Municipalité des Îles-de-la-Madeleine — Local Investment Fund (FLI) and Local Solidarity Fund (FLS)
Last Update: June 16, 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
- The maximum investment from the Local Solidarity Fund (FLS) in a single company or group is $100,000.
- The Local Investment Fund (FLI) can cover up to 50% of eligible project expenses, or up to 80% for social economy enterprises.
- The FLI investment is capped at $150,000 per beneficiary within any twelve-month period, and the cumulative outstanding balance from FLI funding cannot exceed $300,000 per company at any time.
- For business succession projects, the maximum joint FLI investment is $25,000 and must be matched by an equal amount from the FLS; additional FLS financing may be requested.
- The total government financial assistance (direct and indirect) received must not exceed 50% of total project costs, or 80% for social economy enterprises, when the FLI is involved.
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.
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.
Contact Municipalité des Îles-de-la-Madeleine
4189863100