MRC Maskinongé — Business Succession
At a glance
- Max. $15,000
- Up to 50% of project cost
- Open Date : January 1, 2020
Overview
The "Relève Entreprise" program provides financial assistance to entrepreneurs with a maximum funding amount of $15,000, covering up to 50% of the costs. Its purpose is to support the acquisition or transfer of businesses in the region by financing activities such as due diligence, preparation of business transfer agreements, and professional fees for experts involved in business succession projects.
Financing terms and conditions
This grant provides financial support under specific conditions to aid in business succession and transfer projects. It aims to alleviate the cost burden of acquiring an enterprise.
- Financial aid covers up to 50% of the total costs associated with professional services needed for business succession, with a maximum cap of $15,000 per beneficiary, excluding taxes.
- The grant does not cover expenses incurred before the submission date of the financial aid application.
- Disbursement of authorized funds by the MRC occurs according to preset conditions set by the FQM.
Activities funded
The MRC Maskinongé Business Succession grant supports entrepreneurs in acquiring or transferring businesses in the region by covering certain professional services related to the business succession process.
- Conducting due diligence to determine the fair market value of a business.
- Preparation of the business transfer agreement.
- Professional fees for specialists such as accountants, lawyers, notaries, or human resource experts involved in the business succession project.
Eligibility
The eligibility for this grant is subject to specific criteria related to the acquisition or transfer of a business in Quebec.
- The business to be acquired must be legally constituted under the laws of Quebec or Canada and must have an establishment in Quebec.
- If the acquirer is not incorporated, they must be a Canadian citizen or permanent resident.
- The acquirer must be associated with a project that has obtained financing from the Fonds local d’investissement (FLI) of the MRC de Maskinongé, and the project could also be supported by the Fonds local de solidarité (FLS). The accumulation of similar public assistance for the same project will be refused.
- The professional engaged for company verifications must have expertise that qualifies them to intervene in a business succession project.
Eligible expenses
The grant covers expenses related to acquiring services for business succession.
- Diligence verification to determine the fair market value of a business.
- Preparation of the business acquisition agreement.
- Professional fees for specialists such as accountants, lawyers, notaries, and human resources specialists who have the expertise to intervene in a business succession project.
Eligible geographic areas
This grant is available to businesses located within Quebec, Canada. The eligibility is specific to businesses with a legal establishment in this province to encourage local economic development.
- Companies legally constituted under the laws of Quebec, Canada.
- Businesses with an establishment located in Quebec.
How to apply
Contact an advisor
Verification of eligibility criteria
Preparation of the necessary documents
Filling out the application form
Submission of the application
Follow-up on the request
Additional information
Here are additional relevant details for this grant:
- Assistance is aimed at entrepreneurs seeking to acquire or transfer businesses within the region, suggesting a regional focus for the program.
- Professional fees covered must pertain to direct involvement in business succession projects, ensuring targeted expertise utilization.
- Contact details are provided for direct consultation with development advisors, enhancing the support available to applicants.
- Applications must consider the timeframe, as any expenses incurred prior to submitting a financial aid request are deemed ineligible.