MRC Témiscamingue — Youth Assistance Loan QC Canada

MRC Témiscamingue — Youth Assistance Loan

Témiscamingue, QC, Canada
Personalized support for business projects and funding assistance
grant_single_labels|summary
grant_single_labels|preview
grant_single_labels|terms_and_conditions
grant_single_labels|projects
grant_single_labels|admissibility
grant_single_labels|criteria
grant_single_labels|register
grant_single_labels|otherInfo

grant_single_labels|summary

grant_single|eligibleFinancing
  • grant_single|fromMinToMax
grant_single|deadlines
  • grant_single|openingDateMarch 01, 2024
  • grant_single|closingDateMay 31, 2024
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 program offers a maximum funding amount of $150,000 to support business creation, expansion, or acquisition, aiming to foster job creation and maintain employment in the Témiscamingue region. Eligible activities include second and third transformation processes, primary agricultural, forestry, and business acquisition by young entrepreneurs aged 18 to 39.

grant_single_labels|terms_and_conditions

This grant provides various financial assistance options to support young entrepreneurs between the ages of 18 and 39. The modalities are designed to facilitate the growth and succession of businesses in the Témiscamingue region.
  • Youth loans ranging from $5,000 to $25,000 to support young entrepreneurs.
  • Interest-free period for the first 24 months.
  • Loans carry an interest rate of the prime rate plus 2% annually following the interest-free period.
  • A maximum loan duration of 10 years.
  • Prêt à terme garanti and participatory loans are available.
  • The loan maximum is $20,000 per young entrepreneur, with a total limit of $40,000 per project if more than one young person is involved in the same venture.
  • Opportunity to acquire between 25% and 100% of an existing business within the region.
  • Additional local solidarity fund financing can offer up to $100,000 with a capital repayment moratorium up to 12 months.

grant_single_labels|projects

This grant offers financial assistance and support for young entrepreneurs and businesses within the Témiscamingue region. Its aim is to foster business creation, expansion, and succession by providing accessible loans and expert guidance.
  • Personal loans for young entrepreneurs aged 18 to 39 years for business creation, acquisition, expansion, and consolidation.
  • Assistance for the transfer of businesses to encourage youth involvement and maintain employment.
  • Support for business owners to enhance financial planning and access additional funding sources.
  • Access to technical and financial support to stimulate entrepreneurship and job creation through business startup or expansion projects.
  • Funding for the acquisition of 25% to 100% of an existing business by young individuals.

grant_single_labels|admissibility

Eligibility for this grant requires the company to meet certain criteria, ensuring alignment with the grant's objectives.
  • The applicant must be an enterprise under a sole proprietorship, partnership, corporation, non-profit organization, or social economy organization.
  • The business should be involved in priority sectors such as secondary and tertiary processing, primary production in agriculture or forestry.
  • Businesses related to residential real estate, sectors associated with sex, religion, politics, or liquor dispensing, and those that could displace existing services in the community are excluded.
  • The entrepreneur must ensure that the business startup does not lead to the displacement of customers from an existing business.

grant_eligibility_criteria|who_can_apply

This grant targets the creation and retention of jobs through financial assistance to businesses, young entrepreneurs, and sectors prioritizing business succession and youth involvement in economic development.

grant_eligibility_criteria|who_cannot_apply

This grant excludes certain companies and industries based on their status or main activities. These restrictions are designed to focus support on specific sectors and avoid market displacement.
  • Retail or service businesses initiating in a community where such a service already exists.
  • Residential real estate projects.
  • Sectors related to sex, religion, politics, or liquor distribution.

grant_eligibility_criteria|eligible_expenses

The grant program provides financial support to facilitate various eligible expenses associated with business projects.
  • Purchase of equipment, land, and buildings.
  • Working capital investments.
  • Costs related to the start-up, acquisition, expansion, or modernization of a business.
  • Acquisition of a minimum of 25% of an existing business.

grant_eligibility_criteria|zone

This grant is targeted towards companies operating within the Témiscamingue region. The eligibility is designed to support local economic development and entrepreneurship.
  • Companies located within the MRC de Témiscamingue area.

grant_single_labels|criteria

The evaluation and selection of projects for this grant are based on specific criteria that evaluate the financial and operational viability of the projects.
  • Rentability: projected revenues are sufficient to cover expenses and generate surpluses.
  • Management team: knowledge, experience, education, and networks.
  • Repayment capacity: the funds generated by the enterprise must demonstrate the ability to fully repay capital and interest on loans.
  • Debt ratio: ideally below 80%.
  • Value of collateral and guarantees.
  • Creation and maintenance of jobs.

grant_single_labels|register

Here are the steps to submit an application for this grant:
  • Step 1: Initial Inquiry
  • Contact the organization offering the grant to express interest and request application details.
  • Gather preliminary information on eligibility and requirements.
  • Step 2: Preparation of Documentation
  • Prepare a detailed business plan outlining your project, objectives, and financial projections.
  • Gather necessary legal documents, financial statements, and any other required supporting materials.
  • Ensure all documents align with the grant objectives of job creation and business sustainability.
  • Step 3: Application Completion
  • Complete the application form, providing detailed responses to all questions.
  • Ensure clarity and precision in the description of your business project.
  • Include information on how your project will contribute to local economic development.
  • Step 4: Submission
  • Submit your completed application and all required documents to the designated contact at SADC or relevant office.
  • Verify submission requirements, such as digital versus physical copies, and adhere to them.
  • Step 5: Follow-up
  • Wait for confirmation of receipt of your application.
  • Maintain communication with the granting organization for any follow-up information or additional requests.

grant_single_labels|otherInfo

Here are additional relevant details for this grant:
  • A preliminary business plan including financial projections may be required for loan applications.
  • There is a 24-month interest-free period following the first disbursement for specific loan options.
  • Youths can receive up to $25,000 individually and collectively up to $40,000 for joint projects.
  • Interest rates are tied to the Bank of Canada's base rates with additional premiums based on project risk.
  • The funding is designed to preserve local jobs and keep decision centers within the community.
  • There is an emphasis on projects that demonstrate the creation and maintenance of employment.
  • Financial assistance must be directed towards new ventures and cannot be used for existing debt repayment.
  • Organizational support and resource reference are available for applicants seeking additional guidance.

Apply to this program