PME MTL – Solidarity Fund
Montréal, QC, Canada
Loans for Quebec social economy enterprises and co-operatives
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- PME MTL
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a low interest rate loan of up to $300,000 to start or grow your business.
grant_single_labels|projects
Yes, there are several eligible projects and activities for this grant.
- Working capital fund
- Capital assets
- Marketing expenses
- Equipment purchases or renewal
- Acquisition of a company (succession and transfer)
- Fees for patents or protection of intellectual property
- Prototyping (only for companies already in operation)
grant_single|admissibleProjectsExample
$240,000
Montréal
Opening a new bakery with specialized gluten-free offerings
$300,000
Calgary
Acquisition of a local organic farm business to promote sustainable agriculture
$300,000
Ottawa
Development of a cutting-edge AI software for financial forecasting
$300,000
Vancouver
Expanding a renewable energy startup's office and manufacturing
$300,000
Toronto
Launching a new mobile app for mental health support for NPO
grant_single_labels|admissibility
To be eligible for this grant, a company or its promoters must meet certain conditions. These include citizenship requirements, being legally constituted, and having a business plan outlining various aspects of the company.
- Be a Canadian citizen or permanent resident
- Be legally constituted and entered in the Registre d’entreprises du Québec (REQ)
- Have your business in Montréal and your head office in Québec
- Submit a business plan or project summary, including updated or projected financial statements, a section on the company's strategic approach to sustainable development, and any other documents deemed relevant
- Show that you have entrepreneurial experience, knowledge and management skills
- Invest at least 20% of the total cost of your project
grant_eligibility_criteria|who_can_apply
Yes, there are eligible types of companies for this grant, including social economy enterprises, for-profit companies, and co-operatives based in Montréal.
These companies need to meet specific conditions to qualify for the PME MTL and Fonds local de solidarité Montréal (FLS Montréal) financing.
- Social economy enterprises
- For-profit companies
- Co-operatives
grant_eligibility_criteria|eligible_expenses
Yes, there are eligible expenses for this grant. Here is the list of covered expenses:
- Working capital fund
- Capital assets
- Marketing expenses
- Equipment purchases or renewal
- Acquisition of a company (succession and transfer)
- Fees for patents or protection of intellectual property
- Prototyping (only for companies already in operation)
grant_eligibility_criteria|zone
The grant is available to companies operating within the city of Montréal. Additionally, these companies must have their head office located in Québec.
- Montréal
- Québec (head office requirement)
grant_single_labels|criteria
The evaluation and selection criteria for this grant focus on the entrepreneurs' qualifications and the viability of their proposals in alignment with the fund's objectives and requirements. Each application is reviewed by the joint investment committee (CIC) of the relevant hub.
- Canadian citizenship or permanent residency
- Legal constitution and registry in the Registre d’entreprises du Québec (REQ)
- Business and head office located in Montréal and Québec respectively
- Submission of a comprehensive business plan or project summary
- Evidence of entrepreneurial experience, knowledge, and management skills
- Investment of at least 20% of the total project cost
- Eligible expenses include working capital fund, capital assets, marketing expenses, equipment purchase/renewal, company acquisition, fees for patents/intellectual property protection, and prototyping (for existing companies)
grant_single_labels|register
- Step 1: Confirm eligibility
- Be a Canadian citizen or permanent resident
- Be legally constituted and entered in the Registre d’entreprises du Québec (REQ)
- Have your business in Montréal and your head office in Québec
- Step 2: Prepare documentation
- Submit a business plan or project summary
- Include updated or projected financial statements
- Provide a section on the company's strategic approach to sustainable development
- Attach any other relevant documents
- Step 3: Demonstrate experience
- Show entrepreneurial experience
- Present knowledge and management skills
- Step 4: Invest in your project
- Contribute at least 20% of the total cost of your project
- Step 5: Submit your application
- Every application is studied by the joint investment committee (CIC) of the hub concerned
- The committee determines the entrepreneur’s qualifications and the viability of the proposal
grant_single_labels|otherInfo
The grant includes financial assistance specifically designed for various business needs and applicant support from PME MTL experts.
- Fonds PME MTL: maximum of $300,000
- Fonds locaux de solidarité Montréal (FLS Montréal): maximum of $100,000
- Fonds d'Investissement innovation: maximum of $150,000
- Variable term
- Interest rates vary according to risk
- Entrepreneurs receive support, advice, and technical assistance from PME MTL experts
- Applications are reviewed by the joint investment committee (CIC) of the concerned hub
Apply to this program
PME MTL and FLS Montréal Investment Funds: Catalysts for Business Growth
The Fonds PME MTL and Fonds local de solidarité Montréal (FLS Montréal) provide essential financial support tailored to start-ups, growing businesses, and companies undergoing transitions in Montréal. With maximum financing amounts of up to $300,000 for PME MTL and $100,000 for FLS Montréal, these funds are instrumental in fostering job creation and business expansion.
Understanding PME MTL and FLS Montréal Investment Funds
In the dynamic business environment of Montréal, access to financial resources can be a game-changer for start-ups and established companies alike. Recognizing this need, the city offers potent financial levers through the Fonds PME MTL and Fonds local de solidarité Montréal (FLS Montréal). These funds are designed not just to support businesses but to act as critical catalysts that enable companies to leverage additional funding sources and propel their growth trajectories.
Key Features and Benefits
Fonds PME MTL
The PME MTL investment funds are thoughtfully crafted to meet the diverse needs of businesses. Here’s what you need to know about these funds:
- Financial Scope: The PME MTL fund offers a maximum financing amount of $300,000, making it a robust option for substantial business ventures.
- Varied Term and Interest Rates: The terms and interest rates of these loans vary according to the assessed risk and specific business requirements, ensuring flexible and adaptive financing options.
- Entrepreneurial Support: Beyond financial assistance, PME MTL provides continual support, advice, and technical assistance through its team of experts, helping businesses navigate their growth journeys effectively.
Fonds Local de Solidarité Montréal (FLS Montréal)
FLS Montréal focuses on local solidarity and sustainable economic growth, offering:
- Maximum Funding: Up to $100,000 to help with business expansions, transitions, and sustainability projects.
- Comprehensive Support: Like the PME MTL fund, FLS Montréal includes robust support mechanisms, offering guidance and expertise to ensure the successful deployment of funds.
- Social Economy Emphasis: FLS Montréal often targets social economy enterprises, promoting inclusive and sustainable economic development.
Eligibility Criteria
To access these substantial funding opportunities, businesses must meet specific eligibility criteria. Here's a detailed look at the requirements:
- Citizenship and Legal Standing: Companies must be led by Canadian citizens or permanent residents and be legally constituted and registered with the Registre d’entreprises du Québec (REQ).
- Location: The business must operate within Montréal and have its head office based in Québec.
- Comprehensive Business Plan: A detailed business plan or project summary is essential. This includes updated or projected financial statements, a strategic approach to sustainable development, and any other relevant documentation.
- Entrepreneurial Experience: Promoters must demonstrate substantial entrepreneurial experience, knowledge, and management skills.
- Investment Commitment: Applicants are required to invest at least 20% of the total project cost, showcasing their commitment to the venture.
Eligible Expenses
The funds cover a broad spectrum of business expenses essential for growth and stability. Eligible expenses include:
- Working Capital: Funds to support everyday business operations and liquidity.
- Capital Assets: Investments in property, infrastructure, and long-term assets.
- Marketing: Expenses related to promoting the business and reaching a broader audience.
- Equipment: Purchases or renewals of machinery and other essential equipment.
- Business Acquisition: Financial support for the succession and transfer of existing businesses.
- Intellectual Property: Fees associated with patents or intellectual property protection.
- Prototyping: Only available for businesses that are already operational, supporting innovation and product development activities.
Application Process
Applying for these funds involves a rigorous review process, ensuring that each application aligns with the fund's objectives and criteria. Here’s what businesses need to know:
- Joint Investment Committee Review: Every application is examined by the joint investment committee (CIC) of the relevant hub. The CIC evaluates the entrepreneur’s qualifications and the proposal's viability, ensuring alignment with the fund's strategic goals.
- Area-specific Experts: PME MTL offers localized support through area-specific experts, providing entrepreneurs with tailored advice and assistance.
Steps to Apply
- Verify eligibility based on the outlined criteria.
- Prepare a comprehensive business plan or project summary, including all required financial documents.
- Demonstrate entrepreneurial experience and management capabilities.
- Submit the application to PME MTL for review by the joint investment committee.
Conclusion
The Fonds PME MTL and Fonds local de solidarité Montréal (FLS Montréal) offer significant financial support to businesses in Montréal, fostering economic growth and job creation. Whether you’re a start-up, a growing company, or a business navigating a transition, these funds provide the financial leverage and support necessary to achieve your business objectives. By meeting the eligibility criteria and effectively utilizing the resources provided, businesses can ensure sustainable and substantial growth, contributing to Montréal’s robust economic landscape.