MRC Témiscamingue — Business Succession Loan
Témiscamingue, QC, Canada
Flexible financial aid for business start-up and development
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|closingDateJune 01, 2032
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Manufacturing
grant_single|grantors
- MRC Témiscamingue
grant_single|status
grant_card_status|open
grant_single_labels|preview
The grant provides flexible financial aid ranging from $5,000 to $150,000 to support the creation, acquisition, expansion, or modernization of a business, with an emphasis on job creation and retention. Eligible activities include entrepreneurship, strategic business transfers, and business expansion, particularly in sectors like transformation and primary agriculture and forestry.
grant_single_labels|projects
This grant offers financial assistance for various business development activities that promote entrepreneurship and job creation. Below is a list of activities eligible for funding under this grant.
- Business start-up projects aiming at launching new enterprises.
- Expansion projects for increasing the capacity of existing businesses.
- Business acquisition initiatives to take over existing companies.
- Succession planning projects ensuring business continuity and job retention.
- Modernization efforts for updating business processes and equipment.
- Community-based economic development projects.
- Second and third processing sector projects.
- Primary agricultural and forestry projects.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and proposed activities.
- The applicant must be an enterprise, sole proprietorship, partnership, corporation, non-profit organization, or social economy organization.
- Youths aged 18 to 39 years may apply for specific funding initiatives.
- The business owner or entrepreneur should have sufficient equity or be actively involved in the project.
- The business should not engage in sectors such as residential real estate, sex, religion, politics, or alcohol distribution.
- The project should not result in the displacement of clientele from an existing business.
grant_eligibility_criteria|who_can_apply
This grant offers financial support for entrepreneurs aiming to start, acquire, expand, or modernize their businesses. It includes a variety of loans designed to cater to different needs, such as young entrepreneurs, business succession, and local economic development.- Prêt Fonds d'investissement: Suitable for entrepreneurs looking to start, acquire, expand, or modernize their business with flexible financial assistance ranging from $5,000 to $150,000.- Prêt Stratégie jeunesse: Targeted at young entrepreneurs between 18 and 39, offering personal loans of $5,000 to $25,000 with the potential to finance two young entrepreneurs per enterprise.- Prêt Relève d'entreprise: Focuses on business succession to maintain employment, offering financial support from $25,000 to $150,000.- Prêt Fonds local d'investissement: Aims to stimulate entrepreneurship and job creation for start-up or business expansion projects with financial support from $5,000 to $150,000.- Prêt Aide aux jeunes: Supports young entrepreneurs aged 18 to 39 in acquiring up to 100% of an existing business, with loans from $5,000 to $25,000.
grant_eligibility_criteria|who_cannot_apply
Certain companies and industries are not eligible for this grant due to their specific nature or activities that are not supported. The selection criteria aim to support sectors that align with the program's strategic priorities and avoid redundancy in services offered in a community.
- Retail or service businesses starting in a community where the service already exists.
- Residential real estate activities.
- Sectors related to the sex industry, religion, politics, or alcohol distribution.
grant_eligibility_criteria|eligible_expenses
The grant allows for expenses related to entrepreneurship and business development projects.
- Purchase of equipment, terrains, and buildings.
- Initial investment capital for business setup.
- Acquisition of business shares or equity for young entrepreneurs.
- Working capital necessary for business operations.
grant_eligibility_criteria|zone
This grant is specifically targeted for companies operating within the Témiscamingue region, as highlighted by the funding organization's focus on local economic development.
- Témiscamingue region.
grant_single_labels|criteria
The evaluation and selection of projects for this grant prioritize the financial stability and potential job creation of the proposed business initiatives.
- Rentability: Revenue projections must be sufficient to cover expenses and generate surplus.
- Management Team: Evaluation of the knowledge, experience, training, and networks of the leadership team.
- Repayment Capacity: Ability of the business to generate sufficient funds to cover all repayments of principal and interest on loans.
- Debt Ratio: Ideally, it should be less than 80% to ensure financial stability.
- Value of Guarantees and Warranties: Assessment of the assets pledged as security for the loan.
- Job Creation and Retention: Projects must demonstrate potential for job creation and maintenance.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Research Eligibility
- Ensure your project and organization meet the eligibility criteria outlined by the fund, such as sector focus and ownership structure.
- Identify the specific type of loan or financial assistance that suits your needs: startup, acquisition, expansion, etc.
- Step 2: Gather Required Documentation
- Prepare financial statements and forecasts demonstrating the project's profitability and the company's repayment capacity.
- Compile details of the management team, including relevant experience and competencies.
- Collect any necessary legal or corporate documentation verifying your business structure.
- Step 3: Develop a Business Plan
- Create in-depth business and strategic plans that detail your project goals, market analysis, and competitive advantages.
- Include an overview of the funding requirement and the impact on job creation and retention in the region.
- Step 4: Contact the Fund Administration
- Reach out to the fund administrators at the SADC du Témiscamingue for guidance on your application and to clarify any specific submission requirements.
- Inquire about application deadlines and submission formats.
- Step 5: Submit Application
- Complete the application form with all required information.
- Submit your business plan, financial documents, and any additional supporting materials as instructed.
- Ensure submission before the specified deadline.
- Step 6: Confirmation and Follow-Up
- Receive confirmation of receipt from the funding body, along with a reference number for your application.
- Follow up if no confirmation is received within a reasonable timeframe.
- Prepare for possible interviews or requests for additional information from the fund administrators.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The loans offered have a maximum duration of 10 years, except for the "Relève d'entreprise" loan, which has a maximum duration of 7 years.
- A grace period for interest payments of up to 24 months is available on certain loans following the initial disbursement.
- Loans cannot be used to repay existing debts.
- There is an application fee of 1% of the loan amount, with a minimum of $100.
- The interest rate is based on the Bank of Canada's business loan base rate, plus a risk premium.
- Specific focus is given to youth applicants aged 18 to 39 for certain programs, with particular stipulations on the percentage of business ownership needed.
Apply to this program
Empower Your Business with Targeted Financial Support
This grant offers flexible financial assistance for businesses aiming at starting, acquiring, expanding, or consolidating their ventures. It is designed to support entrepreneurs in enhancing their economic impact and securing their financial foundation.
Understanding the Scope and Opportunities of Available Grants
The variety of grants and loans available through this program supports Canadian businesses across various stages of development—from initial start-up to significant expansion. Entrepreneurs between the ages of 18 to 39 can benefit significantly from specific initiatives like the Youth Strategy Loan, which offers tailored financial solutions to support young talent in business acquisition and development. Loans range from $5,000 to $25,000, facilitating easier entry into entrepreneurship by reducing financial barriers for emerging leaders.
For businesses aiming at transferring ownership while maintaining local employment, the Business Succession Loan is a crucial tool. By providing between $25,000 and $150,000, this grant helps secure the continuity of established businesses, thus preserving jobs and ensuring economic stability within the community. Projects supported by these loans not only focus on financial metrics but also prioritize community impact and sustainability, aligning with broader economic goals.
Furthermore, the Local Investment Fund supports both new startups and the expansion of existing businesses within the Témiscamingue region. The fund focuses on increasing local entrepreneurship by addressing gaps in regional commerce and facilitating significant employment opportunities. With loans available between $5,000 and $150,000, businesses can access required capital without the lengthy processes typically associated with traditional financial institutions.
Eligible applicants must demonstrate a solid business plan and be prepared to provide necessary guarantees and co-signs, ensuring a mutual commitment to success. A strategic focus is maintained on sectors vital to regional development, such as secondary and tertiary transformation, primary agriculture, and forestry, aligning funding with strategic economic priorities to maximize regional advantage.
The grant offerings are complemented by localized support from the economic development offices and the Society for the Development of Témiscamingue. This partnership provides businesses with access to expert advice, planning resources, and additional funding opportunities, creating a nurturing environment for innovation and growth. These wrap-around services enhance the capacity of businesses not only to secure funding but also to utilize it effectively towards sustainable development goals.
This comprehensive approach ensures that financial support is not just a temporary solution but a pathway to long-term viability and success. By fostering young entrepreneurs, securing legacy businesses, and empowering strategic sectors, these grants contribute significantly to the regional economy's evolution and robustness.
