Half of the investments made in the last 5 years were to support SME succession in the region
Rivière-du-Loup, May 18, 2022 – The Fonds régionaux de solidarité FTQ Bas-St-Laurent (FRS) had a record year in FY 2021-2022, investing $10.6 million in 13 regional companies. Investments by the FRS Bas-Saint-Laurent have quadrupled since FY 2017-2018 and more than half of the files involved business succession projects.
Wrapping up her visit to the Bas-Saint-Laurent region, Janie C. Béïque, President and CEO of the Fonds de solidarité FTQ, will present these results today at a luncheon conference organized by the Centre des dirigeants d’entreprises (CDE). She will be accompanied by Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ, and David Lord, Regional Vice-President of the FRS Bas-St-Laurent and Gaspésie-Îles-de-la-Madeleine.
"Twenty-five years ago the Fonds de solidarité FTQ created a network of regional funds to get closer to businesses and communities in all regions of Québec. The results of the past year in Bas-St-Laurent illustrate the importance of local people being served by local people since they know the economic reality on the ground better than anyone else," said Ms. Béïque.
"SME succession is a growing issue for the economy of Québec and its regions. The Fonds régionaux de solidarité FTQ have made business succession a priority. I am pleased to see that more than half of the FRS Bas-St-Laurent’s investment files in the last five years have supported succession, allowing local companies to continue growing while remaining in local hands," said Mr. Pinard.
"Despite the challenges of the past two years, the leaders of the FRS Bas-St-Laurent’s partner companies have not given up. They have forged ahead with their growth projects, which is why we are able to report a record-breaking year as we mark our 25th anniversary. I would like to acknowledge the work of the FRS Bas-St-Laurent employees and members of the Board of Directors, who are all from our region. Finally, I would like to thank our partner companies Bois BSL, Fabrication Pro Armature, Utopie MFG and all the others who have trusted us over the past year to support their growth projects," said Mr. Lord.
About the Fonds régionaux de solidarité FTQ
A part of the Fonds de solidarité FTQ network, the Fonds régionaux de solidarité FTQ help further regional economic development in Québec by channelling the savings of 734,580 Quebecers into local investments. The Fonds régionaux have invested $1.15 billion in 1,500 companies since their inception in 1996, supporting nearly 55,500 jobs.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 734,580 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centred world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $18.3 billion in net assets as at November 30, 2021, the Fonds has supported more than 3,400 partner companies and over 247,000 jobs.
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