Fonds d'investissement commun (FIC)
The FIC's goal is to foster the economic development and job creation activities by providing financial aid propitious to the start up of new companies and the expansion of viable businesses. This economic instrument allows the MRC to invest in local companies, including those of the socioeconomic area.
- Projects must be of a permanent nature, provide a significant economic impact on the MRC territory, generate and maintain long-lasting and good caliber jobs.
- The business must be incorporated and carry its main activity in an admissible area, on the territory of the MRC de Memphrémagog. Furthermore, the company's business plan must provide evidence of the project's feasibility and profitability within 2 years;
- The company's endeavor (including those of socioeconomic) must be in primary manufacturing, in a tertiary driving or a tertiary structuring activity;
- The company must have a capitalization level of at least 20% of its total assets;
- Financial aid under the FIC is granted as a loan for an amount between $10,000 and $100,000;
- Generally, the interest rate will be the base rate plus a risk premium. The loan must be repaid within a maximum of seven years in monthly installments.
- Combined financial aid from the Quebec Government, Government of Canada and the MRC may not exceed 50% of all eligible expenses, except for socioeconomic projects where the financial aid may reach 80%;
- The company may prepay all or part of the loan without any penalty;
- An annual management fee of 1 ½% of the loan shall be applicable.
- Capital expenditures such as land, building, equipment, rolling material, cost of incorporation and other similar expenditures, except for any goodwill expenses; Acquisition of technology, software, patents and any other similar expenses, excluding R & D related expenses;
- Required working capital as it relates to the company's operation, computed for the first year of operation.
Conditions for admission:
- All young entrepreneurs 35 years old or less who wish to acquire at least 25% of an existing enterprise situated within the territory of the Politique nationale de la ruralité.
- The financial aid given will be in the form of an interest-free loan not exceeding $25 000. Furthermore, this loan will be supplied with a capital leave of reimbursement the first year.
- The admissible expenses are the shares of the enterprise in question and the professional service fees directly related to the transaction of the acquisition.
Documents to be provided to the MRC de Memphrémagog:
- The request for financial aid form duly completed;
- A copy of the business plan;
- A résumé of the promoters and a copy of their personal balance sheet;
- A nonrefundable deposit of $200 for the account set up;
- Any other documents required by the MRC;