Montréal, January 17, 2019 – In order to support the next generation of agriculture entrepreneurs in Québec, the Fonds de solidarité FTQ and Desjardins Capital have renewed their participation in the Fonds d’investissement pour la relève agricole (FIRA). This measure, announced today by André Lamontagne, Québec’s Minister of Agriculture, Fisheries and Food, includes a change to the investment criteria, thereby providing more flexibility for the next generation of farmers.
Created in 2011, the FIRA is a $75-million investment fund to which the Québec government (through Financière agricole du Québec), Desjardins Capital and the Fonds de solidarité FTQ each contributed an equal amount. Its mission is to help the next generation gain access to the field of agriculture by offering patient capital for their projects.
“To better meet the needs of emerging farmers, we’re pleased to once again join the Government of Québec and Desjardins Capital to extend the FIRA, which will now have different investment criteria. These measures will provide more options and flexibility for young Québec farmers and their succession projects,” said Patrice Jolivet, Vice-President, Investments, Agrifood and Packaging, at the Fonds de solidarité FTQ.
“Desjardins Capital is a leading player in succession projects in Québec. More than ever, we need concrete tools to support entrepreneurs and farmers in their projects. We are therefore proud to once again participate with the Government of Québec and the Fonds de solidarité FTQ in extending the FIRA to further support the next generation of farmers,” said Luc Ménard, Chief Operating Officer of Desjardins Capital.
This extension is subject to normal closing conditions.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital fund that channels the savings of Quebecers into investments. As at November 30, 2018, the organization had $14.8 billion in net assets, and through its current portfolio of investments has helped create and protect over 194,000 jobs. The Fonds has more than 2,800 partner companies and 667,000 shareholder-savers.
About Desjardins Capital
With nearly 45 years of expertise, Desjardins Capital aims to nurture, support and keep SMEs in Québec. With $2 billion in assets under management, Desjardins Capital helps ensure the future of more than 460 companies, cooperatives and funds in various sectors and in all the regions of Québec. In addition to helping create and maintain more than 67,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network that supports business growth. For more information, visit our website or our LinkedIn page.
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