Quebec will extend up to$ 100 Million for a fund aimed at helping SMES

According to the minister of Economy and Innovation, Pierre Fitzgibbon, this new financial support from the quebec government falls in the wake of the initiatives put forward since the beginning of the health crisis in order to get through the economic storm.

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13 July 2020 11.07

Updated at 14: 40

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Quebec will extend up to$ 100 Million for a fund aimed at helping SMES

The canadian Press

QUEBEC — The government Legault will invest up to $ 100 million in a venture capital fund controlled by the snb, whose maximum size could reach $ 200 million, designed to stimulate recovery of small and medium-sized enterprises (SMES) in the wake of the pandemic COVID-19.

Unveiled Monday, the initiative also aims to accelerate the “digital transformation” of these companies, claims the press release.

The National Bank mutual Funds is the result of a partnership between Quebec, the financial institution as well as private investors, whose identity has not been specified. We will target companies whose assets are less than $ 200 million, or a net worth less than $100 million”.

All sectors of the economy will be targeted.

According to the minister of Economy and Innovation Pierre Fitzgibbon, this new financial support from the quebec government falls in the wake of the initiatives put forward since the beginning of the health crisis in order to get through the economic storm.

The fund will “complement the offer of traditional financing” through interventions mainly in the form of equity or quasi-equity’. The money will be deployed over the “next few months”.

Le Soleil