Montreal’s National Bank today announced the creation of its $200 million SME Growth Fund, which is excellent news for entrepreneurs in Quebec. The fund is designed to support business owners with their growth and transformation projects.
Initially announced in July of last year, the Fund was created as part of a partnership with the government of Quebec. Its objective, in part, will be to support the province’s post-covid economic recovery, as well as the digital transformation of its small and medium-sized enterprises. With the participation of more than 245 private investors, it complements the financing National Bank already makes available to businesses.
“Since the beginning of the pandemic, National Bank has been there for businesses. It’s important for us to continue to support them during this time of change. The SME Growth Fund will allow us to offer concrete solutions to help them seize new development opportunities. We’re proud to be able to contribute to the economic recovery and the vitality of the regions,” said Luc Ménard, Executive Vice-President, Managing Director and Head of Private Investments at National Bank.
Businesses can now apply for financing to support their transfer, growth and acquisition projects. To be eligible, businesses must:
- Have assets of less than $200 million or a net worth of less than $100 million
- Request financing between $500,000 and $15 million
- Have a detailed business plan and project plan
- Have growth prospects
- Be a private company with an adequate capital structure
- Have been profitable in 2 of the last 3 years or have had sustained and significant sales growth over this period