MRC Rivière-du-Loup — Succession Fund
Overview
The Fonds Relève grant provides non-repayable financial assistance up to the lesser of 5% of the project cost or $15,000 to support the succession of businesses by acquiring at least 25% ownership in existing enterprises within the MRC of Rivière-du-Loup. Eligible activities include the transition of management and ownership aimed at facilitating successful business succession with the mandatory combination of two other repayable aids from CLD, specifically the interest-free FLI Relève loans and the regular FLI/FLS.
At a glance
Funding available
- Renovate your business/factory
- Maximum amount : 15,000 $
- Up to 5% of project cost
- Open Date : September 1, 2023
- Closing date : December 31, 2023
Eligible candidates
- All industries
- Rivière-du-Loup
- Riviere-du-Loup
- Bas-Saint-Laurent
- Quebec
- For-profit business
- All revenue ranges
- All organization sizes
- Rural or Northern Residents
Activities funded
The MRC Rivière-du-Loup — Succession Fund provides critical financial support for business succession projects. Eligible projects involve activities related to the acquisition and transition of business ownership and direction, ensuring a smooth transfer of at least 25% of the business's value or its assets.
- Acquisition of existing business shares or assets for the purpose of succession.
- Activities aimed at ensuring a successful transition in business leadership within the MRC Rivière-du-Loup region.
Eligibility
Eligibility for the Fonds Relève grant requires meeting specific criteria related to the business transition project and the applicant's commitment in the Rivière-du-Loup area.
- The applicant must be involved in a business transition project on the territory of the MRC de Rivière-du-Loup.
- The applicant or promoters must acquire at least 25% of the value of the existing business or its assets.
- The project must involve taking over the management and ownership of a business.
- The funding must be combined with two other forms of repayable support: the FLI Relève interest-free loans and the regular FLI/FLS loans.
Who is eligible?
Eligible applicants for the Fonds Relève must be promoters involved in the transfer of management and ownership of a business within the territory of the MRC de Rivière-du-Loup. They must acquire at least a 25% stake in the existing company's value or its assets to take over the business.
Eligible geographic areas
This grant is available to businesses that are located within a specified geographical area as determined by the grant administrator. Companies eligible for this grant must align with the regional objectives set by the MRC Rivière-du-Loup.
- Businesses operating within the territory of the MRC Rivière-du-Loup.
How to apply
Consultation of the Investment Policy
- Visit the CLD website at the given address to access the Investment Policy of the Relève Fund.
- Review the specific conditions and eligibility criteria.
Initial contact
- Contact an advisor from the CLD to discuss the project and check eligibility.
- Obtain advice on the required formulations and necessary procedures.
Preparation of the request
- Prepare a request file containing the details of the business takeover project.
- Include financial information and any other required supporting documents.
Joint application for FLI Relief loans and regular FLI/FLS loans
Submission of the application
- Submit the complete application to the CLD of Rivière-du-Loup at the provided address or through another channel indicated by the advisor.
- Ensure that all required forms and documents are included and correctly filled out.
Additional information
Here are additional relevant details for this grant:
- The grant amount is determined as the lesser of 5% of the project cost or $15,000.
- The financial assistance from the grant must be complemented by two other forms of repayable assistance from the CLD, specifically the interest-free FLI Relève loans, and the regular FLI/FLS loans.
- This grant aims to support business succession, notably the transfer of management and ownership by acquiring at least 25% of the existing business’s value or its assets.
