PME MTL — Innovation Investment Fund
Overview
Get a loan of up to $150,000 for your commercialization project, particularly those in the fields of transport and mobility, arts and culture, digital technology, clean technologies, and life sciences & health care technologies.
At a glance
Funding available
- Integrate new technologies
- Develop a new product
- Develop an online presence
- Maximum amount : 150,000 $
- Up to 80% of project cost
- Open continuously
Eligible candidates
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
- Montreal
- Montréal
- Quebec
- For-profit business
- All revenue ranges
- All organization sizes
- Canadians
- Startups
Activities funded
The Innovation Investment Fund by PME MTL provides financial assistance to support innovative projects that contribute to the development of the Montreal area. Eligible projects focus on testing, market validation, launching, generating sales, and protecting innovations through intellectual property.
- Testing and trial of innovations in real-world contexts.
- Validation of target markets during the innovation development phase.
- Market launch of innovations.
- Generating the first sales of the innovation.
- Protecting an innovation through intellectual property rights.
- Supporting efforts to develop new markets or export innovations.
Eligibility
Eligibility for this grant is determined by specific requirements related to the business or its promoters.
- The business or its promoters must have Canadian citizenship, be a permanent resident, or hold a Quebec selection certificate (CSQ).
- The business must be legally incorporated and registered in the Registraire des entreprises du Québec (REQ).
- The business must have a Montréal-based address and have a head office in the province of Quebec.
- A business plan or executive summary must be presented.
- Financial forecasts covering at least two full financial years must be presented.
- A compilation of financial statements for the last two completed financial years (or the first financial year for companies less than two years old) must be provided.
- A minimum down payment of 20% of the total cost is needed for a pre-startup business, and at least 15% of the total project cost for a start-up or growing business for a loan and 20% when applying for a subsidy.
Who is eligible?
The Fonds d'Investissement innovation is targeted at businesses or entrepreneurs meeting specific eligibility criteria, primarily within the Montreal area.
This fund is aimed at encouraging innovative projects with significant impact in Montreal by providing financial assistance to eligible businesses.
- Business must be legally incorporated and registered in Quebec.
- Business must have a physical address in Montreal and head office within Quebec.
- Applicants must be Canadian citizens, permanent residents, or hold a Quebec selection certificate (CSQ).
- Project proposals must include a comprehensive business plan and financial forecasts for at least two years.
- Businesses must present financial statements for the past two years or one year if newly established.
- Entrepreneurs need to provide a minimum down payment, varying by business status (pre-startup, startup, or growing).
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
The grant covers expenses that are exclusively related to the business project.
- Expenses for testing and trial of innovations in a real context.
- Costs associated with the validation of target markets during the development of the innovation.
- Expenses related to the market launch of the innovation.
- Costs for generating the first sales of the innovation.
- Expenses incurred in protecting an innovation through intellectual property rights.
- Costs for supporting efforts to develop new markets or export the innovation.
Eligible geographic areas
This grant supports companies located in designated areas within Montreal to promote regional innovation and economic development. Eligible companies must have operations based in and a legal address within the city of Montreal and a head office in the province of Quebec.
- Companies based in the city of Montreal.
- Businesses with a head office located in the province of Quebec.
Selection criteria
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.
How to apply
Verification of eligibility criteria
Preparation of the file
- Prepare a detailed business plan or project summary.
- Compile financial forecasts for at least two full financial years.
- Prepare a compilation engagement of the financial statements for the last two fiscal years.
- Develop a sustainability strategy for the company.
- Organize evidence of your company's equity contribution (minimum 20% of the total cost).
Submission of the request
- Access the service hub in your area using your business's postal code.
- Contact the experts at your hub to obtain the specific submission details.
- Follow the provided guidelines to submit your application and the associated documents.
Follow-up on the request
- Wait for the assessment of your application by the joint investment committee (CIC).
- Be available to provide additional information or documents if required.
Additional information
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.
