MRC Témiscamingue — Youth Strategy Loan
Témiscamingue, QC, Canada
Flexible financial aid for business development and succession
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateNovember 01, 2024
- grant_single|closingDateDecember 01, 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 flexible financial assistance with a maximum funding amount of $150,000 to support business startups, acquisitions, expansions, or consolidations. Eligible activities include the creation and maintenance of employment, with a focus on supporting young entrepreneurs, business transitions, and local economic development.
grant_single_labels|projects
The described financial programs and support services aim to encourage entrepreneurship and economic development within the Témiscamingue region. They are designed to facilitate the creation, acquisition, and expansion of businesses, particularly focusing on youth involvement and preserving local employment.
- Development and execution of business plans tailored to unique needs.
- Creation of accurate financial forecasts to guide business growth.
- Identification and acquisition of financing and grant opportunities.
- Connection to specialized resources for targeted business advice.
- Flexible financial support for business startup, acquisition, or expansion.
- Facilitation of enterprise succession to ensure job retention.
- Youth-driven business projects through personal loans.
grant_single_labels|admissibility
Eligibility for this grant is determined by specific criteria related to the structure and intentions of the applicant's business or organization.
- The applicant must be one of the following: an owner-operated business, a partnership, a corporation, a non-profit organization, or a social economy organization.
- For youth-focused financial assistance, the applicant must be a young entrepreneur aged between 18 and 39.
- Applicants must demonstrate a sufficient commitment of personal funds as deemed appropriate (e.g., promoter involvement, balance of sale price).
- Businesses must fit within prioritized sectors such as secondary and tertiary processing, primary agricultural, and forestry activities.
- Projects should not include the starting of retail or service businesses in areas where such services are already present, residential real estate, or sectors related to sex, religion, politics, or alcohol dispensing.
grant_eligibility_criteria|who_can_apply
The potential applicants for these financial aids include entrepreneurs or businesses looking to start, acquire, expand, or consolidate their operations. Specifically, these grants cater to:- Entrepreneurs needing flexible financial assistance.- Young entrepreneurs aged 18 to 39 seeking to start or acquire a business.- Entrepreneurs involved in business succession to retain employment.- Entrepreneurs focused on local economic development projects.- Businesses or initiatives involved in the tourism or adventure-nature sector.These grants aim to stimulate entrepreneurship, promote job creation, and support local economic growth in the Témiscamingue region and beyond.
grant_eligibility_criteria|who_cannot_apply
This financing program excludes certain businesses and industries due to specific criteria and restrictions. These exclusions are intended to focus support on particular sectors and ensure community needs are met.
- Start-ups of retail or service businesses in communities where these services already exist.
- Residential real estate ventures.
- Businesses related to sex, religion, politics, or alcohol distribution.
- Projects that would relocate customers from an existing business.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant are focused on the strategic growth and development needs of businesses.
- Purchase of equipment, land, and buildings.
- Cash advance for business operations.
grant_eligibility_criteria|zone
This grant is specifically available for businesses located in the Témiscamingue region, as the funding body is focused on local economic development within this area. The aim is to support the growth and sustainability of enterprises contributing to the regional economy.
- Companies operating within the MRC de Témiscamingue.
- Businesses located in the Témiscamingue region as identified by the SADC du Témiscamingue.
grant_single_labels|criteria
The evaluation and selection of projects for this grant are based on specific criteria that assess the financial viability and potential impact of the business.
- Rentability: The projected revenues based on market analysis should cover expenses and generate surpluses.
- Management Team: Knowledge, experience, training, and networks of the management team.
- Repayment Capacity: The business must demonstrate the ability to meet capital and interest repayment obligations.
- Debt Ratio: Ideally less than 80% to ensure financial stability.
- Value of Guarantees and Security: The security provided should be sufficient to back the loan.
- Job Creation and Maintenance: Projects should contribute to job creation or preservation.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Identify Eligibility
- Review the grant criteria to ensure your business meets the eligibility requirements.
- Determine the appropriate grant and loan type for your business needs.
- Step 2: Gather Documentation
- Prepare a comprehensive business plan detailing your project.
- Compile financial forecasts and supporting financial documentation.
- Collect any required personal identifications and business registrations.
- Step 3: Seek Consultation
- Contact the granting body or associated agencies for guidance and consultation services.
- Utilize available personalized support to strengthen your application.
- Step 4: Complete Application Forms
- Fill out all necessary application forms provided by the granting body.
- Include detailed information about your project objectives, timeline, and budget.
- Step 5: Submit Application
- Ensure all forms and documentation are complete and accurate.
- Submit your application through the specified method, whether online or by mail.
- Confirm submission and note any reference numbers given.
- Step 6: Follow Up
- Await confirmation or feedback from the granting body.
- Prepare to provide additional information if requested.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The financial aid programs offer a flexible moratorium period; for example, youth strategy loans offer a capital repayment holiday of up to 24 months.
- A combination of loans is available, including investment fund loans and local solidarity fund loans, which can provide an enhanced funding package.
- Certain funds, like the Fonds local de solidarité FTQ, offer a moratorium of up to 12 months on capital repayment.
- The funds are complemented by technical support, ensuring entrepreneurs get guidance alongside financial aid.
- Interest rates are variable and adjust annually based on the project's risk profile and prevailing rates set by the Bank of Canada.
- The financing options include terms up to 10 years, with detailed eligibility and conditions for young entrepreneurs.
- Applicants need to contribute a minimum percentage of the project's cost, typically 20%, with adjustments based on specific conditions and fund requirements.
Apply to this program
Comprehensive Support for Business Development
This grant program offers tailored financial assistance designed to support business startups, expansions, acquisitions, or consolidations across various sectors in the Témiscamingue region. Eligible applicants can access a variety of loan types and amounts, helping stimulate local economic growth and job creation.
Understanding the Criteria and Benefits of the Témiscamingue Business Grants
The grant initiative provided by the Society of Economic Development and the SADC of Témiscamingue is tailored to foster entrepreneurship and reinforce economic growth within the region. Offering flexible financial aid ranging from $5,000 to $150,000, these initiatives are structured to cover the various phases of business lifecycle including startup, acquisition, expansion, and consolidation. This proactive approach is entrenched in the goal of creating and maintaining sustainable employment opportunities.
Each type of loan under this program is designed with specific objectives in mind. For instance, the "Prêt Fonds d'investissement" aims to facilitate broad investment capital access, while the "Stratégie jeunesse" focuses on empowering young entrepreneurs aged 18 to 39 by providing critical financial resources necessary for acquiring or starting businesses. Special provisions allow for up to two youthful entrepreneurs per enterprise to benefit from this scheme, encouraging collaborative ventures.
The "Prêt Relève d'entreprise" supports seamless business transfers that ensure continuity and job preservation, reflecting the grant’s dedication to not just economic development, but community stabilization as well. Moreover, the financial aid aligns with mainstream financial institutions, offering complementary financial solutions in cases where traditional banking options may not suffice.
Another unique feature of this grant system is its robust support of the primary agricultural, forest, and transformation sectors, prioritizing secondary and tertiary economic activities that are often pivotal to the region's economy. However, it deliberately excludes sectors involving residential real estate, redundant retail setups, or ventures related to politically or religiously sensitive content.
Evaluating grant applications involves a series of criteria, emphasizing sustainable business models with clear capacities for generating surplus revenue, and robust management teams. An enterprise's ability to repay loans, maintain or create employment, and present viable guarantees or securities is paramount. Additionally, financial planning is scrutinized to ensure comprehensive coverage of initial project costs, including an obligatory portion of project capital directly contributed by the entrepreneur.
Through this program, entrepreneurs are not only equipped with financial resources but are also guided toward strategic growth with access to business advisory services. Participants may further benefit from exposure to networks of industry experts and mentors, which are crucial for navigating the economic landscape efficiently.
This grants approach is a vital element of Témiscamingue’s broader strategic plan aimed at sustainable economic progress, reinforcing local businesses, and ensuring job creation remains at the heart of economic strategies. As such, applicants enjoy a significant opportunity to leverage these financial services to enhance their business viability and contribute positively to the regional economy.
