In the early '80s, Québec fell into a deep recession. Almost one quarter of its youth found themselves without work, along with more than 14% of the province's labour force. Skyrocketing interest rates forced many small and medium-sized businesses to close their doors. In April 1982, Québec Premier René Lévesque called for solidarity at a hastily organized socio-economic summit in Québec City.

Aware of the seriousness of the situation, the Québec Federation of Labour QFL was prepared to do its part. Louis Laberge, then President of the QFL, Québec's largest federation of unions, invited its membership to develop a new union policy in the face of layoffs and plant closures. "We must respond to this crisis confronting our members and Québec society: we must find a way to maintain and create jobs. Otherwise, what's the point of having unions?"

One of the methods suggested was to create an investment fund controlled by the QFL that would invest venture capital in Québec SMEs. In the months that followed, professionals from the Société de développement des cooperatives and leaders from the QFL hammered out a plan. The Québec government showed its support by granting future Fund shareholders valuable tax benefits, a move soon matched by Ottawa. On March 3, 1983, the QFL announced its intention to create the Solidarity Fund QFL, a first in the labour world.

According to Fernand Daoust, general secretary of the QFL, “This collective enterprise is a project inspired by public interest, a real social and economic innovation.”

The initial subscription campaign organized by QFL union members raised more than half a million dollars in three weeks. To continue its fundraising efforts, the Fund set up a network of representatives who were mandated to handle subscription activities and promote the Fund's benefits among unionized workers. In time this would become the vast local representative (LR) network.

Since its inception in 1983, the Fund has always been an institution open to the needs of society. While seeking to forge strategic alliances and partnerships with the leading players in the Québec economy, it intends to remain focused on the four aspects of its mission:

• To invest in Québec businesses and provide them with services to enhance their development and create, maintain and protect jobs in Québec;
• To promote the economic training of workers so as to allow them to contribute to Québec's economic development;
• To stimulate the Québec economy through strategic investments that benefit both employees and businesses;
• To make workers aware of the need to save for retirement and to contribute to economic growth by purchasing shares in the Fund;
  In the achievement with its mission, the Fund seeks to grow the savings its shareholders entrust to it and provide them with a fair return.

Supported by a strong local, national, regional and international network, the Solidarity Fund QFL will continue to play a leading, credible role in Québec’s employment and economic development, particularly with SMEs, without losing sight of its strength and distinguishing feature, namely, its affiliation with the Québec Federation of Labour (QFL).