Vaudreuil-Dorion, October 17, 2019 - Développement (DEV) Vaudreuil-Soulanges, the Vaudreuil-Soulanges RCM, Caisse Desjardins de Vaudreuil-Soulanges and the Fonds locaux de solidarité FTQ are pleased to announce the recapitalization of the Fonds local de solidarité (FLS). Thanks to this partnership, an additional $1 million is now available for the development of businesses in Vaudreuil-Soulanges.
The local partners – the RCM, DEV and Desjardins – are providing $145,000, while the Fonds locaux de solidarité FTQ Limited Partnership is converting a portion of its current loan ($100,000) into capital to relaunch the FLS and offering a $750,000 variable investment credit that could increase if necessary.
Regional businesses in any socioeconomic sector can apply to the FLS for a loan of up to $100,000 and to the Fonds local d’investissement for an additional $125,000. They can therefore obtain as much as $ 225,000 to complement the financing from other financial partners.
“The financial assistance offered by the Fonds locaux d’investissement is a major lever for entrepreneurs, and the partnership between the RCM, Desjardins Vaudreuil-Soulanges, the FQM and the Fonds locaux de solidarité FTQ attests to the importance of local coaching, which complements the services offered by Investissement Québec and the other partners,” said Patrick Bousez, reeve of the Vaudreuil-Soulanges RCM, Mayor of Rivière-Beaudette, President of the Table de concertation des préfets de la Montérégie and FQM Board member.
Vaudreuil-Dorion Mayor and DEV president Guy Pilon points out that the organization “generates regional value, and the Fonds local d’investissement will enable DEV’s team of professionals to be proactive with projects that bolster existing companies and spawn new ones, thus driving economic development in our region.”
“This fund will not only help entrepreneurs in search of backing for their projects, but will benefit the Vaudreuil-Soulanges region by creating innovative opportunities that will fuel economic growth. Desjardins Vaudreuil-Soulanges is proud to be a part of this alliance that shows our ability to support worthwhile initiatives,” said Gilles Brassard, general manager of Caisse Desjardins Vaudreuil-Soulanges.
“We are happy to renew our partnership with the Vaudreuil-Soulanges RCM. A total of 33 business projects with a combined value of $1.1 million have been financed in Vaudreuil-Soulanges, and thanks to this agreement, investment activities will continue and even increase. The result of a unique partnership formed between the Fonds and the FQM in 1991, the FLS network contributes to the social and economic vitality of our communities by investing in small Québec local businesses. With investments in more than 5,000 business projects over the last 28 years, our network continues to prove its merit,” said Éric Desaulniers, general manager of the Fonds locaux de solidarité FTQ.
DEV will be responsible for managing the portfolio and reviewing applications. Investment decisions will be made by an independent, nine-member committee. In the last year, Joël Lessard, DEV’s portfolio and business development manager, overhauled the organization’s financial offering, making the over $2 million of funding more readily available to the region’s entrepreneurs.
The Fonds locaux is one of the tools used by DEV’s team to meet the needs of local businesses and thus deliver on its mission to help drive the regional economy by offering coaching and value-added financing alternatives.
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