Additional aid of $ 50 million for SMES in Montreal

Aide supplémentaire de 50 millions $ pour les PME de Montréal

Small and medium-sized enterprises of Montreal will be able to count on a financial boost extra to get through the crisis of the COVID-19 while Quebec and Ottawa their allongeront $ 50 million in new financial aid.

The information, learned first by VAT New, should be confirmed in a press conference Monday morning by the federal minister of economic Development and official Languages, Mélanie Joly, the minister of Economy and Innovation of the city of Québec, Pierre Fitzgibbon, and the mayor of Montréal, Valérie Plant.

Of these $ 50 million, the federal government will participate to the height of $ 30 million through its relief Fund and stimulus regional (FARR), which aims to provide emergency financial assistance to SMES and NPOS which are not eligible for other federal programs.

For its part, Québec will increase from $ 20 million in its envelope of support for SMES in the metropolis in order to bring its contribution to $60 million.

The funds will be paid to the network SME-MTL, which will have the responsibility to distribute financial assistance to small and medium-sized businesses that will make the application in the form of loans of up to $ 40,000. The retail trade sectors, proximity services, the social economy, of the cultural and creative industries and sustainable development will be preferred.

The aim of governments is to enable businesses to cope with a liquidity shortage urgent need created by the COVID-19 in order to remain operational.

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