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The Bas-Richelieu Working Ventures Fund


Description
The Bas-Richelieu Working Ventures Fund was created by the Government of Quebec and possesses an investment fund enabling it to accord financial assistance to businesses or bodies linked to the manufacturing sector as well as to public or private infrastructures capable of encouraging the economic development of this sector with a view to sustainable development.

Objectives

  • Consolidating and developing the industrial infrastructure of Bas-Richelieu
  • Supporting sustainable industrial development in the strategic niches of Bas-Richelieu :
    ==>    Industrial ecology, agri-food industry, metallurgy and new materials
  • Encouraging the expansion and retention of businesses by introducing projects involving innovation, research and development, raise productivity or encouraging economic diversification.

General eligibility criteria
The Working Ventures Fund operates within the territory of the MRC de Pierre-De Saurel.

Ineligible :
  • Projects of public enterprises or bodies whose income derives essentially from government budgets or taxation
  • Projects connected with the supply of basic public services, such as education or personnel training

For all projects an initial investment is obligatory. It must represent 20% of the project's total cost in the case of a profit-making private corporation and 10% of the project's total cost in the case of a not-for-profit private corporation.

A project can be eligible for one or more areas of the Ventures Fund. However the maximum rate of assistance is not cumulative if a project is submitted under more than one heading.
 
Areas of intervention
Projects submitted to the Bas-Richelieu Working Ventures Fund should enable the attainment of at least a goal, demonstrate their profitability and fall within one of the three following sectors :

Sector I - Industrial infrastructures

Sector II - Structuring projects

Sector III - Innovation, research and development, raising productivity or encouraging economic diversification


Sector I - Industrial infrastructures
The industrial infrastructures sector is aimed at not-for-profit private corporations.

Eligible projects
Projects that help to consolidate and develop the public or private infrastructure of Bas-Richelieu and promote the area's economic and industrial development. All projects, without exception, must have an economic and industrial impact and must demonstrate long-term viability.

Information about the latest dates for submitting applications can be obtained from a business advisor at 450 742-5933.

Type of financial assistance
The financial assistance will take the form of a repayable or non-repayable contribution.

A repayable contribution can take the form of a term loan (with or without guarantee) or a loan guarantee. The redemption period shall be a maximum of 120 months and the loan can be accompanied by flexible repayment conditions depending on the project's specific features (e.g. reduced rates of interest or a moratorium on the capital).

Eligible expenses
Capital assets, plans and estimates, professional technical fees

The assistance cannot be used to finance debt service or for the repayment of future loans, or to finance a project already completed, or to refloat working capital or to defray operations, such as remuneration, nor the deficit of a not-for-profit private corporation.

Maximum rate of assistance
So as to maximize the Fund's leverage effect, the maximum rate of assistance will amount to 50% of the project's cost, and the accumulated government assistance, including from the Working Ventures Fund must not exceed 70%.

In the case of all projects verification of eligibility to other government programmes should be carried out to avoid funding duplication and to maximize the use of the Working Ventures Fund.

The maximum assistance granted will be $500K  per project.


Sector II - Structuring projects
The Structuring projects sector is aimed at not-for-profit private corporations..

Eligible projects
  • Projects that will give significant support to the development of the strategic niches of Bas-Richelieu :
    ==>    Industrial ecology, agri-food industry, metallurgy and new materials
  • Structuring projects encouraging the region's economic diversification.
  • Preliminary studies for the implementation of a project eligible within the framework of sectors I or II.

Information about the latest dates for submitting applications can be obtained from a business advisor at 450 742-5933.

Type of financial assistance
The financial assistance will take the form of a repayable or non-repayable contribution.

A repayable contribution can take the form of a term loan (with or without guarantee) or a loan guarantee. The redemption period shall be a maximum of 60 months and the loan can be accompanied by flexible repayment conditions depending on the project's specific features (e.g. reduced rates of interest or a moratorium on the capital).

Eligible expenses
Operating costs for a maximum of 3 years and capital assets with the exception of land and buildings.

The assistance cannot be used to finance debt service or for the repayment of future loans, or to finance a project already completed, or to refloat working capital, nor for the deficit of a not-for-profit private corporation..

Maximum rate of assistance
So as to maximize the Fund's leverage effect, the maximum rate of assistance will amount to 50% for the project's implementation, and 70% for carrying out a study. In both cases the accumulated government assistance, including from the Working Ventures Fund must not exceed 70%.

In the case of all projects verification of eligibility to other government programmes should be carried out to avoid funding duplication and to maximize the use of the Working Ventures Fund.

The maximum assistance accorded will amount to $500K per project and $50K per study.


Sector III - Innovation, R and D, and raising productivity
The sector Innovation, R and D, and raising productivity and promoting economic diversification is aimed at profit-making private corporations and not-for-profit private corporations.

Eligible projects
Projects forming part of the strategy for expanding and retaining businesses in Bas Richelieu and enabling the implementation of projects involving innovation, research and development or improvement of productivity.

Projects enabling the development of new practices as part of a sustainable development strategy.

Projects for seeding new businesses that will strengthen the strategic positioning of Bas-Richelieu or assisting the economic diversification of the region.

Information about the latest dates for submitting applications can be obtained from a business advisor at 450 742-5933.

Type of financial assistance
The financial assistance will take the form of a repayable contribution. The contribution will
take the form of a term loan (with or without guarantee) or a loan guarantee. The redemption period shall be a maximum of 60 months and the loan can be accompanied by flexible repayment conditions depending on the project's specific features (e.g. reduced rates of interest or a moratorium on the capital).

In the case of private for-profit corporations, a personal guarantee from its promoters could be requested according to the risks associated with the project.

Eligible expenses
All costs incurred in the project, operating costs and capital assets with the exception of land and buildings.

The assistance cannot be used to finance debt service or for the repayment of future loans, or to finance a project already completed, or to refloat working capital or to defray operations, such as remuneration, nor the deficit of a private corporation.

Maximum rate of assistance
So as to maximize the Fund's leverage effect, the maximum rate of assistance from the Fund will amount to 35% for the project's implementation, and 50% for carrying out a study. In both cases the accumulated government assistance, including from the Working Ventures Fund must not exceed 70%.

The maximum assistance accorded will amount to $75K per project and $25K per study. However the amount can be increased if the projects submitted form part of strategic niches and are particularly structuring for the region.