Val-d’Or, June 26, 2019 – The regional county municipality (RCM) of La Vallée-de-l’Or, the Fédération québécoise des municipalités (FQM), the Government of Québec and the Fonds locaux de solidarité FTQ are pleased to announce the creation of a $900,000 fund to support businesses on the RCM territory.
The launch of the new local solidarity fund (FLS) was confirmed this morning in the presence of Marie-Eve Proulx, Minister for Regional Economic Development and Minister Responsible for the Chaudière-Appalaches Region, the Bas-St-Laurent Region and the Gaspésie–Îles-de-la-Madeleine Region, and MNA for Côte-du-Sud, Pierre Corbeil, Mayor of Val-d’Or and reeve of Vallée-de-l’Or, Claire Bolduc, reeve of the Témiscamingue RCM, president of the Conférence des préfets de l’Abitibi-Témiscamingue and FQM director, and Éric Desaulniers, general manager of the Fonds local de solidarité FTQ Limited Partnership.
The mission of the FLS is to speed up business start-up, expansion and acquisition projects on the RCM territory. Its creation was made possible by the participation of the Fonds locaux de solidarité FTQ Limited Partnership with a $750,000 variable investment credit and contributions of $100,000 and $50,000 from the FQM and the RCM.
“The FQM and the Fonds de solidarité have been working together for almost 28 years now, and it’s the reason the local solidarity funds exist today. It’s a partnership of which we can all be very proud. Our contribution was made possible by the $3.5 million allocated by the Québec government for the deployment of the FLS network in regions unserved until now,” said FQM Board member Claire Bolduc.
“We’re proud to partner with the Fonds locaux de solidarité FTQ and the FQM to give local businesses access to more powerful development tools. Whether it's to start, grow or expand a business or to support business succession, the fund announced today will help bring more projects in Vallée-de-l’Or to life. We invite local entrepreneurs to consult the development advisors of the La Vallée-de-l'Or RCM to find out more about the tools and funds available to them,” said reeve Pierre Corbeil.
“The Québec government wants to give the regions a greater role and more control over of their development. As of today, the La Vallée-de-l’Or RCM can offer, in partnership with local actors, an additional complementary financial tool that meets the needs of businesses on its territory and that takes regional realities into account. Today’s announcement shows that the expertise of the RCM’s employees will be used to its full potential. Entrepreneurs will continue to receive direct support and will be able to forge ahead with their projects,” said Marie‑Eve Proulx, Minister for Regional Economic Development and Minister Responsible for the Chaudière-Appalaches Region, the Bas-St-Laurent Region and the Gaspésie–Îles-de-la-Madeleine Region, and MNA for Côte-du-Sud.
“The result of a partnership formed between the Fonds de solidarité FTQ and the Fédération québécoise des municipalités in 1991, the Fonds locaux de solidarité network is a proven local economic development model. Entrepreneurs in the La Vallée-de-l’Or RCM with start-up or growth projects can now turn to the FLS for financing. Since it was created more than 27 years ago, the FLS network has funded nearly 5,000 business projects,” said in turn Éric Désaulniers of the Fonds locaux de solidarité FTQ LP.
Through its leverage effect, the FLS will complete the financing of business projects on the territory by allowing entrepreneurs to access other sources such as a conventional loan from a financial institution, subsidies, cash or other seed money. The maximum amount available from the FLS is $100,000.
The RCM’s entrepreneurship and local development service is now accepting applications for financing.