Programs to help Quebec businesses financially
In our article of June 17, we announced the end of the PACME Business component and Collective Promoters component for companies that applied after May 27 (Companies component) and after June 15 (Collective Promoters component).
Cofinia, as part of its mission to help companies with their financial projects and projections, has carried out some searches for programs that could meet your needs for obtaining financing or subsidies.
Here is the result of our research:
Quebec Research and Innovation Strategy (SQRI)
The objective of this government program is to support SMEs in the various stages of their innovation projects: planning, development, execution, demonstration and commercialization.
Here are the eligible businesses:
- for-profit businesses, regardless of industry;
- collective enterprises defined within the meaning of the Social Economy Act
In all cases, the company must be legally constituted under the laws of the Government of Quebec or the Government of Canada and must operate an establishment in Quebec intended for the production of goods and services or the carrying out of research and internal development.
The financial assistance granted to the company constitutes a non-repayable contribution. The company may receive a maximum of $500,000 for the duration of the innovation program.
|Project type||Maximum aid rate||Accumulation of government aid||Maximum aid amount|
|Business alone||30% of eligible expenses||50% of total project expenses||$50,000 per project|
|Company carrying out a collaborative project||50% of eligible expenses||75% of total project expenses||$150,000 per company|
|Company carrying out:
demonstration in real situation of operation or use
|50% of eligible expenses||75% of total project expenses||$350,000 per project|
Businesses can apply for funding and support from Trade Commissioners to expand their global partnerships, target markets and meet their international business needs.
SMEs will be able to receive financial assistance of up to $75,000 to break into new international markets.
Canadian innovators looking to commercialize technologies can obtain funding of up to $75,000 to establish new collaborations with foreign partners or commercialize new technologies.
For their part, Canadian national associations will have access to annual funding of up to $400,000 to cover up to 75% of the cost of their new international business development activities.
Export Program – Business Component (PEX)
The Export Program offers the opportunity for for-profit companies legally incorporated in Quebec or Canada to better prepare to export or strengthen their ability to export and to be able to diversify and consolidate their markets outside Quebec. We are talking here about the manufacturing sector, retail trade, wholesale distribution and the tertiary sector, that is to say, which have high value-added activities through the use of new technologies.
Eligible businesses may receive financial assistance (non-refundable) of up to 40% of eligible expenses up to a maximum of $80,000 over 12 months. We invite you to visit the PEX program website for full details.
SME in action program – Support for SME productivity component
Reference: SME in action
This program addressed to Quebec companies aims to develop their productivity levels in order to increase competitiveness between them and their mutual growth.
Here are the eligible businesses:
- for-profit companies with an establishment in Quebec
- cooperatives and social economy enterprises with commercial activities in the following sectors of activity: manufacturing, tertiary engine, information and communication technologies, environmental services, creation and industrial design services, industrial laboratories and scientific services, private research services and finally value-added distribution centers.
Eligible projects must aim to implement business practices in the company that allow for productivity gains and include:
- supply chain optimization;
- setting up an integrated management or customer relationship management system;
- compliance with production norms and standards;
- implementation of a costing system.
These companies could receive a non-repayable contribution that could cover a maximum of 40% of their eligible expenses, up to a maximum of $50,000 per project. Eligible expenses are intended to cover the fees of consulting firms and the purchase of information necessary to carry out the project.
Quebec Economic Development Program (PDEQ)
The PDEQ is a financial support program. The program targets SMEs and economic non-profit organizations to help them seize opportunities for economic development and diversification. Retail businesses are not eligible.
To be eligible, the project must fall within the regional priorities of the business office receiving the application for program assistance and according to the socioeconomic context and the allocated budget.
The financial assistance granted constitutes a repayable contribution, a non-repayable contribution or a grant.
Strategic Innovation Fund (SIF)
This program is aimed at companies in Canada’s industrial and technological sectors seeking to undertake research and development activities. Projects must aim to commercialize technologies, support business growth or attract investment. The FSI was designed to stimulate innovation in all sectors of the Canadian economy.
The company can expect to receive funding for 10% to 50% of project costs.
Immigrant Investor Program for Business Assistance
Reference: Immigrant investors This program allows companies to obtain a non-refundable financial contribution from the interest generated by investments made by immigrant investors. To benefit from this financing, the company must present a growth project and obtain the recommendation of an accredited financial intermediary recognized by Investissement Québec.
The company will then receive a non-refundable financial contribution ranging from $40,000 to $250,000, depending on the costs related to the project. This is funding covering up to 10% of project costs (15% for start-ups)
Reference: Startup Quebec
This support program aims to promote the attraction and growth of young companies that have to face the challenges related to their digital development and the development of markets.
Eligible companies are young innovative companies with high growth potential (therefore start-ups).
The entrepreneurship assistance program finances Startup Québec projects and the projects chosen must have these objectives:
- promote international partnerships between incubators, business accelerators or organizations supporting technology start-ups;
- enhance current incubation or acceleration practices;
- carry out innovative and creative projects that support entrepreneurship;
- awaken the entrepreneurial spirit of young high school and college students;
- position Quebec as a world leader in incubation and acceleration practices.
It should be understood that each company is different and that there are several assistance programs for all types of companies. We have provided a brief overview here, since there is a wide range of assistance options for businesses.
Cofinia can assist you in the process of one of these programs, contact our team for your financial projections of the submitted project.
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