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

• Completed, dated, and signed application form
• Business plan or detailed project description, detailed breakdown of project expenses, and project financing package with confirmation of other funding
• Financial statements for the last three years, and interim statements if the latest statements are more than six months old or the business has less than one year of existence
• Projected financial statements
• Francisation compliance declaration or francisation certificate, equal employment compliance declaration or program copy, and any other document requested by the Community maritime

Who is eligible?

• Small and medium-sized enterprises (SMEs) legally incorporated under the laws of Quebec or Canada
• Collective enterprises, including cooperatives and non-profit organizations under the Social Economy Act

Who is not eligible

• Applicants listed in the Register of enterprises ineligible for public contracts (RENA), including subcontractors listed in RENA for project work
• Applicants not compliant with the francisation process under the Charter of the French Language
• Applicants that failed obligations after formal notice in the two years before the application
• State-owned or government-controlled companies, companies under bankruptcy or insolvency protection, and applicants with unethical, environmentally irresponsible, or labour or human-rights non-compliant behaviour
• Businesses operating wholly or partly in pre-start-up or turnaround, controversial weapons, fossil fuels, gambling, violent games, sexual exploitation, real estate development, tobacco or drug sectors, and startup restaurant or retail projects except convenience stores

Eligible expenses

• Additional working capital needed to complete the project for a maximum of two years
• Capital expenses directly tied to the project, including technology, land, building, equipment, machinery, rolling stock, construction, expansion, renovation, and site or premises fit-out
• Professional fees before the project, such as feasibility analysis, external audit, or impact study
• Professional fees directly tied to project completion, including technology and equipment implementation, and land or premises acquisition, construction, renovation, and fit-out
• Acquisition of shares or assets for succession projects, plus related professional fees for the transaction and transfer of management

Ineligible Costs and Activities

• Expenses incurred before the application is submitted
• Debt service, repayment of upcoming loans, capital losses, capital replacement, and payments made as capital
• Transactions between related businesses or partners
• Research and development expenses
• Normal operating expenses and Quebec sales taxes

Eligible geographic areas

• Community maritime of Les Îles-de-la-Madeleine

• Economic viability, profitability, repayment capacity, and good prospects
• Promoters’ relevant knowledge, experience, and management skills
• Environmental and societal benefits through sustainable business practices
• Openness toward workers and labour relations
• Participation of other financial partners, portfolio balance, and fund sustainability

• Obtain the application form from the territorial development agent and submit the project with the completed form and the requested documents

• Eligibility, analysis, and decision are handled by the Community maritime of Les Îles-de-la-Madeleine
• Applications are analyzed continuously once all required information and documents are provided
• Files are treated equitably, subject to available budgets and the program's management rules
• The CIC may request a derogation from the board, but no derogation can be granted for an enterprise with negative equity after the project

• No opening or follow-up fees are charged for files submitted to the Funds locals.