PME MTL — Solidarity Fund
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.
Overview
Get a low interest rate loan of up to $300,000 to start or grow your business.
At a glance
Funding available
- Develop a new product or service
- Conduct research and development activities
- Launch or market a product/service
- Maximum amount : 300,000 $
- Up to 80% of project cost
Eligible candidates
- All industries
- Montreal
- Montréal
- Quebec
- Non-financial cooperative
- For-profit business
- Social economy enterprise
- All revenue ranges
- All organization sizes
- Startups
Next Steps
Activities funded
This grant supports diverse business activities in Montréal, assisting companies in growth and sustainability. Eligible projects include capital investments, marketing efforts, and initiatives for securing intellectual property.
- Working capital fund to facilitate smoother business operations.
- Purchase or renewal of capital assets crucial for business infrastructure.
- Marketing expenses to enhance business outreach and customer base.
- Equipment purchases or upgrades to improve operational efficiency.
- Acquisition of a company, specifically succession and transfer processes.
- Fees pertaining to patents or protection of intellectual property.
- Prototyping, available for companies already in operation, to develop or refine products.
Official resources
Eligibility
Who is eligible?
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.
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.
Eligible geographic areas
This funding is specifically targeted towards companies based in the city of Montréal, ensuring alignment with the region's economic development goals. The eligible locations are set to support local businesses and entrepreneurs in Montréal.
- Companies located in Montréal, Quebec.
Selection 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)
How to apply
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.
Additional information
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.