PME MTL – Solidarity Fund
Highlights
This program is designed for businesses like yours, offering tailored financial support to help you grow and maintain jobs in Montréal. With loans up to $300,000 from the Fonds PME MTL and up to $100,000 from the FLS Montréal, you can secure the funding you need to take your business to the next level.
What You Get
- Flexible financing: Loans are adapted to your specific needs and can act as a lever to obtain additional funding.
- Comprehensive support: Along with financial assistance, you will receive expert advice and technical assistance from PME MTL professionals.
How It Helps
- Eligible expenses: Use the funds for working capital, marketing, equipment purchases, or even acquiring another company.
- Better terms: Interest rates vary according to risk, making it potentially more affordable than other financing options.
Applying is straightforward, and if approved, you will gain not just funding but also valuable support to ensure your business thrives.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Maximum loan amounts:
- FLS Montréal: up to $100,000
- Fonds PME MTL: up to $300,000
- Fonds d'Investissement innovation: up to $150,000
- Variable term lengths
- Interest rates vary based on risk assessment
Eligible Expenses:
- Working capital fund
- Capital assets
- Marketing expenses
- Equipment purchases or renewal
- Acquisition of a company (succession and transfer)
- Fees for patents or protection of intellectual property
- Prototyping (only for companies already in operation)
Ineligible Expenses:
- The funds cannot be used for personal expenses or any non-business-related costs.
Fees:
- No specific fees associated with the program are mentioned.
Qualifications
- Must be a Canadian citizen or permanent resident.
- Must be legally constituted and entered in the Registre d’entreprises du Québec (REQ).
- Business must be located in Montréal and have its head office in Québec.
- Must submit a business plan or project summary, including updated or projected financial statements, a section on the company's strategic approach to sustainable development, and any other relevant documents.
- Must demonstrate entrepreneurial experience, knowledge, and management skills.
Must invest at least 20% of the total cost of the project.
Disqualifications:
- None specified.
Description
This program offers your business financial support tailored to your needs. You can receive up to $300,000 from the Fonds PME MTL and up to $100,000 from the FLS Montréal. There is also an Innovation Investment Fund that provides up to $150,000.
You can use this money for:
- Working capital
- Buying or renewing equipment
- Marketing expenses
- Acquiring another company
- Fees for patents or intellectual property protection
- Prototyping (for existing businesses)
Interest rates vary based on risk, and the terms are flexible. This means you can find a repayment plan that works best for your business.
In addition to the financial support, you will also receive advice and technical assistance from PME MTL experts. This ensures you not only get the funds you need but also the guidance to use them effectively.
Program Steps
Prepare Business Documentation:
- Business plan or project summary
- Updated or projected financial statements
- Section on the company's strategic approach to sustainable development
- Any other relevant documents
Gather Personal Information:
- Proof of Canadian citizenship or permanent residency
- Legal documents showing the business is registered in the Registre d’entreprises du Québec (REQ)
Develop a Detailed Project Plan:
- Outline the total cost of the project
- Ensure you can invest at least 20% of the total project cost
Contact Your Local PME MTL Service Hub:
- Find the nearest service hub using your business postal code
- Reach out to the hub for initial consultation and guidance
Submit Your Application:
- Provide all prepared documentation to the PME MTL service hub
- Ensure all forms and required information are complete
Attend an Interview or Meeting:
- Be prepared to discuss your business plan and project in detail
- Answer any questions from the joint investment committee (CIC)
Review and Finalize Terms:
- If approved, review the loan terms, including interest rates and repayment schedule
- Agree on the final terms and conditions
Receive Funding and Support:
- Once terms are agreed upon, receive the loan funds
- Utilize the support, advice, and technical assistance from PME MTL experts to help manage and grow your business