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|grantStatusClosed
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- grant_single|allIndustries
grant_single|grantors
- PME MTL
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grant_card_status|open
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Get a low interest rate loan of up to $300,000 to start or grow your business.
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This grant is specifically available to companies with their business operations in Montréal and a head office in Québec. These geographical restrictions ensure the support aligns with regional economic development strategies.
- Businesses located in Montréal, Québec.
grant_single|admissibleProjectsExample
$240,000
Opening a new bakery with specialized gluten-free offerings
$300,000
Acquisition of a local organic farm business to promote sustainable agriculture
$300,000
Development of a cutting-edge AI software for financial forecasting
$300,000
Expanding a renewable energy startup's office and manufacturing
$300,000
Launching a new mobile app for mental health support for NPO
grant_single_labels|admissibility
Eligibility for these loans is subject to specific criteria regarding the company's legal status, location, and the applicant's background.
- The applicant must be a Canadian citizen or permanent resident.
- The company must be legally constituted and entered in the Registre d’entreprises du Québec (REQ).
- The business and its head office must be located in Montréal and Québec, respectively.
- A business plan or project summary must be submitted, including financial statements and a strategic approach to sustainable development.
- The applicant must show entrepreneurial experience, knowledge, and management skills.
- There must be an investment of at least 20% of the total project cost by the applicant.
grant_eligibility_criteria|who_can_apply
This grant is available for social economy enterprises, for-profit companies, and co-operatives. To qualify, companies or their promoters need to be Canadian citizens or permanent residents, legally constituted and registered in the Registre d’entreprises du Québec, and have their business located in Montréal with their head office in Québec.
grant_eligibility_criteria|eligible_expenses
This funding opportunity supports diverse business initiatives focusing on fostering growth and sustainability in the Montréal area. Eligible activities primarily support the financial stability and strategic development of businesses.
- Establishment or expansion of a company's working capital fund.
- Investment in capital assets crucial for business development.
- Marketing expenses that enhance a company’s visibility and market reach.
- Purchase or renewal of essential business equipment.
- Facilitation of business acquisition, including succession planning and ownership transfers.
- Payment of fees associated with patents or the protection of intellectual property rights.
- Prototyping activities for companies that are already operational.
grant_eligibility_criteria|zone
The grant supports various business-related expenses to foster growth and sustainability in Montréal-based companies.
- 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_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
Here are the steps to submit an application for this grant:
- Step 1: Determine Eligibility
- Ensure that your business is legally constituted and registered in the Registre d’entreprises du Québec (REQ).
- Confirm that your business is based in Montréal and has its head office in Québec.
- Verify that you meet the citizenship or residency requirements.
- Step 2: Prepare Application Documents
- Write a comprehensive business plan or project summary.
- Include updated or projected financial statements.
- Prepare a section detailing your strategic approach to sustainable development.
- Compile any other relevant supporting documents.
- Step 3: Financial Preparation
- Ensure that you can invest at least 20% of the total cost of your project.
- Review eligible expenses like working capital, capital assets, and marketing expenses.
- Step 4: Locate a PME MTL Expert
- Enter your business postal code on the PME MTL website to find local experts.
- Contact the expert for guidance and support in refining your application.
- Step 5: Submit Application
- Prepare the final version of your application documentation.
- Submit your application to the local PME MTL hub that corresponds to your business location.
- Step 6: Application Review
- Your application will be reviewed by the joint investment committee (CIC) of the respective hub.
- The review focuses on the entrepreneur’s qualifications and the proposal’s viability.
grant_single_labels|otherInfo
Here is an additional relevant detail for this grant:
- Entrepreneurs who receive financing will also receive support, advice, and technical assistance from PME MTL experts.
- Every application is reviewed by the joint investment committee (CIC) of the relevant hub.
- The financing provided by PME MTL can act as a leverage for obtaining other financing sources.
- Interest rates for the loans vary according to risk.
Apply to this program
Empower Your Business Growth with PME MTL and FLS Montréal Funds
The Fonds PME MTL and Fonds local de solidarité Montréal (FLS Montréal) are tailored financial tools designed to support the growth of start-ups and expanding businesses in Montréal, while also aiding in job retention within the region. These funds act as vital catalysts, facilitating access to additional financial resources and promoting sustainable, strategic business development.
Detailed Insights into PME MTL and FLS Montréal Funding Opportunities
The PME MTL and FLS Montréal funding initiatives are integral components of Montréal's economic support system, aimed at nurturing both emerging and established businesses through strategic financial support. These financing solutions cater to a broad spectrum of entities, including social economy enterprises, for-profit companies, and cooperatives, functioning as pivotal tools to enhance their operational capabilities and market reach. The essence of these funds lies in their adaptability to the specific needs and financial conditions of each applicant, offering a personalized approach to financing. Businesses can avail of substantial financial support, with PME MTL providing loans up to $300,000 and FLS Montréal offering up to $100,000. This funding is crucial for businesses seeking to sustain operations, expand their market presence, or pursue innovation.Moreover, the funds are not limited to mere financial backing; they extend comprehensive support that includes expert advice and technical assistance. This holistic approach ensures that businesses not only receive the financial resources they require but also benefit from strategic guidance to optimize their use, thereby enhancing their chances of success and sustainability in a competitive market.Each application undergoes a thorough evaluation by the relevant joint investment committee (CIC) to assess the entrepreneur's skills and the proposal's viability against the fund's objectives. Such stringent scrutiny ensures that only businesses with a sound strategic vision and management acumen receive support, thereby safeguarding the funds' impact and integrity.Eligible funding is allocated towards a variety of crucial business expenses, including working capital needs, purchasing capital assets, marketing efforts, and even facilitating business acquisition for succession planning. This diverse range of applicable expenses underscores the funds' versatility in addressing different aspects of business growth and development.Furthermore, the funds are structured to support businesses with an established commitment to sustainable development. Applicants are required to articulate their strategic approach towards sustainability, which not only aligns with contemporary market expectations but also prepares businesses for future regulatory and market dynamics.Overall, the PME MTL and FLS Montréal funds represent vital financial levers for businesses operating within Montréal. By incentivizing strategic growth, supporting innovation, and promoting job retention, these funds significantly contribute to the city's economic vitality and resilience.