The Economic Revitalization Fund is managed by the CLD of the MRC of Memphremagog and provides financial assistance to support job creation by existing companies or by new businesses. The fund also targets economic diversification, activities related to prospection and hosting of new investors.

ELIGIBLE CLIENTELE:

• Private for-profit companies; cooperatives; incorporated, not-for-profit groups;
• These companies must operate in Magog or plan to set up operations here;
• Personal services and retail companies are not eligible.

PART I
COMPANY (to generate investment and create jobs)

• Generate a minimum of $100,000 of investment, and;
• Create a minimum of 15 jobs over a period of one year.

BUSINESS START-UP

• Generate a minimum of $150,000 of investment, and;
• Create a minimum of 10 jobs over a period of one year.

PART II
LOCAL DEVELOPMENT

• Projects to increase the ability of the region to attract and retain manufacturing companies in Magog, through diversification and prospection activities.

FINANCIAL ASSISTANCE:

PART I

The non-reimbursable contribution could be up to 10 % of eligible expenses for the project to a maximum of $125,000. This financial assistance must be complementary to traditional financing and existing programs.

PART II 

The non-reimbursable part could be up to 70 % of eligible expenses to a maximum of $100,000. This financial assistance must be complementary to traditional financing and existing programs.

ELIGIBLE EXPENSES:

All expenditures related directly to carrying out an activity, a study or a project (salaries for the first year and fixed assets, including land) are eligible under both parts of the program.

RESTRICTIONS:

• The financial assistance cannot be used for regular operations of an organization, debt financing, financing of expenditures incurred before the application for financial assistance or for a project that has already been carried out;
• An organization may make only one application for financial assistance.

DEADLINE:

Projects may be presented at any time.

 

DOCUMENTS TO BE PROVIDED TO THE CLD OF THE MRC OF MEMPHREMAGOG:

The application for financial assistance may be obtained by clicking here (in French only).

The application and the requested documents should be presented to:

Monsieur Alain Gamache
Analyste financier
CLD de la MRC de Memphrémagog
281, rue des Pins
Magog (Québec)
J1X 2J1
Telephone: (819) 843-8273, poste 234
Fax: (819) 843-8868
email: agamache@cldmemphremagog.com