PME MTL – New Community Businesses
Highlights
This program is designed specifically for community-based businesses like yours. It offers at least $23,000 in financial assistance through a combination of subsidies, grants, and loans. This funding can help you cover essential expenses and invest in your business's growth.
What You Get
- $3,000 subsidy from the Caisse d’économie solidaire Desjardins
- $10,000 grant from PME MTL through the Fonds de développement de l’économie sociale
- $10,000 loan from PME MTL, the Caisse d’économie solidaire Desjardins, or another partner in the social economy network
Why Apply?
- Flexible Financing: The mix of subsidies, grants, and loans provides a balanced financial support package.
- Expert Evaluation: Your application will be reviewed by a joint investment committee, ensuring your business plan aligns with the fund’s objectives.
- Support for Growth: This financial assistance can help you make critical investments, improve operations, and ensure long-term viability.
Applying for this program is straightforward, and the benefits are substantial. It’s an excellent opportunity to secure the funding you need to take your business to the next level.
Financing Details
Type of Financing:
The program offers a combination of subsidies, grants, and loans.
Repayment Terms and Interest Rates:
The loan component is $10,000. The specific repayment terms and interest rates will be determined by the lending partner, which could be PME MTL, the Caisse d’économie solidaire Desjardins, or another partner in the social economy network.
Eligible Expenses:
The funds can be used for various business expenses, including but not limited to:
- Operational costs
- Equipment purchases
- Business development activities
Ineligible Expenses:
The funds cannot be used for personal expenses or any activities not directly related to the business operations.
Fees:
There are no specific fees mentioned for this program. However, it is advisable to consult with the lending partner for any potential administrative or processing fees.
Qualifications
- Must be a new community-based business (less than 5 years old).
- Must operate the business on Montréal Island.
- Must be a member of the Caisse d’économie solidaire or be prepared to join.
- Must submit a business plan showing that the enterprise is economically viable.
Description
This program offers your business at least $23,000 in financial support. The funds come in the form of subsidies, grants, and loans, making it a versatile option for your needs.
Here's how the financial assistance breaks down:
- $3,000 subsidy from the Caisse d’économie solidaire Desjardins.
- $10,000 grant from PME MTL through the Fonds de développement de l’économie sociale.
- $10,000 loan from PME MTL, the Caisse d’économie solidaire Desjardins, or another partner in the social economy network.
You can use this money to help launch or grow your community-based business on Montréal Island. The funds can be used for various business needs, such as purchasing equipment, covering operational costs, or other essential expenses.
The loan component will need to be repaid, but the terms are designed to be manageable, ensuring your business can thrive while meeting its financial obligations. This program is a great opportunity to secure the funding you need to succeed.
Program Steps
Register Your Business with the Caisse d’économie solidaire Desjardins:
- If you are not already a member, you must join the Caisse d’économie solidaire Desjardins.
Prepare Your Business Plan:
- Create a detailed business plan that shows your enterprise is economically viable. This should include:
- Executive summary
- Business description
- Market analysis
- Organization and management structure
- Sales strategies
- Funding request
- Financial projections
- Create a detailed business plan that shows your enterprise is economically viable. This should include:
Gather Required Documentation:
- Ensure you have all necessary documents ready for the application. These include:
- Business registration documents
- Financial statements (if available)
- Business plan
- Proof of membership with the Caisse d’économie solidaire Desjardins
- Any additional documents requested by the investment committee
- Ensure you have all necessary documents ready for the application. These include:
Contact Your Local PME MTL Hub:
- Find your local PME MTL hub using your business postal code or area. Contact them to get specific guidance and support for your application.
Submit Your Application:
- Submit your completed application, including your business plan and all required documentation, to your local PME MTL hub.
Review by Joint Investment Committee (CIC):
- Your application will be reviewed by the joint investment committee of the hub concerned. They will assess your qualifications and the viability of your business plan.
Await Approval and Funding:
- If approved, you will receive:
- A $3,000 subsidy from the Caisse d’économie solidaire Desjardins
- A $10,000 grant from PME MTL through the Fonds de développement de l’économie sociale
- A $10,000 loan from PME MTL, the Caisse d’économie solidaire Desjardins, or another partner in the social economy network
- If approved, you will receive:
Receive Funds and Implement Your Plan:
- Once the funding is disbursed, you can proceed with your business activities as outlined in your business plan.