Quebec announces $ 150 million more to help SMES

Québec annonce 150 millions de dollars de plus pour aider les PME

Photo: Jacques Nadeau Le Devoir
The program of emergency Assistance to small-and medium-sized companies target SMES that are experiencing financial difficulties due to the crisis and who are in need of cash in an amount less than $ 50,000 for their working capital.

The government of Quebec on Friday announced new measures to support the enterprises of the province affected by the impact of the COVID-19.

The program of emergency Assistance to small-and medium-sized companies target SMES that are experiencing financial difficulties due to the crisis and who are in need of cash in an amount less than $ 50,000 for their working capital.

This initiative is in addition to the concerted action Programme temporary business (PACT) announced the 19 march last, and which is intended for companies who require cash in an amount greater than $ 50,000 for their working capital.

An initial allocation of $ 150 million is made available to the RCM and equivalent territories in order to support businesses, ” so that they are able to maintain, strengthen or revive their activities “, said in a press release.

Montreal and Quebec will each receive 40 million dollars and 10 million dollars, while the other RCMS and equivalent territories will share $ 100 million.

Companies from all sectors of activity, including cooperatives, non-profit organizations and social economy enterprises to carry out business activities are eligible.

Québec has also announced an extension of the local investment Funds (FLI) for a further two years until 31 December 2022.

New measures easing of repayment terms of loans granted in the framework of FLI were also provided. It will therefore be possible to offer companies a respite from additional three months for the repayment of their loan (capital and interest).

These new measures are in addition to those announced on the 19th of march last, and carry to six months the period of respite for companies.

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