Microcrédit Montréal - Loans for entrepreneurs
At a glance
- From 2,000$ to 20,000$
- Open Date : November 14, 2019
- All industries
- MicroEntreprendre
Overview
Eligibility criteria
The eligibility criteria for this grant include being aged 18 and above, not having access to traditional financial services, having a business idea or project, attending an orientation or information session, and accepting the support offered by MicroEntreprendre members.
- Be aged 18 years and above
- Not have access to traditional financial services
- Have a business idea or project
- Attend an orientation or information session
- Accept the support offered by MicroEntreprendre members
Who is eligible
There are eligible types of companies for this grant:
- Startup ventures
- Small businesses
- Non-profit organizations
Eligible expenses
Eligible expenses for this grant include startup costs, equipment purchases, marketing expenses, and working capital. Funds can also be used for professional services, training, and other essential business needs.
- Startup costs
- Equipment purchases
- Marketing expenses
- Working capital
- Professional services
- Training
Evaluation & selection criteria
There are evaluation and selection criteria for this grant. Applicants must:
- Be 18 years old or older
- Not have access to traditional financial services or credit
- Have a business idea or project
- Attend an orientation or information session
- Accept the close support offered by MicroEntreprendre members
How to apply
- Step 1: Attend an information session
- Content: Learn about the grant program and its requirements
- Implications: Necessary to understand the process and eligibility criteria
- Step 2: Submit your application
- Content: Prepare and submit your business plan and budget projections
- Implications: Essential for evaluation and consideration by the loan committee
- Step 3: Presentation to the loan committee
- Content: Your application is reviewed and assessed by the committee
- Implications: Committee decision determines loan approval or rejection
- Step 4: Loan approval and terms
- Content: If approved, loan amount, interest rates, and repayment terms are finalized
- Implications: Understanding the terms and conditions of the loan agreement
- Step 5: Engagement and repayment
- Content: Begin business operations with loan funds and adhere to payment schedule
- Implications: Maintain communication with the grant organization and meet financial obligations
Grant Summary:
This grant program offers support to entrepreneurs in Quebec by providing training, personalized guidance, and funding through microcredit to help start, develop, or consolidate their business projects.
Details of the Grant Program:
MicroEntreprendre is a network of 20 organizations across Quebec that assists individuals looking to start, grow, or solidify their business ventures. The program offers a range of services, including individualized support, business plan development, collective workshops, and mentorship, all aimed at fostering entrepreneurial success. Entrepreneurs can access flexible financing options like nano-loans, microcredit, bridge loans, and start-up loans, with maximum amounts varying depending on the specific needs of the project.
Eligibility criteria are generally focused on individuals aged 18 and above who lack access to traditional financial services, have a business idea or project, and are willing to engage in the program's support services. The application process involves attending an information session, submitting a business plan and budget forecasts, presenting the proposal to the lending committee, and, upon approval, receiving the loan along with ongoing close guidance throughout the repayment period.
Entrepreneurs supported by MicroEntreprendre also benefit from additional resources like networking opportunities, personalized coaching, and various training sessions covering essential business areas such as communication, marketing, and administration. Whether individuals need a small nano-loan or a larger microcredit for their business venture, MicroEntreprendre aims to empower entrepreneurs with the necessary tools and financial support required for their success.