Money allocated to help entrepreneurs develop new businesses

Small business owners setting up the foundation for a successful operation have a number of start-up tasks to complete which may include incorporation, registering a business name or trademark registration.

Entrepreneurs also have to navigate the murky waters of new business financing - ask family and friends for help? Apply for loans from a traditional bank?

New money pooled together to form the Business Startup and Succession Fund may be a new alternative to financing for small and medium-sized enterprises in Quebec.

"In addition to fostering the creation of new enterprises and the local transfer in ownership of existing firms, this fund will also help ensure the sustainability of our entrepreneurial heritage and keep jobs in the regions," noted the Minister of State for Canada Economic Development Denis Lebel in his announcement of the new initiative.

Born from collaboration between Canada Economic Development, the Community Futures Development Corporation, and the Reseau des SADC, the fund intend to provide assistance to businesses operating outside major urban areas allowing them to proceed with planned development.

The group expects to be able to offer funding to at least 40 enterprises.

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