Outremont, June 16, 2010 – Me Daniel Robert, president of CLD Les 3 monts, and René Roy, general secretary of the FTQ and secretary of the Fonds de solidarité FTQ Board, today announced that the CLD Les 3 monts and the Fonds de solidarité FTQ (the “Fund”) are creating a new Fonds local de solidarité with an envelope of $1,000,000 for businesses in Town of Mont-Royal, Westmount and Outremont.
Thanks to a $250,000 contribution from CLD Les 3 monts, the new investment fund was able to secure $750,000 in financing from the Fonds locaux de solidarité FTQ, a joint venture between the Fund and the Fédération Québécoise des Municipalités.
With loans of up to $100,000, Fonds local de solidarité Les 3 monts will offer another source of financing to start-ups and small businesses with expansion projects that create jobs and further the economic development of Town of Mount Royal, Westmount and the borough of Outremont.
CLD Les 3 monts spearheaded the Fonds local de solidarité and as such will be responsible for evaluating loan applications as well as for the administrative and financial management of the portfolio. Projects will be evaluated based on the socioeconomic needs of the Town of Mount Royal, Westmount and Outremont.
With $825,000 already available to CLD Les Monts from FLI (Fonds local d’investissement), the additional $1 million provided by the Fonds local de solidarité could prove to be very attractive to entrepreneurs with start-up or growth aspirations.
About the Fonds locaux de solidarité FTQ
The network of Fonds locaux de solidarité FTQ (and SOLIDE) was created in 1991 by the Fonds de solidarité FTQ and the Fédération Québécoise des Municipalités, and is overseen by the Fonds locaux de solidarité FTQ, limited partnership.
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Source:
Guy Bazinet, General Manager, CLD Les 3 monts, Telephone: 514 737-1253, E-mail: guy.bazinet@bellnet.ca