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
Filing an application

To file an application, the entrepreneur will have to submit the Application Form below, along with all the required documentation, by email to info@developpementvs.com.

For any additional information, please contact us at 450 424-2262.

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.

Filing an application

To file an application, the entrepreneur will have to submit the Application Form below, along with all the required documentation, by email to info@developpementvs.com.

For any additional information, please contact us at 450 424-2262.

Enhancement to the Emergency Assistance for Small and Medium-Sized Businesses program

The Quebec government is enhancing the Emergency Assistance for Small and Medium-Sized Businesses program. The new stream of the program, ABRUMA, will help support businesses located in a maximum alert zone that must partially or completely cease operations, having been subjected to a Ministerial Order to close. Companies that are eligible for the new stream of the program could have 80% of their loan forgiven (grant) up to a maximum of $15,000 per month of closure*, under certain conditions.

*In effect for the month of October 2020 with possible extension

Conditions

To be eligible for loan forgiveness, organizations must:

Eligible expenses
  • Municipal and school taxes
  • Rent (the part not covered by another government program)
  • Interest on a mortgage
  • Utility costs (e.g. electricity, gas)
  • Insurance
  • Telecommunication costs
  • Association fees and licenses
Eligibility Criteria

To be eligible for the new assistance stream for businesses in regions under maximum alert, for-profit businesses, cooperatives and social economy enterprises carrying out commercial activities in the Vaudreuil-Soulanges region must be subjected of a Ministerial Order to close at least 10 days out of the month.

The same eligibility conditions as for the FLI Emergency Assistance Program for SMEs apply (new applications), as the type of assistance and terms of repayment are also the same (see program above) . Loans granted prior to October 1, 2020 are not eligible for loan forgiveness.

Filing an application

To file an application, the entrepreneur will have to submit the Application Form below, along with all the required documentation, by email to info@developpementvs.com.

For any additional information, please contact us at 450 424-2262.

For the latest program developments, you can also visit the Quebec government site.

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