MRC de Mékinac — Local Investment Fund (FLI) and Solidarity Fund (FLS)
QC, Canada
Local Funds support sustainable business development in Mékinac
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateAugust 22, 2018
- grant_single|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Manufacturing
- Transportation and warehousing
- Accommodation and food services
grant_single|grantors
- MRC de Mékinac
grant_single|status
grant_card_status|open
grant_single_labels|preview
The "Fonds locaux" grant program supports the economic development of the MRC de Mékinac by financing startups, business expansions, acquisitions, and other enterprise-related projects with a maximum funding amount of $150,000 per beneficiary within a twelve-month period. Eligible activities include the creation and maintenance of viable businesses, job development, and ensuring the company has the necessary working capital for project success.
grant_single_labels|projects
The "Fonds locaux" are aimed at financially supporting eligible business projects to foster economic development and employment within the territory. Projects eligible for this grant should align with creating viable businesses, business expansion, acquisitions, or consolidation activities.
- Business start-up projects.
- Business expansion initiatives.
- Business acquisition and succession planning.
- Business consolidation projects, provided there is no negative equity post-financing.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and proposed activities.
- The company must be legally constituted and perform its main operations within the territory of the MRC of Mékinac.
- The company must be registered with the Registre des entreprises du Québec (REQ).
- Social economy enterprises must be recognized by the MRC de Mékinac according to the definition of the Ministry of Economy, Science and Innovation (MÉSI) and the MRC's analysis grid.
- The enterprise must not have a negative net equity after project financing.
- Enterprises should show financial viability, employment retention or creation potential, and display relevant knowledge and experience in their sector.
- Projects must not be in the pre-startup phase; only those in the commercialization stage are eligible.
- Participation of other financial partners is highly desirable; financial input from promoters and conventional financial institutions is encouraged.
- Enterprises should demonstrate openness towards workers and fair labor practices.
- The business plan must reflect long-term profitability and repayment capacity.
grant_eligibility_criteria|who_can_apply
The "Fonds locaux" grant targets businesses, sole proprietors, cooperatives, and social economy enterprises that are legally constituted, and whose main operations are based in the MRC de Mékinac. These entities must also be registered with the Quebec Business Registry (REQ).
- Enterprises in the start-up, expansion, acquisition, or consolidation phases.
- Businesses operating in the primary, secondary, tertiary engine, and tertiary traditional sectors, excluding those listed in Annex B.
- Social economy enterprises recognized by the MRC de Mékinac, complying with specific conditions such as democratic management and economic self-financing.
- Projects that create employment opportunities and contribute to the economic development of the MRC de Mékinac territory.
- Individuals or groups looking to acquire a significant participation (minimum 25%) in an existing business for succession purposes.
grant_eligibility_criteria|who_cannot_apply
The Fonds Locaux grant is designed to support strategic sectors and viable projects that align with economic development goals in Mékinac. Consequently, certain industries and types of businesses are not eligible due to predefined exclusion criteria and priorities.
- Businesses in pre-startup phases (only companies at the commercialization stage are eligible for funding).
- Projects related to housing (unless they pertain to services for tenants or residents).
- Organizations managed by the Quebec government or responsible for Quebec government programs, including specific childcare services, home support services, and others defined under governmental administration.
- Companies in sectors generally excluded, such as animal services, landscaping, bars and nightclubs, and several others listed in Annex B.
- Sectors related to arts, non-essential personal services, and financial services.
- Enterprises where the equity is negative post-financing.
- Projects proposing fewer than four chalet units in initial phases in the tourism sector.
- Individual enterprises outside of the MRC de Mékinac territory that are not legally registered or recognized social economy entities.
grant_eligibility_criteria|eligible_expenses
The grant covers specific expenses directly linked to a company's operational and expansion efforts.
- Capital expenditures such as land, buildings, equipment, machinery, rolling stock, incorporation fees, and other similar expenses, excluding goodwill expenses.
- The acquisition of technology, software or integrated software solutions, patents, and similar expenditures, excluding research and development activities.
- Working capital needs strictly related to the company's operations, calculated for the first year of operation or for the first year following an expansion project.
grant_eligibility_criteria|zone
This grant is specifically tailored for companies operating within the geographical boundaries of the MRC de Mékinac. Companies and entrepreneurs must be established and conduct their main operations within this designated area to qualify for financial support.
- Companies whose primary operations are within the territory of the MRC de Mékinac.
grant_single_labels|criteria
The evaluation and selection of projects for the Fonds locaux grant focus on specific criteria to ensure the support of viable businesses and economic development within the MRC of Mékinac.
- Economic viability of the business including profitability, repayment capability, and future prospects.
- Economic impact in terms of job creation and retention in the targeted territory.
- Promoters' knowledge and experience relevant to the business domain and management skills.
- Openness towards workers, including the approach to labor relations.
- Involvement and capital contribution of other financial partners, such as financial institutions and proponents.
- Ensuring the sustainability of the local funds through responsible investment selection.
- Market potential which includes the ability to place the right product/service at the right time and price, while considering competition.
- Compliance with legal norms, including environmental standards.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Initial Consultation
- Contact the MRC de Mékinac's economic development service to schedule an initial consultation.
- Discuss the project details to explore eligibility and funding options available through the "Fonds locaux."
- Step 2: Prepare Your Application
- Develop a comprehensive business plan demonstrating economic viability and job creation potential.
- Include financial forecasts, management team expertise, and market analysis in the business plan.
- Gather necessary documents such as proof of business registration with the REQ and any relevant financial statements.
- Step 3: Complete the Application Form
- Fill out the application form provided during the initial consultation or available from the MRC de Mékinac.
- Ensure all sections are completed accurately and that all required documents are attached.
- Step 4: Submit Your Application
- Send the completed application form along with all supporting documents to the MRC de Mékinac's designated contact point or upload via the provided submission portal if applicable.
- Confirm receipt of your application to ensure it has been successfully lodged with the MRC.
- Step 5: Follow-up and Feedback
- Await feedback from the MRC investment committee regarding the status of your application.
- Be prepared to provide additional information or clarification if requested by the committee or analysts.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The investment strategy includes using a risk-based interest rate, with specifics outlined in a risk determination grid.
- Investment types include conventional loans and participative loans with a payback period ranging from 1 to 7 years.
- A maximum loan repayment moratorium of 12 to 24 months is available, depending on project type.
- The loan may be repaid early under the conditions set in the loan agreement.
- No application or follow-up fees are charged for this grant.
- Projects that lead to exportation, support growth, or improve productivity may qualify for an extended capital repayment moratorium.
- The investment should ideally result in a self-financing commitment to sustain the local fund’s operations.
- There is a 50/50 investment sharing between the Local Investment Fund (FLI) and the Local Solidarity Fund (FLS) for eligible projects.
- An equity contribution of at least 10% must be in cash from the applicant.
- Loan terms may be more favorable if additional guarantees are provided, such as tangible assets.
- All loan contracts are ideally prepared by the financial analyst of the MRC de Mékinac.
- The "Fonds locaux" do not intervene in projects with negative equity post-financing.
Apply to this program
Empowering Local Entrepreneurs with Strategic Funding
"Fonds locaux" offer financial support to accelerate business projects, bolstering entrepreneurship and contributing to the economic development of the MRC of Mékinac. These funds are crucial for start-ups, business expansions, and entrepreneurial succession, promoting job creation and sustainability.
In-Depth Exploration of "Fonds locaux" Investment Strategy and Benefits
The "Fonds locaux" initiative serves as a pivotal economic instrument designed to empower entrepreneurs within the MRC of Mékinac. It provides both financial and technical assistance, which is essential in supporting new and existing businesses aiming to establish or expand their operations. This fund is a catalyst for economic development, prioritizing projects that show robust potential for creating and maintaining employment, and fostering a vibrant local economy.
A central aspect of the "Fonds locaux" strategy is to ensure that businesses receiving funding are viable and have a strong business model with realistic plans for profitability and debt repayment. This financial involvement is not only proactive but also strategic, as it leverages existing resources to optimize capital influx from other financial institutions or grants, effectively acting as a foundational cornerstone for obtaining conventional loans or other external funding sources. The financial support is provided mainly in the form of loans, with flexible terms adjusted to the specific needs and contexts of each project. This adaptability is crucial to cater to diverse business scenarios and challenges, ranging from startup phases to expansion and acquisitions.
Additionally, these funds emphasize the importance of strong management and market presence. Applicants are expected to demonstrate compelling credentials in management and an in-depth understanding of their respective markets, thus ensuring that projects not only commence successfully but also achieve sustainable growth. The involvement of a knowledgeable and experienced leadership team is seen as a vital indicator of the enterprise’s potential to succeed and manage funds wisely. Moreover, fostering a positive worker-employer relationship is encouraged to enhance overall productivity and workplace morale, thereby contributing to the broader economic goals of job creation and retention.
The participation of complementary financial partners is a sought after element that strengthens the financial base of the funded projects. Engaging additional financial contributors such as commercial banks or equity investors can magnify the impact of initial funding, creating a multiplier effect that enhances project viability and scaling potential. Such collaboration exemplifies a holistic approach to funding, where shared investment risks can lead to shared successes, sustainably amplifying economic benefits across the region.
A unique characteristic of the "Fonds locaux" is their focus on community-centric economic growth. They are designed to ensure that investments have a lasting positive impact on local communities by supporting projects that align with regional economic priorities. The focus on economic sustainability goes hand-in-hand with requirements for complying with environmental standards and legal regulations, ensuring that funded projects contribute positively to the community while adhering to national statutes and ethical guidelines.
Finally, the program insists on transparency, accountability, and continuous follow-up of funded projects to ensure they meet their objectives. This aspect involves regular monitoring and evaluation to identify areas where additional support might be needed, helping businesses achieve their expected outcomes efficiently. Through mentorship and access to technical advisors, the "Fonds locaux" enhance the likelihood of business success, enabling enterprises to not only sustain but thrive in the changing economic landscape.
"Fonds locaux" thus serve as a linchpin for economic growth, bridging financial gaps for ambitious entrepreneurs and aligning with the overarching vision of economic resilience and community welfare. By encouraging strategic investments, the "Fonds locaux" aim to fortify the economic fabric of Mékinac, inviting enterprises to leverage local opportunities for robust and resilient growth. This fundamentally benefits both entrepreneurs and the regional economy by fostering a cycle of innovation and sustainable development.
