PME MTL — Innovation Investment Fund

Who is eligible?

• Incorporated businesses in Montreal.
• Businesses with a head office in Quebec.

Who is not eligible

There are certain types of companies that are not eligible for this grant:

• Companies without Canadian citizenship, permanent residency, or a Quebec selection certificate
• Companies not legally incorporated and registered in the Registraire des entreprises du Québec
• Companies without a Montréal-based address and a head office in the province of Quebec

Eligible expenses

• Expenses directly related to the business project.

Eligible geographic areas

• Montreal
• Quebec

The evaluation and selection of projects for this grant are based on specific criteria with allocated point scores to ensure alignment with the fund’s objectives.

• Innovative nature and potential for real-world application impact.
• Validation and market potential of the innovation.
• Strategy and readiness for market launch and initial sales generation.
• Comprehensiveness of intellectual property protection strategy.
• Plans for market expansion and export strategies.

Here are the steps to submit an application for this grant:

• Step 1: Verify Eligibility
• Ensure the business or promoters have Canadian citizenship, permanent residency, or a Quebec selection certificate (CSQ).
• Confirm the business is legally incorporated and registered in the Registraire des entreprises du Québec (REQ).
• Check that the business has a Montréal-based address and its head office is in the province of Quebec.
• Prepare a business plan or executive summary.
• Prepare financial forecasts covering at least two full financial years.
• Compile financial statements for the last two completed financial years (or for the first year for companies less than two years old).
• Ensure you can provide the minimum required down payment for the applicable business phase.
• Step 2: Contact Service Center
• Reach out to your designated service center for more details about the Fonds Commercialisation des innovations and the application process.
• Step 3: Gather Required Documents
• Assemble all required documents and information, including business plans, financial statements, and forecasts.
• Ensure all documentation is complete and up-to-date to support your application.
• Step 4: Submit Application
• Prepare your application package, ensuring it addresses all criteria and includes all necessary documentation.
• Submit your application to the Joint Investment Committee (JIC) via the method prescribed by the service center.
• Step 5: Await Review and Decision
• The Joint Investment Committee (JIC) will review your application based on their qualification and policy objectives.

• Applications are evaluated by the relevant joint investment committee.
• The committee assesses the entrepreneur and the project against the fund’s objectives and policy requirements.
• Funding depends on the availability of funds.

Here are additional relevant details for this grant:

• The loan from Fonds d'Investissement innovation can be combined with Fonds PME MTL, allowing for a maximum combined total of $450,000.
• Applicants need to present financial statements for the last two completed years, or for the first year if the company is less than two years old.
• A minimum down payment is required: 20% for pre-startup businesses and 15% for startup or growing businesses for a loan, and 20% for a subsidy.