In our article published on June 17, we announced the end of the PACME Enterprise and Group Developers components for companies that applied after May 27 ( Business component) and after June 15 ( Group Developers component).
As part of its mission to help companies with their projects and financial projections, Cofinia has conducted some research on programs that could help you obtain financing or grants.
Here is the result of our research:
Quebec Research and Innovation Strategy (QRIS)
The purpose of this government program is to support SMEs in the various stages of their innovation projects: planning, development, execution, demonstration and commercialization.
Eligible businesses include:
- Businesses operating for profit, regardless of the sector of activity;
- Collective businesses as defined in the Social Economy Act
In all cases, the business must be legally constituted under the laws of the Government of Quebec or the Government of Canada and must be operating an establishment in Quebec for the production of goods and services or for the performance of in-house research and development activities.
Funding is provided to the company as a non-repayable contribution. The company may receive a maximum of $500,000 for the duration of the innovation program.
|Type of project||Maximum grant rate||Cumulation of government aid||Maximum amount of support|
|Company on its own||30% of eligible expenses||50% of total project expenses||50 000$per project|
|Company carrying out a collaborative project||50% of eligible expenses||75% of total project expenses||150 000$ per company|
|Company carrying out a :||50% of eligible expenses||75% of total project expenses||350 000$ per project|
Companies can apply for funding and support from trade commissioners to expand their global partnerships, target markets and meet their international business needs.
SMEs can receive up to 75 000$ in financial support to break into new international markets.
Canadian innovators who wish to commercialize technologies can obtain up to 75 000$ in funding to establish new collaborations with foreign partners or commercialize new technologies.
Canadian national associations will have access to up to 400 000$ in annual funding to cover up to 75% of the cost of their new international business development activities.
Export program – Business Component
The Export Program offers the opportunity to profit-making companies legally incorporated in Quebec or in Canada to prepare themselves to export or to reinforce their capacity to export and to diversify and consolidate their markets outside Quebec. This includes the manufacturing, retail, wholesale distribution and tertiary sectors, i.e. those with high value-added activities through the use of new technologies.
Eligible businesses can receive financial assistance (non-repayable) of up to 40% of eligible expenses to a maximum of 80 000$ over 12 months. Visit the PEX program website for more details.
SME in Action Program – Support for SME Productivity Component
This program is intended for Quebec companies to develop their productivity levels in order to increase their competitiveness and their mutual growth.
Eligible businesses include:
- Profit-making businesses with an establishment in Quebec
- Cooperatives and social economy enterprises with market activities in the following sectors of activity: manufacturing, service industry, information and communication technologies, environmental services, creative and industrial design services, industrial laboratories and scientific services, private research services and value-added distribution centers.
Eligible projects must aim to implement productivity-enhancing business practices in the company and include:
- Supply chain optimization;
- Implementation of 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 covering a maximum of 40% of their eligible expenses, up to a maximum of 50 000$ per project. Eligible expenses are intended to cover consulting fees and the purchase of information required to complete the project.
Quebec Economic Development Program (QEDP)
The QEDP is a financial support program. This program targets small and medium-sized businesses and economically oriented non-profit organizations to help them seize opportunities for economic development and diversification. Retail businesses are not eligible.
To be eligible, the project must be in line with the regional priorities of the business office receiving the application for program assistance and according to the socio-economic context and the allocated budget.
The financial aid awarded is a repayable contribution, a non-repayable contribution or a grant.
Strategic Innovation Fund (SIF)
This program is intended for companies in Canada’s industrial and technological sectors seeking to undertake research and development activities. Projects must be aimed at commercializing technologies, supporting business growth or attracting investment. ISF is designed to stimulate innovation in all sectors of the Canadian economy.
The company can expect to receive between 10% and 50% of the project costs.
Immigrant Investor Program for Business Support
This program allows businesses to obtain a non-refundable financial contribution from the interest generated by investments made by immigrant investors. To benefit from this financing, the business 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-repayable financial contribution of between 40 000$ and 250 000$, depending on project costs. This funding covers up to 10% of project costs (15% for start-ups)
This support program aims to promote the attraction and growth of young companies that face challenges related to their digital development and the development of their target audience.
Eligible companies are young innovative companies with high growth potential (i.e. startups).
The entrepreneurship assistance program finances Startup Quebec projects and chosen projects must have these goals:
- Foster international partnerships between incubators, business gas pedals, or organizations that support technology startups;
- Enhance current incubation or acceleration practices;
- to carry out innovative and creative projects that support entrepreneurship;
- Develop the entrepreneurial spirit of young high school and college students;
- Position Quebec as a world leader in incubation and acceleration practices.
It is important to understand that every business is different and that there are several support programs for all types of businesses. We have provided a brief overview here, as there are a variety of assistance options for businesses.
Cofinia can assist you in the process of applying for one of these programs. Contact us for your financial projections of the submitted project.