Convertible Loan – Tourism Development (CLTD)

This program proposes to allocate to a tourism business a loan amount for a project identified as a priority in the “Plan de développement touristique de Vaudreuil-Soulanges 2022-2026”, which can be converted into a grant after 24 months of operation, under certain conditions, and fully converted after 60 months.

Objectives

Facilitate a project start-up, ensure its sustainability, and support the tourism offer’s enhancement and diversification in the Vaudreuil-Soulanges region.

info

Information

The Convertible Loan – Tourism Development is intended for tourism businesses located in Vaudreuil-Soulanges that meet the following eligibility criteria:

  • Present a project in line with the development opportunities and challenges identified in the « Plan de développement touristique Vaudreuil-Soulanges 2022-2026 ».
  • Be an already existing company or an entrepreneur wishing to develop a new emerging sector of activity, either alone or in partnership with an already existing tourism business.
  • In the case of a partnership, it must be established for a 3-year period minimum and the applicant must file the partnership agreement.
  • The company must submit:
    • Detailed project cost
    • Timetable for completion
    • Financial statements for the past three years (income statement and balance sheet)
    • A sustainable three-year budget forecast
  • DEV gives itself the right to withdraw from the financial package should the project no longer meets the criteria or is modified without DEV’s approval.
  • Other than a capital project, the company undertakes to complete the project within 12 months of request’s acceptance.
  • In the case of a construction project, the company undertakes to start the project within 6 months and complete it within 18 months of request’s acceptance.
  • Real estate development projects that do not have an active tourism link. If the project is not primarily for tourism, it must demonstrate it will attract customers from outside Vaudreuil-Soulanges.
  • Religious, sexual, political, gambling and drinking establishments or any other undertaking whose activities could be prejudicial to DEV.
  • Expenditures allocated to the implementation of the project made before 1 January 2022.
  • Company upgrades related to sanitary measures.
  • Salaries and other expenses connected to the main business operation.
  • Professional and consulting service fees provided by a business in which the entrepreneur holds an interest, as well as recurring expenses.
  • Costs related to working capital, debt servicing, operating losses, capital, and capital repurchase.
  • Salaries, regular operating, and management costs of promoter.
  • Expenses for company’s promotion (professional services of marketing/communications/social media).
  • Professional fees to draft a business plan, financial forecasts, strategic planning.
  • Donations and contributions in-kind or in services.
  • Purchase of automobile or motorized equipment.
  • Rights of way, servitudes, and other related costs.
  • Refundable taxes.

P.S. DEV reserves the right to exclude other expenses at its discretion.

  • Project cost between $20,000 and $250,000.
  • Loan of $10,000 to $40,000 (determined by DEV, depending on availability of funds).
  • Financing rate of 2% (during the project operation period up to a maximum of 60 months).
  • 60 months amortization.
  • Maximum moratorium of 24 months on capital.
  • If the company terminates the project (voluntarily or involuntarily) before the term of the loan, the capital balance will be due and will bear interest at the rate of 5%.

To apply, the contractor must send the application form below, accompanied by the required documentation (project’s financial forecasts, completion schedule and, if applicable, partnership agreement) to the following address: ngagnon@developpementvs.com.

For more information on the Convertible Loan – Tourism Development, please contact Mme Angélique L’Écuyer, Commissioner for tourism development, by email at alecuyer@developpementvs.com or by phone at 450 424-2262, ext. 3239.

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