This fund is managed by the CLD of the MRC of Memphremagog and is used for the start up of new businesses and the expansion of existing companies. The fund provides the MRC with an economic lever to foster the creation and development of smaller, viable companies.

Eligibility

• Projects must be of permanent nature, provide a significant economic impact on the MRC territory, generate and maintain long-lasting and good caliber jobs.
• The business must be incorporated, profit-making and carry out its main activity on the MRC territory. Furthermore, the company business plan presented to SOLIDE must provide evidence of the project's feasibility and profitability.
• The company's endeavor must be in the primary production, manufacturing or in a tertiary driving activity (engineering consulting, environment, high technology, tourism, etc.)

Financial aid

• Financial aid provided by SOLIDE is a non secured shared loan;
• The loan must be repaid over a maximum period of 5 years through monthly installments covering both, the principal and the interests;
• SOLIDE agrees to a loan that may vary between $5 000 and $50 000, which represents a maximum of 50% of the admissible expenses;
• Promoters must provide an initial capital outlay representing 20% of the total cost of the project;
• SOLIDE's participation is in conjunction with other financial partners;
• Projects financed by SOLIDE are subject to an annual management fee of 1 ½% of the loan.

Eligible expenses

• Capital expenditures such as land, building, equipment, rolling material, cost of incorporation and other similar expenditures, except for any goodwill expenses;
• Acquisition of technology, software, patents and any other similar expenses, excluding R & D related expenses;
• Required working capital as it relates to the company's operation, computed for the first year of operation.

Documents to be provided to the CLD of the MRC of Memphremagog:

• The request for financial aid form duly completed (available by clicking here);
• A copy of the business plan;
• A résumé of the promoters and a copy of their personal balance sheet;
• A nonrefundable deposit of $200 for the account set up;
• Any other documents required by the CLD;