Brands from here: Quebec closes the door to Louis Garneau’s idea

Brands from here: Quebec closes the door to Louis Garneau’s idea

The government of Quebec is closing the door to the idea of ​​entrepreneur Louis Garneau, who recently called for the creation of a new “special fund” to save Quebec brands from the clutches of foreign companies.

• Read also: Louis Garneau calls for a fund to save local brands

• Read also: Corporation Financière Champlain becomes a shareholder of Louis Garneau

“The government is already focusing on Quebec businesses and has the tools to support local businesses,” assured Mathieu St-Amand, press secretary to the Minister of the Economy, Pierre Fitzgibbon, specifying that Mr. Garneau has just come from take advantage of one of these tools.

As part of its stimulus plan of around $ 25 million, Louis Garneau Sports received a government loan of $ 5 million with interest.

To justify this refusal, the press secretary also mentioned the fact that the government already had a budget of $ 1 billion in 2019 to maintain the head offices in Quebec. In early December, the Minister of Finance, Eric Girard, however admitted that no sum of this envelope had yet been transferred to the Ministry of the Economy.

Mr. Garneau believes that our businesses must be better protected and that in exchange for public capital from the proposed new fund, they should go the extra mile and commit to keeping their headquarters here.

Important

In interview, Friday, on the show Mind your own business, at QUB radio, Mr. Garneau, whose company has just avoided bankruptcy thanks to the arrival of a new investor, Corporation Financière Champlain, reiterated the importance of helping Quebec brands.

“I think the Caisse de dépôt et placement du Québec should have a fund to prevent other good brands from leaving,” said the businessman. We must not become only subcontractors for foreigners, ”he fears.

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