$50 million additional for Montreal’s small and medium-sized businesses
June 9, 2020
The governments of Canada and Quebec, as well as the City of Montreal are working together to support businesses in the metropolis. The COVID-19 pandemic has severely affected small and medium-sized businesses whose owners are showing resilience and creativity in order to adapt their operations to health rules and the requirements of physical distancing. Montreal is not immune to the crisis. The excitement of Montreal’s neighborhoods must be preserved and, to do this, the city’s commercial arteries need urgent support. Numerous calls for help regarding the precariousness experienced by traders and businesses have been heard.
The Minister of Economic Development and Official Languages, the Honorable Mélanie Joly, the Minister of Economy and Innovation, Pierre Fitzgibbon, and the Mayor of Montreal, Valérie Plante, announced the injection of new funds of $ 50 million to support businesses. The funds will be administered by PME MTL, the business support network of the City of Montreal.
The Government of Quebec’s Emergency Assistance Program for Small and Medium-Sized Enterprises aim to promote access to capital to maintain, consolidate or revive the activities of businesses affected by the COVID-19 pandemic. This program is part of an exceptional and circumstantial economic situation. The PME MTL network is responsible for managing requests for the Montreal area.
- Emergency assistance to small and medium-sized businesses is in the form of loans up to a maximum of $ 50,000, at an interest rate of 3%.
- A 6-month moratorium on principal and interest will automatically apply to all loan contracts.
- An additional moratorium of up to 12 months on the capital may be granted.Amortization of 36 months, excluding the repayment moratorium, must be provided. Exceptionally, depreciation could go up to 60 months, excluding the repayment moratorium.
For more information: https://pmemtl.com/en/services/financing/loans-and-subsidies/emergency-assistance-sme-covid-19
