The Fonds local d’investissement (FLI) and Fonds local de solidarité (FLS) of the MRC de L’Islet are available to support new or expanding private and collective businesses that plan to operate within the MRC's territory. The funds are accessible under specific conditions:- Legal entities whose business activities, investments, and job creation are situated in the MRC de L’Islet.- Projects should align ideally with strategic issues identified in the territorial strategic planning.Businesses in prioritized sectors such as manufacturing, agriculture, forestry, mining, and tourism are eligible to apply, provided they meet the specified criteria.- The business must demonstrate potential financial viability with positive indicators of profitability and growth.- There must be a clear market opportunity based on competitive analysis.- Businesses in the excluded tertiary sectors might be considered if they contribute significantly to local economic diversification and retain community vitality, particularly in rural contexts.Entrepreneurs and business promoters are required to contribute a minimum of 20% in equity to their projects and present a comprehensive business plan with three-year financial forecasts, except for agricultural succession projects.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to promote the development of prioritized sectors and ensure sustainable economic growth within the region.
- Traditional tertiary sector companies, except in specific exceptional cases.
- Companies involved in recreational cannabis products.
- Projects related to additional cannabis products such as cannabis-infused food and beverages, topicals, and tinctures.
- Businesses aiming for privatization or subcontracting of operations solely as a means to shift economic activities and employment from one organization to another.
- Organizations with a negative net equity after project financing is completed.
- Entities that have not been legally constituted with their business operations based outside of the MRC de L’Islet territory.
- Individual financing unless under specific succession cases.
- Projects in housing, unless related to providing community services or improving living conditions.
grant_eligibility_criteria|eligible_expenses
The grant's eligible expenses are focused on capital and operational funding to support new and expanding businesses within the MRC of L’Islet.
- Expenses in capital such as real estate, buildings, equipment, machinery, and vehicles.
- Incorporation fees and similar expenses, excluding goodwill expenses.
- Acquisition of technology, software, and patents, excluding R&D activities.
- Initial working capital needs strictly related to the first year of operations.
- Additional working capital needs calculated for the first year post-expansion.
- For succession and acquisition projects: purchase of company equity or assets and professional services related to the acquisition.
- For consolidation projects: financing of debt service, variable credit repayments, or redemption of upcoming loans.
grant_eligibility_criteria|zone
This grant is available to companies whose place of business is situated within a specific geographical area as defined by the funding body to promote local economic and social development. Eligible locations focus on the territory governed by the funding organization.
- Companies with their business activities located on the territory of the MRC de L'Islet.
grant_single_labels|criteria
The evaluation and selection criteria for projects under this grant focus on ensuring the economic viability and potential positive impact on the community within the MRC of L'Islet.
- The business plan must show potential for profitability, repayment capability, and future prospects.
- Economic impact such as job creation and maintenance of positions in the region.
- Promoters must possess relevant knowledge, expertise, management skills, and personal qualities suitable for the project.
- The openness of the company towards its employees and labor relations is considered.
- Investment in businesses that avoid merely subcontracting or privatizing operations, which only displace existing economic activity and jobs.
- The project should demonstrate the involvement of other financial partners, indicating broader support and sharing of risks.
- Self-financing potential is critical to ensure the sustainability of the funds.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Contact Responsible Person
- Reach out to Sylvain Thiboutot, the Director of Economic Development, for detailed information on applying.
- Use the provided contact details: Phone - 418 598-3076, ext. 255, Email - s.thiboutot@mrclislet.com.
- Step 2: Prepare Documentation
- Ensure your business meets the eligibility criteria, including a complete business plan with three-year financial projections, and depending on the type of project, a succession plan if necessary.
- Draft your application considering the potential economic impacts, market analysis, and sector alignment.
- Step 3: Submit Application
- Submit your complete application to the designated contact via email or other specified method.
- Include all necessary documents as specified by the MRC de L’Islet policies.
- Step 4: Follow-Up
- Await confirmation of receipt and any additional steps or information required.
- Be prepared to provide further details or documentation if requested.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The local funds cannot be used to finance an individual directly except in the case of a FLI succession project.
- No fees for opening and following up on files will be charged for projects submitted to the local funds.
- The funds may support only new projects and not ongoing operations, existing debt servicing, or completed projects.
- Investments from the local funds are generally loans with or without security, rather than non-repayable contributions or equity stakes.
- The funds do not finance companies with negative net equity post-project.
grant_single_labels|contact
s.thiboutot@mrclislet.com
418 598-3076
