Business Assistance — Immigrant Investor Program
Highlights
This program is designed for businesses like yours, offering a unique opportunity to secure non-repayable contributions. You can receive between $40,000 and $250,000, covering up to 10% of your project costs. This funding can help you expand, modernize, or enhance your production, certify compliance with specific standards, innovate in technology or design, and commercialize products outside Québec.
What You Get:
- Non-repayable contributions: No repayment worries, providing additional liquidity.
- Funding of $40,000 to $250,000: Plenty of breathing space to grow your business.
- Coverage up to 10% of project costs: Extra help in making your ambitions come true.
This program is easier to qualify for than many others, with no fees charged by the financial intermediary or financing consultants. Approval can significantly boost your business, providing the financial support needed to achieve your goals.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable contribution. There are no repayment terms or interest rates.
Eligible Expenses:
- Expansion, modernization, or enhancement of production.
- Certification of compliance with specific standards.
- Innovations in technology or design.
- Commercialization of products outside Québec.
Ineligible Expenses:
- The funds cannot be used for expenses not related to the project scope mentioned above.
Fees:
- There are no fees associated with this program.
Qualifications
- Must have consolidated total assets of less than $35 million.
- Project costs must total at least $300,000 (or $270,000 for businesses in the start-up phase).
- Project must have a maximum duration of two years.
- Must operate in one of the following industries:
- Manufacturing
- New economy - Biotechnology, pharmaceuticals, aeronautics or aerospace
- High-value-added information technology
- Tourism
- Environmental restoration
- Recycling, waste recovery and processing
- Call centres
- Aquaculture, sea farming and marine biotechnology
- Specialized horticulture
Must have a recommendation from an accredited financial intermediary recognized by Investissement Québec.
Disqualifications:
- Projects already completed.
- Expenses incurred more than 12 months before the financial intermediary’s submission date.
Description
This program offers your business a non-repayable contribution of $40,000 to $250,000. This money can cover up to 10% of your project costs (or 15% for start-ups).
You can use this funding for various growth-related projects, such as:
- Expanding, modernizing, or enhancing production
- Certifying compliance with specific standards
- Innovating in technology or design
- Commercializing products outside Québec
The contribution is paid out over four years, with a maximum of $250,000 per company within a three-year period. This means you get extra financial support without the worry of repayment, giving you more room to grow your business and achieve your goals.
Program Steps
Contact an Accredited Financial Intermediary: Reach out to an accredited financial intermediary recognized by Investissement Québec. They will guide you through the process and help you gather necessary information.
Prepare Documentation: Collect and prepare the following documents:
- Business plan
- Financial statements
- Project description and objectives
- Detailed budget and cost estimates
- Proof of business registration and legal status
- Any other documents requested by the financial intermediary
Submit Documentation to Financial Intermediary: Provide all the prepared documents to your financial intermediary. They will review and ensure everything is in order before submission.
Intermediary Review: The financial intermediary will review your documents and provide a recommendation. They will submit your application to IQ Immigrants Investisseurs inc. on your behalf.
Application Review by IQ Immigrants Investisseurs Inc.: IQ Immigrants Investisseurs inc. will review your application. They may request additional information or clarification during this stage.
Approval and Notification: Once your application is approved, you will receive notification of the grant amount and terms.
Receive Funds: Upon approval, the funds will be disbursed according to the agreed schedule, allowing you to proceed with your project.
Project Implementation: Use the funds to expand, modernize, or enhance your business as outlined in your project plan.
Reporting and Compliance: Ensure you comply with any reporting requirements and provide updates on the progress of your project as required by Investissement Québec.