How much funding can be received?

Funds up to 50% of admissible expenses, capped at $150000 per project.

What is the deadline to apply?

The deadline to apply is not specified.

Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS)

Q: What are Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS)'s eligibility criterias?

Must be a legally constituted for-profit business under Quebec or Canadian law Must operate and have its head office in the Communauté maritime des Îles-de-la-Madeleine Must be registered with the Registre des entreprises du Québec (REQ)

Last Update: June 19, 2025

QC, Canada

Supports business development and employment in Îles-de-la-Madeleine

Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS) at a glance

Eligible Funding

Max. $150,000
Up to 50% of project cost

Timeline

Open Date : January 21, 2025

Financing Type

Loans and Capital investments

Eligible Industries

All industries

Grant Providers

Municipalité des Îles-de-la-Madeleine

Status

Open

Overview of the Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS) program

The Local Investment Fund (FLI) and Local Solidarity Fund (FLS) of the Municipality of Îles-de-la-Madeleine support the creation, expansion, and modernization of businesses in the region through term loans of up to $150,000 (FLI) or $100,000 (FLS). Funding is available for projects such as business startups, entrepreneurial succession, acquisitions, productivity improvements, digital transformation, and business growth.

Financing terms and conditions

Maximum cumulative investment from the FLS in a single company or company group is $100,000.
FLI funding cannot exceed 50% of eligible project costs, with a maximum of $150,000 to a single beneficiary within 12 months and a cumulative outstanding maximum of $300,000 per company.
For social economy enterprises, FLI funding may cover up to 80% of eligible project costs.
In business succession projects, FLI investment is capped at $25,000 and must be matched equally by FLS funding.
Total government financial assistance (Quebec, Canada, including grants) cannot exceed 50% of the total project costs, or 80% for social economy enterprises.

Eligible projects & activities

Starting up a new business or commercial activity.
Business succession, including acquisition and transfer of ownership.
Acquiring an existing business or its assets.
Implementing projects to improve productivity, digital transformation, or sustainable organizational practices.
Supporting business growth, such as expanding operations, launching new products or services, or entering new markets.

Eligibility criteria of the Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS) program

The applicant must be a legally constituted for-profit business under Quebec or Canadian law, or a collective enterprise (cooperative or non-profit organization) with commercial activities.
The business must operate within the territory of the Communauté maritime des Îles-de-la-Madeleine and have its head office in Quebec.
The company must be registered in the Registre des entreprises du Québec (REQ).
Projects must involve the creation, growth, acquisition, improvement, or succession/transfer of an enterprise.
Applicants must demonstrate the viability of their business and have relevant knowledge and experience in their sector.

Who is eligible?

For-profit companies legally incorporated under the laws of Quebec or Canada
Collective enterprises, including cooperatives and non-profit organizations (NPOs) operating as social economy enterprises with commercial activities

Who is not eligible

Companies listed in the Register of Enterprises Ineligible for Public Contracts (RENA), including subcontractors registered for the project.
Businesses that have defaulted on previous government financial aid obligations in the past two years.
State-owned enterprises or businesses controlled directly or indirectly by any level of government, or majority-owned by a government corporation.
Companies under bankruptcy protection or insolvency proceedings.
Businesses involved in arms production or distribution, fossil fuel industries (except those transitioning to a low-carbon economy), gambling, violent games or combat sports with living beings, sexual exploitation, and certain real estate development activities.

Eligible expenses

Additional working capital required for the company's project for up to two years, based on justified and reasonable expenses.
Capital expenditures directly related to the realization of the company’s project, including the acquisition of technology, land, buildings, equipment, machinery, and rolling stock, as well as construction, expansion, renovation, and development of land and premises.
Professional fees incurred prior to the realization of the company's project, such as feasibility studies, external audits, or impact studies.
Professional fees directly related to the implementation of the company's project, such as for the installation of technology, equipment, and machinery, as well as acquisition, construction, renovation, and development of land and premises.
For entrepreneurial succession projects: acquisition costs of ownership titles (voting shares or units) and company assets, as well as professional fees directly tied to the transaction and business transfer.

Eligible geographic areas

Companies operating within the territory of the Communauté maritime des Îles-de-la-Madeleine
Head office must be located in Quebec

Eligibility criteria of the Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS) program

Economic viability and sustainability of the business, including profitability and repayment capacity.
Knowledge and relevant experience of promoters, as well as management skills and access to internal or external support when necessary.
Positive environmental and social impacts, including the adoption of sustainable business practices.
Openness and approach to labour relations and engagement with employees.
Participation of other financial partners and adequacy of project funding structure.

How to apply to the Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS) program

Complete application form

Fill out the financial assistance application form completely, date and sign it

Prepare business plan or project description

Prepare a business plan and/or a detailed project description as required by the application form

Submit expense breakdown

Provide a detailed breakdown of project-related expenses

Provide financial structure and confirmations

Submit the financial structure of the project and confirmation of any other financial aid or funding

Provide financial statements

Present the financial statements for the last three years
Provide interim financial statements if the last available ones are over six months old or if the business is less than one year old

Submit financial projections

Submit projected financial statements

Provide francization compliance

Provide a declaration or certificate of compliance regarding francization, if applicable

Submit equality in employment documentation

Provide a declaration or a copy of the Equal Access to Employment Program, if applicable

Attach additional required documents

Attach any other document required by the Communauté maritime

Await analysis and decision

Wait for analysis and decision by the Communauté maritime once all required information and documents have been submitted

Additional information

No application or monitoring fees for files submitted to the Local Funds; however, management fees may be requested if needed.
The Local Funds reserve the right to conduct a credit check or require guarantees, with related costs payable by the promoter.
A code of ethics and deontology for investment committee members is adopted annually to prevent conflicts of interest and ensure confidentiality.
Decisions made by the investment committees are final and enforceable, with annual reporting on fund evolution to committee members.