MRC Témiscamingue — Business Succession Loan
- Closing date : June 1, 2032
Overview
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.
At a glance
Funding available
- Attract or retain talent
- Reduce environmental footprint
- Develop workforce skills
- Maximum amount : 150,000 $
- Minimum amount : 5,000 $
- Up to 20% of project cost
- Closing date : June 1, 2032
Eligible candidates
- Agriculture, forestry, fishing and hunting
- Manufacturing
- Témiscamingue
- Temiscaming
- Abitibi-Témiscamingue
- Quebec
- Non-profit
- Public or Parapublic institution
- For-profit business
- Sole proprietorship
- Social economy enterprise
- All revenue ranges
- All organization sizes
- Rural or Northern Residents
- Youth (<40)
- Economic, Social and Community Development
- Employment and Training
- Business Associations
- Young adults
- Rural / Remote communities
- Business owners / entrepreneurs
- Nonprofits / charities
- All structures
- Local
- Regional
Next steps
Activities funded
The Business Succession Loan grant aims to support the transfer, development, and continuation of businesses in the MRC Témiscamingue region. Eligible project activities particularly focus on entrepreneurial transitions, employment retention, and youth engagement in business acquisitions.
- Support for the transfer and continuity of existing businesses to ensure job retention.
- Financial assistance for youth aged 18 to 39 years to acquire stakes in businesses, fostering their involvement in entrepreneurship.
- Support for projects that stimulate entrepreneurship and promote employment creation through business startups or expansions.
- Investment in sectors such as secondary and tertiary processing, primary agriculture, and forestry.
Eligibility
Who is eligible?
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.
Who is not eligible
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.
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.
Eligible geographic areas
The MRC Témiscamingue — Business Succession Loan is specifically available for businesses located within the Témiscamingue region. This geographic limitation is set to maintain employment and decision centers within the area.
- Businesses located within the MRC of Témiscamingue.
Additional information
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.
Frequently Asked Questions about the MRC Témiscamingue — Business Succession Loan Program
What is the MRC Témiscamingue — Business Succession Loan?
How much funding can be received?
Who is eligible for the MRC Témiscamingue — Business Succession Loan program?
What expenses are eligible under MRC Témiscamingue — Business Succession Loan?
Where is the MRC Témiscamingue — Business Succession Loan available?
Is the MRC Témiscamingue — Business Succession Loan a grant, loan, or tax credit?
Who are the financial supporters of the MRC Témiscamingue — Business Succession Loan?
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