MRC Rimouski-Neigette — Local Investment Fund
Rimouski, QC, Canada
FLI/FLS funds support Quebec economic impact projects
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateJune 20, 2023
- grant_single|closingDateJuly 05, 2023
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Manufacturing
- Retail trade
- Information and cultural industries
- Professional, scientific and technical services
- Health care and social assistance
- Arts, entertainment and recreation
- Accommodation and food services
- Other services (except public administration)
- Public administration
grant_single|grantors
- MRC Rimouski-Neigette
grant_single|status
grant_card_status|open
grant_single_labels|preview
The POLITIQUE D'INVESTISSEMENT COMMUNE DES FONDS LOCAUX provides financial support for businesses in the MRC de Rimouski-Neigette for projects related to startup, business improvement, expansion, and entrepreneurial succession, with a maximum funding amount of $150,000 under the FLI within a twelve-month period. Eligible activities include the acquisition of business assets, improvement of productivity, digital transformation, and support for new business ventures.
grant_single_labels|terms_and_conditions
This grant provides structured financing options to support a variety of projects, facilitating both short-term and long-term financial planning for eligible businesses. The modalities are designed to cater to different enterprise needs, from startups to business expansions.
- The investment amount must be at least $10,000.
- For the FLS, the maximum balance per company is $100,000, while for the FLI, it is up to 50% of eligible expenses, up to a maximum of $150,000 per beneficiary within twelve months.
- Interest will be calculated based on a policy of risk-assessed rates.
- Repayment plans can be customized to align with business operations, particularly for enterprises with seasonal activities.
- The maximum loan term is generally set at 7 years, with some flexibility up to 10 years depending on the repayment method.
- No investments are made through grants or refundable contributions.
- Repayment moratoriums can be offered under certain projects, with specific terms for different types.
- Borrowers have the option to repay the loan early, subject to the agreement terms.
grant_single_labels|projects
The MRC Rimouski-Neigette Local Investment Fund supports a diverse range of business-related projects aimed at fostering economic development within the region. It provides financial assistance for various phases of business operation and growth, focusing on enhancing productivity and supporting entrepreneurial transitions.
- Start-up projects, encompassing the period from initial commercialization to achieving break-even.
- Entrepreneurial succession projects, assisting individuals or groups to acquire significant stakes in existing businesses.
- Business acquisition projects, involving the purchase of business assets or shares.
- Business improvement and transformation projects, aimed at enhancing productivity or implementing sustainable business practices.
- Business growth and expansion projects, supporting the commercialization of new products or services and exportation efforts.
- Temporary financing as bridge loans pending confirmed revenue sources.
- Business turnaround projects, provided they demonstrate a solid recovery plan and creditor support.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the nature and legal status of the company.
- The applicant must be a legally constituted for-profit enterprise under Quebec or Canadian government laws.
- The applicant can be a collective enterprise such as cooperatives and non-profit organizations (NPOs) engaged in commercial activities as defined by the Social Economy Act.
- The enterprise must operate within the territory of the MRC de Rimouski-Neigette and have its head office in Quebec.
- The enterprise must be registered with the Quebec Enterprise Register (REQ).
- For the Local Solidarity Fund (FLS), social economy enterprises must meet specific conditions outlined in Annex A.
grant_eligibility_criteria|who_can_apply
This grant is aimed at businesses to support their development and create, maintain, or preserve jobs in the MRC de Rimouski-Neigette region. Eligible applicants include legally constituted for-profit companies and collective enterprises operating on the MRC territory and having their head office in Quebec.
- For-profit businesses legally constituted under Quebec or Canadian laws.
- Collective enterprises, such as cooperatives and non-profit organizations (OBNL), with market activities under Quebec's social economy law.
- Businesses must have their operations and headquarters in the MRC territory.
- Must be registered with the Quebec Business Registry (REQ).
- FLS also considers social economy enterprises meeting specific conditions outlined in Annex A.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies and industries due to their status or main activity. The restrictions aim to ensure that funds are directed toward strategic sectors aligned with the grant's objectives.
- Companies registered in the Register of companies ineligible for public contracts (RENA).
- Entities that failed to meet previous financial aid obligations within two years prior to the application.
- State-owned enterprises or those controlled by a government.
- Entities under the protection of insolvency laws or bankruptcy.
- Companies with unethical behavior affecting the reputation of public entities.
- Entities with poor environmental responsibility.
- Companies with a history of violating labor or human rights regulations.
- Industries involved in the production or distribution of weapons.
- Activities connected to fossil fuel extraction and refining, except for those promoting a low-carbon economy transition.
- Gambling operations, including casinos and bingo halls.
- Industries involving violent games or combat sports with living beings.
- Enterprises related to sexual exploitation, including erotic clubs and pornographic production.
- Real estate management and development, except where financing equipment for better living conditions.
- Tobacco or drug-related products and services, with certain exceptions for cannabis and hemp when meeting specific criteria.
grant_eligibility_criteria|eligible_expenses
The grant covers specific expenses related to the realization of eligible business projects, particularly in the start-up phase, business improvement, transformation, growth, and entrepreneurial succession.
- Additional working capital needed for project execution for a maximum period of two years.
- Capital expenditures directly linked to project realization, such as acquiring technology, land, buildings, equipment, machinery, and vehicles, as well as construction, expansion, renovation, and landscaping of sites and premises.
- Professional fees incurred before project realization, including feasibility analysis, external audit, or impact studies.
- Professional fees directly associated with project realization, such as technology implementation, equipment, machinery acquisition, and development of sites and premises.
- Expenses related to acquiring ownership titles or assets for entrepreneurial succession.
- Professional fees directly linked to the transaction and acquisition of a business, as well as the succession of business leadership.
grant_eligibility_criteria|zone
This grant is available to companies operating within a specific geographical area. Eligible organizations must conduct their business on the territory of the MRC of Rimouski-Neigette and have their headquarters in Quebec.
- Companies operating on the territory of the MRC of Rimouski-Neigette.
- Organizations with headquarters located in Quebec.
grant_single_labels|criteria
The evaluation and selection of projects for the POLITIQUE D'INVESTISSEMENT COMMUNE DES FONDS LOCAUX are based on ensuring project viability and strategic alignment with the fund's objectives to support economic development in the MRC of Rimouski-Neigette.
- The economic viability of the financed enterprise, demonstrating a character of permanence, profitability, repayment capacity, and good prospects.
- The knowledge and experience of the promoters, with a focus on ensuring they possess necessary management skills and have access to necessary internal and external resources if weaknesses are identified.
- Environmental and societal impacts, encouraging practices that improve socioeconomic and environmental outcomes through sustainable business practices.
- Openness towards workers and approach to labor relations considered in the financing request analysis.
- Avoidance of projects solely involving subcontracting or privatization that merely shift economic activity and jobs from one organization to another.
- Participation of other financial partners, with an emphasis on capital contribution from other sources such as financial institutions and promoters.
- Sustainability of funds, ensuring self-financing potential guides enterprise selection, with impact on fund balance and sustainability evaluated for each investment case.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Review Eligibility Criteria
- Ensure your business or project meets the eligibility criteria outlined in the grant policy.
- Verify that your project aligns with the economic and social impact goals of the fund.
- Step 2: Prepare Documentation
- Complete the required grant application form, ensuring all fields are accurately filled.
- Prepare a detailed business plan or project proposal including objectives, timelines, and expected outcomes.
- Gather financial statements for the past three years and any interim statements.
- Compile any additional documentation required by the policy, such as proofs of Quebec business registration.
- Step 3: Submission of Application
- Submit the completed application package to SOPER as specified in the policy document.
- Ensure you meet any deadlines for submission to be considered for the funding period.
- Include a cover letter detailing how your application meets the fund’s objectives and criteria.
- Step 4: Await Confirmation
- Wait for confirmation from SOPER that your application has been received and is under review.
- Be prepared to provide additional information or clarification if requested by the reviewing body.
Apply to this program
Empowering Entrepreneurial Growth in Rimouski-Neigette
The Common Investment Policy of Local Investment Funds (FLI) and Local Solidarity Funds (FLS) aims to invest in Quebec-based businesses, promoting regional economic development and job creation in the MRC of Rimouski-Neigette. This policy guides the use of financial tools to support entrepreneurs with viable business projects, focusing on long-term community benefits and sustainability.
Detailed Examination of the FLI/FLS Common Investment Policy
The Common Investment Policy of the Fonds local d’investissement (FLI) and Fonds local de solidarité (FLS) presents a strategic approach to bolster the economic fabric of the MRC of Rimouski-Neigette. As adopted by the SOPER and the MRC council, the policy underscores the mission to invest in local businesses with significant economic impact, focusing on sustainability and the maintenance of jobs.
Established with a foundation of proactive financial intervention, the policy offers essential support to entrepreneurs, facilitating the creation and sustenance of viable enterprises. This is manifested through financing aimed at enabling business start-ups, expansions, improvements, transformations, acquisitions, and fostering entrepreneurial succession. Such investments are critical not only for immediate capital needs but also for ensuring long-term economic vitality within the region.
The policy identifies clear investment criteria, ensuring that funded businesses exhibit economic viability, backed by the expertise and experience of their promoters. Furthermore, the investment decisions are heavily influenced by considerations of environmental and societal returns, showcasing a strong commitment to sustainable development and community-enhancement practices.
A distinctive feature of this policy is its emphasis on collaborative financing. The partnership between the FLI and the FLS ensures a comprehensive support system where joint investments catalyze further financial participation from other entities, thus amplifying the impact on funded projects. This cooperative financial model is pivotal for minimizing investment risks while maximizing the overall benefits to the funded companies and, by extension, the local economy.
Moreover, the policy sets stringent eligibility criteria, clearly defining the types of businesses and projects that are eligible for investment, while also outlining exceptions that the investment committees may consider. It notably excludes investments in projects that are inconsistent with its socio-environmental values, such as those related to fossil fuel production or unethical practices.
To ensure flexibility and responsiveness to market changes, the policy includes provisions for loan terms and repayment schedules, offering significant leeway through varied moratoriums on capital repayments particularly beneficial for start-up ventures and enterprises undergoing transitions.
The policy's comprehensive structure assures that financial support is not only a leverage for receiving additional financing or grants but also a substantive aid that adds value through technical and advisory services provided by SOPER. This integrated approach assists in managing the funded projects efficiently, enhancing their chances of success through robust business planning and strategic market positioning.
Ultimately, the Common Investment Policy of the FLI/FLS embodies a holistic strategy designed to invigorate the local economy of Rimouski-Neigette. By focusing on sustainable growth, strategic partnerships, and comprehensive support to businesses, it positions the region as a dynamic hub for economic activity, capable of adapting and thriving in an ever-evolving economic landscape. This policy not only seeks to fuel existing businesses but also invites prospective entrepreneurs to take bold steps towards contributing to the region's economic fabric.
