Information for entrepreneurs affected by COVID-19

COVID-19 Special Funds

In order to offer immediate support to Vaudreuil-Soulanges businesses, DEV has implemented temporary economic measures, in addition to government assistance.

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Information

The V-19 Assistance Program was put in place to help businesses on the Vaudreuil-Soulanges territory. This financial assistance is intended to support short-term liquidity needs (0-3 months):

  • $ 300,000 in loans – from the FLI Fund
  • $ 50,000 in grants – capitalized through the realignment of DEV’s budget
  • $ 50,000 in grants – capitalized through MRC emergency fund
Eligibility Criteria
  • Demonstrate the company is affected by COVID-19
    • Deterioration of working capital
    • Cashflow budget
  • The company demonstrates past and future viability
  • Manufacturing sector or propulsive service sector companies (telecommunications, electrical energy, business service, robotics, IT, recycling, environmental protection, biotechnology, optics-photonics, geomatics, pharmacology, automation, etc.)
  • Businesses whose survival is necessary for local economic vitality
  • Most recent annual financial statements show net worth higher than 15%
Evaluation Criteria
  • The economic benefits of the project in creating and/or maintaining employment
  • The economic viability of the funded company
  • The promoter’s expertise and experience in the field as well as his management knowledge and skills
  • The banker’s collaboration in the short term
  • Not eligible or in partnership with Investissement Québec or the Business Development Bank of Canada
Conditions
  • Amount of $10,000 to $25,000 in loans
  • Amount of $1,500 to $7,500 in grants
  • Funding for 30% of the loan granted until the funds run out
  • Financing rate – 3%
  • Possibility of full or partial repayments after 6 months
  • Loss of prepayment possibility on all outstanding FLI and/or FLS loans prior to the repayment of the V-19 Assistance Program
  • Amortization 60 months
  • 6-month capital and interest moratorium
  • Unsecured

This program aims to support, for a limited period, eligible businesses that are experiencing financial difficulties as a result of COVID-19 and that require less than $50,000 in cash.

Eligibility Criteria

The following companies are eligible to the program:

  • Companies from all sectors of activity;
  • Social economy enterprises, including cooperatives and non-profit organizations engaged in commercial activities.

To be eligible, the business must:

  • Have been in operation in Québec for at least one year on the date of application
  • Not be under the protection of the Companies’ Creditors Arrangement Act (R.S.C., 1985, c. C-35) or the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)
  • Demonstrate the causal link between its financial or operational issues and the COVID-19 pandemic as follows:
    • The company is temporarily closed, is likely to close or is showing signs of closure; and/or
    • The company is in a context of maintaining, consolidating or relaunching its operations.
Conditions

This program comes in the form of loans of up to a maximum of $50,000, at an interest rate of 3% and has a 3-month moratorium period on capital and interest. Borrowers should expect an amortization period of 36 months, excluding the payment moratorium.

Whether it is for the V-19 Assistance Program or the FLI Emergency Assistance Program, the contractor will have to submit the form provided below along with the required documentation via email to: jlessard@developpementvs.com

For more information, please contact us: 450 424-2262

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