COVID-19: Municipal measures - The City of Montreal

Current as of September 12, 2020.

12 September 2020

Municipal measures - The City of Montreal

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Fondaction: $30 million investment fund for circular economy businesses

DESCRIPTION

In collaboration with the City of Montréal, Fondaction is preparing the launch of an investment fund dedicated to the circular economy to support economic recovery and ecological transition in the metropolitan region.

Targeting a capitalization of $30 million, this new investment vehicle will aim to finance and support small and medium enterprises (SMEs) with innovative business models or those that wish to transform their model by integrating circularity principles, particularly to reduce greenhouse gas emissions or the production of residual materials.

To begin, the fund will target the sectors that proved to be critical in Montreal during the pandemic: agri-food, waste management and sustainable mobility.

LINKS

See Fondaction website here and the circular economy fund information here

Easing of the eligibility criteria of the Social Economy Development Fund

DESCRIPTION

As part of Montréal's economic recovery plan (enacted on June 17th, 2020)

The Social Economy Development Fund (FDES) of PME MTL offers grants of up to $50,000 for start-up, growth or consolidation projects. To help consolidating businesses in the face of the COVID-19 crisis, the capital down payment required is being increased from 20% to 10%. The assistance is provided by PME MTL, the City of Montréal's business support network.

This fund will also be expanded by the three levels of government.

LINKS

For more information on this measure

See the City of Montréal's Economic Recovery Plan or an English Summary

Creation of a vacant commercial space registry

DESCRIPTION

As part of Montréal's economic recovery plan (enacted on June 17th, 2020)

The City of Montréal wishes to acquire a central tool to collect and update consistent and reliable data on business activity, and the occupation of commercial premises.

This data is essential to monitor developments, to understand the issues related to vacancies and business vitality, and to better direct the decisions and measures to support trade. This tool, which is intended to be accessible publicly online in a second phase, may also be of great value in the future and useful for entrepreneurs looking for commercial space.

LINKS

See the City of Montréal's Economic Recovery Plan or an English Summary

Increase the range of support services available to Montréal businesses with a view to resilience and innovation

DESCRIPTION

As part of Montréal's economic recovery plan (enacted on June 17th, 2020)

Through workshops, training and personalized support, this initiative will help indebted businesses recover from the crisis. Thanks to the support of experts, it will also offer guidance to SMEs that wish to make changes in their business model.

ACCESS & ELIGIBILITY

More information on eligibility will be available once the City enters into agreements with Montréal economic development agencies.

LINKS

See the City of Montréal's Economic Recovery Plan or an English Summary

Assistance program for private theatres, alternative theatres and independent cinemas

DESCRIPTION

As part of Montréal's economic recovery plan (enacted on June 17th, 2020)

Financial aid has been earmarked for private theatres, alternative theatres and independent cinemas. Lump sum payments will be provided to independent cinemas and alternative theatres.

ACCESS & ELIGIBILITY

As this program is not yet fully established, more information on eligibility will be available at a later date.

LINKS

See the City of Montréal's Economic Recovery Plan or an English Summary

Emergency Financial Assistance

DESCRIPTION

The city of Montreal has created a $5 million assistance fund to support sectors that have been hit hardest in the short term: retail businesses, social economy, creative and cultural industries and tourism.

LINKS

See the City of Montréal's page regarding the support measures taken for Montréal business here.

Second Instalment Of Municipal Taxes Postponed

DESCRIPTION

Owners have until September 1, 2020 to pay the second instalment of their annual property taxes. The deadlines for other invoices remain unchanged.

ACCESS AND ELIGIBILITY

This change applies to all property owners in Montréal. Whether you are an individual or a business, you have until September 1, 2020 to pay the second instalment of your property taxes. This pertains to the tax account you have received at the beginning of the year.

Automatic Moratorium On Capital And Interest

DESCRIPTION

The PME MTL network is offering an automatic, six-month moratorium on capital and interest to private and social economy businesses who have received a loan through the PME MTL fund, Fonds Locaux de Solidarité and Fonds de commercialisation des innovations.

The city will pay the portion of interest during this period.

LINKS

See the City of Montréal's page regarding the support measures taken for Montréal business here.

Enhancement of the Emergency Assistance to Small and Medium Enterprises Program

DESCRIPTION

The city of Montréal is enhancing the measure introduced by the Québec government to support, for a limited period, eligible companies that need cash flow of less than $50,000. An envelope of $60 million is earmarked for Montréal companies. The assistance, granted in the form of a loan at a rate of 3%, will be provided by PME MTL, the City of Montréal's business support network. A six-month moratorium will be granted on all loans and the city will assume the interest during this period.

ACCESS AND ELIGIBILITY

Emergency assistance to small and medium-sized enterprises is in the form of loans of up to $50,000 at an interest rate of 3%.

A 6-month moratorium on principal and interest will automatically apply on all loan agreements. An additional moratorium of up to 12 months on principal may be granted.

An amortization of 36 months, excluding the repayment moratorium, must be provided for. Exceptionally, amortization could be up to 60 months, excluding the repayment moratorium.

The financing will have to make up for the lack of liquidity caused by :

- an impossibility or a substantial reduction in the capacity to deliver products (goods or services) or merchandise;

- a problem in the supply of raw materials or products (goods or services).

The assistance granted may not be combined with assistance obtained under the Government of Quebec's temporary concerted action program for businesses (PACTE).

LINKS

See more information about the emergency assistance to small and medium enterprises here.

Fonds de consolidation des activités commerciales

DESCRIPTION

The Fonds de consolidation des activités commerciales offers subsidies of up to $10,000 to support Montréal merchants. A sum of $3 million will be available starting in June. Eligibility criteria are flexible in order to support as many commercial entrepreneurs as possible. Support is also offered by specialized advisors from PME MTL, the City of Montréal's business support network.

ACCESS AND ELIGIBILITY

The funds will be available until September 30, 2020. Coaching will be offered by specialized advisors.

LINKS

See more information about the Fonds de consolidation des activités commerciales here.


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