Entreprendre Sherbrooke — Propulsion Fund Sherbrooke
Sherbrooke, QC, Canada
Support for entrepreneurship development in Sherbrooke businesses
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Retail trade
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- Entreprendre Sherbrooke
grant_single|status
grant_card_status|open
grant_single_labels|preview
The Propulsion Fund Sherbrooke, managed by Entreprendre Sherbrooke, supports entrepreneurship development in Sherbrooke with non-repayable contributions up to $20,000 for eligible business ventures, prioritizing local commerce and services. The program is aimed at business start-ups, growth, succession, acquisitions, and projects ensuring the sustainability of existing enterprises.
grant_single_labels|terms_and_conditions
- The financial aid is non-repayable for social economy enterprises, covering up to 70% of project costs, with a minimum of $1,000 and a maximum of $20,000.
- For for-profit enterprises, the non-repayable aid covers up to 10% of project costs, with a minimum of $1,000 and a maximum of $8,000.
- An additional $2,500 may be granted to enterprises in startup, succession or takeover projects to cover professional fees, with a portion allocated for accounting services.
- For proximity businesses, an extra non-repayable amount equaling 25% of the initial grant can be awarded based on eligibility.
- Funds can cover capital expenditures, acquisition of technology, professional fees, and working capital for initial operational year.
- Financial aid can cover up to 80% of project costs for social economy enterprises and up to 50% for for-profit enterprises, when combined with other governmental aids.
- Financial disbursement is staged, with initial payments upon financial partner confirmation, and final disbursements tied to project evaluations.
- For startups in pre-launch phase, 50% of market test-related costs is reimbursable upon invoice submission, up to a limit.
grant_single_labels|projects
- Business startup projects.
- Business growth projects.
- Business succession projects.
- Business acquisition projects.
- Projects ensuring the sustainability of an existing business.
- Creation or maintenance of jobs through eligible business activities.
grant_single|admissibleProjectsExample
$ 40,000
Installation of solar panels for community energy savings
grant_single_labels|admissibility
- The business must be located on the territory of Sherbrooke.
- The project should demonstrate the capacity to create or maintain jobs.
- For start-up projects, there must be realistic financial forecasts for a two-year period.
- The company must demonstrate its viability and profitability through a business plan.
- The applicants must be aged 18 years and over.
- Applicants must not be bankrupt or must demonstrate they have been discharged from any bankruptcy judgment.
- Businesses at the pre-commercialization stage can request funding for market tests up to a specified maximum.
- The business must be either a for-profit company or a social economy enterprise, not inclusive of certain excluded sectors.
- The company must comply with the capital investment requirements, including a minimum capital level based on project cost.
- 20% of the board of directors must be Canadian citizens or permanent residents for profit-oriented companies.
- The business should engage in a market with development potential.
- The business must return the financial contribution if relocating outside Sherbrooke within two years of the grant agreement.
- The business must not fall into one of the excluded sectors (e.g., pyramid schemes, controversial industries, seasonal projects).
grant_eligibility_criteria|who_can_apply
- Social economy enterprises located in Sherbrooke.
- For-profit enterprises located in Sherbrooke active in the following sectors:
- Commerce and services
- Artisanal production
- Agrifood
grant_eligibility_criteria|who_cannot_apply
- Pyramid schemes.
- Enterprises promoting violence, nudity, sexuality, religion, politics, or involved in controversial activities.
- Self-employed workers or those remunerated on commission.
- Seasonal projects that do not guarantee year-round operational activities.
grant_eligibility_criteria|eligible_expenses
- Capital expenses such as land, building, equipment, and machinery.
- Incorporation fees and patents.
- Acquisition of technologies, software, or off-the-shelf solutions.
- Professional fees.
- Working capital needs strictly related to the company's operations calculated for the first year of operation.
grant_eligibility_criteria|zone
- Sherbrooke, Quebec, Canada.
grant_single_labels|criteria
- Demonstration of the project's viability and profitability via a business plan with realistic financial forecasts over two years.
- Capacity to maintain existing jobs in cases of succession, takeover, or growth projects.
- For startups, proof of creation of at least one job within the first two years for social economy enterprises, or two jobs for for-profit enterprises.
- Management team experience and/or training related to the project’s field.
- Presence in a market with development potential, evaluated by the project assessment committee.
- Compliance with financial contribution limits and capital requirements set by the grant guidelines.
grant_single_labels|register
- Step 1: Determine Eligibility
- Verify if the business is located in Sherbrooke and fits the criteria for either social economy enterprises or for-profit enterprises.
- Ensure the project involves job creation or maintenance and meets sector-specific criteria.
- Step 2: Gather Documentation
- For Volet 1, prepare a business plan, CVs of key persons, incorporation documents, financial statements, and letters of support.
- For Volet 2, prepare a business plan, CVs of key persons, and financial statements.
- Step 3: Contact Fund Provider
- Reach out to Entreprendre Sherbrooke for guidance or to clarify the application requirements.
- Contact Magnoudéwa Tangou, Strategic Financing Advisor, via phone or email for support.
- Step 4: Prepare and Submit Application
- Finalize the application including all necessary documentation and financial projections.
- Ensure all required information is complete and accurate before submission.
- Step 5: Await Feedback
- After submitting the application, wait for confirmation and feedback from Entreprendre Sherbrooke.
- Be prepared to provide any additional information if requested.
grant_single_labels|otherInfo
- Financial assistance in the form of a non-repayable contribution is meant to be complementary to existing governmental programs and not a substitute.
- An enterprise may only benefit from the FPS contribution once every 24 months, with certain exceptions.
- Quarterly financial statements must be submitted following the receipt of the contribution for a period of 24 months.
- If the business relocates outside Sherbrooke within two years of receiving the contribution, the full amount must be repaid within 30 days of the move.
- The financial contribution should not be used for repaying any debts.
- For eligibility, the business must have a capitalization level representing at least 20% of the project cost including the FPS non-repayable contribution, and a minimum of 10% of this must be in cash.
grant_single_labels|contact
mtangou@entreprendresherbrooke.com
819
