Quebec, November 27, 2024 – The Network of Community Development Corporations (SADC) and Business Assistance Centers (CAE) is more essential than ever to support Quebec SMEs, and we are pleased to announce today three new funds totaling nearly $40 million to address the urgent needs of entrepreneurs in Quebec. The SADC and CAE will therefore offer new financial products in the form of loans to support business transfers and accelerate their green and digital transition.
“These new investments provide a concrete response to the major challenges faced by entrepreneurs in our communities. Thanks to their presence on the ground, the SADC and CAE offer close support that allows our Network to react quickly to enable SMEs to pursue their ambitions for growth, innovation, and sustainable development,” says Pascal Harvey, President and CEO of the Network of SADC and CAE.
Entrepreneurs will be able to benefit from a loan of up to $50,000 under favorable conditions – including a two-year interest holiday. Beyond financing, the SADC and CAE also offer personalized support, training, tools, and open the door for SMEs to a vast network of expertise and partners. The advisors of the SADC and CAE have the advantage of being well aware of the economic challenges in their area and rely on a board of directors composed of local leaders. Key elements that promote the success of businesses in the region.
More means to support the future of SMEs
Let us remember that these new funds are part of new measures made possible by the recent renewal of our agreements with Economic Development Canada for the regions of Quebec (DEC). This renewed its commitment to the Network last June as a privileged partner in the economic development of the regions. An agreement representing investments of $245 million over five years giving the SADC and CAE more than ever the means to achieve their ambitions.
“The Government of Canada is proud to support entrepreneurs from all regions in their growth and transition to a greener and more digital future. Access to new funds will not only help strengthen the competitiveness of Quebec SMEs but also consolidate the economic vitality of our communities. By working closely with the SADC and CAE, we ensure that businesses have the support and resources necessary to succeed in a rapidly changing world.” -The Honorable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for Economic Development Canada for the regions of Quebec
Strengthening our positioning within the Quebec economic ecosystem
The Network of SADC and CAE also expresses a clear desire to strengthen its presence and positioning within the economic development ecosystem by working in complementarity with various stakeholders. As part of these new measures, our Network will be able to count on the support of key players including the Business Transfer Center of Quebec (CTEQ) and the Quebec Action Fund for Sustainable Development (FAQDD).
“The CTEQ welcomes the initiative of the SADC and CAE to establish new funds. The Transfer Strategy will directly contribute to the sustainability of our businesses engaged in the transfer process. More than ever, we support this strategy and are ready to collaborate with the Network of SADC and CAE, an organization that plays a predominant role for our entrepreneurs, who in turn contribute to the economic vitality of our regions.” -Alexandre Ollive, President and CEO of CTEQ.
“The announcement of these new funds will allow us to strengthen our complementarity with the Network of SADC and CAE, a long-time collaborator with whom we share a common goal: to support and assist Quebec SMEs in their eco-responsibility efforts,” -Nicolas Girard, General Director of the Quebec Action Fund for Sustainable Development (FAQDD).
“The Green Strategy of SADC+CAE is a lever to accelerate the ecological transition of SMEs, essential to achieving our environmental goals and the economic development of the regions. In addition to the support from regional partners and advisors, this fund offers a concrete response to the challenges faced by SMEs wishing to engage in this transition. Écotech Quebec will continue to support SADC+CAE with initiatives like the platformGPSclimat that accelerates the ecological transition of businesses.” -Isabelle Dubé-Côté, President and CEO, Écotech Quebec
About the new funds
The three new funds offer advantageous terms that may vary slightly from one SADC or CAE to another. Overall, the loans offered can go up to $50,000 and include a two-year interest holiday, as well as a capital holiday during the first three months with the possibility of extension up to two years.
Funding Transfer Strategy
To facilitate the transfer of businesses in the region, both for internal and family succession and for the acquisition of businesses.
Funding Digital Strategy
To accelerate the digital transition of small businesses, such as the implementation of management systems (CRM, ERP), process automation, robotics, home automation, or optimizing IT security.
Funding Green Strategy
To accelerate the green shift of small businesses in the regions of Quebec by facilitating the adoption of eco-responsible practices or the implementation of clean technologies within businesses, such as optimizing energy efficiency or waste materials of SMEs or reducing their greenhouse gas emissions.
About the Network of SADC and CAE
The Network of SADC (Community Development Corporations) and CAE (Business Assistance Centers) brings together 57 SADC and 10 CAE that have been working for over 40 years on the economic development of their community. More than 1,000 professionals and volunteers support and finance more than 10,000 entrepreneurs and 1,500 local economic development projects each year. www.sadc-cae.ca
Some impacts of SADC and CAE within the Quebec economy
Investments within the SADC and CAE pay off! According to a study conducted by Aviseo Conseil for the period 2019 to 2023, the SADC and CAE have generated an increase in Quebec's real GDP of $458 million, of which $85 million comes from our investments in loans and $273 million are generated by the increased survival rate after five years of businesses supported by the SADC and CAE.
SOURCE:
Christine Pilote, Director of Communications,
Network of SADC + CAE
Tel.: 581 999-6363 | cpilote@sadc-cae.ca