SADC de Gaspé

The objective of the Temporary Loan program is to ensure the continuity of the activities of a business or social economy enterprise by facilitating access to rapid financing that can address a specific, one-time situation, the resolution of which is planned.

Eligibility criteria:

• Meet the general criteria for the regular investment fund.
• Have completed a full fiscal year.
• Provide financial results for the last year (or years if possible).
• Demonstrate good financial health.
• Not be used to finance existing debts.
• Provide supporting documents corresponding to the requested financing.
• Comply with conflict of interest rules.

Eligible activities:

• Working capital awaiting reimbursement of a contribution from a government, a crown corporation, a financial institution, or a client demonstrating reliability with supporting documentation.
• Any other eligible activity.

Terms and Conditions:

• Business loan;
• Term repayment;
• Short term (usually less than six months, but could reach a maximum of eighteen months in certain situations);
• Settlement mechanism provided in the event of default. This will be established based on the terms and conditions of the regular investment fund;
• Required interest rate: Bank of Canada prime lending rate plus 2%;
• Security: Written commitment from company representatives regarding amounts to be received.
• Requests under $10,000 will be processed and approved by SADC de Gaspé staff relatively quickly, once the application is completed. Funded applications will be presented to the Board of Directors (for information purposes) quarterly.
• Financing requests over $10,000 will be analyzed by SADC staff and then submitted to the Investment Committee for recommendation and to the Board of Directors or its Executive Committee for approval.
• Funding comes directly from the regular investment fund of the SADC de Gaspé.

The Express Loan program is designed for all businesses located in the La Côte-de-Gaspé region that want access to rapid financing tailored to specific needs that are generally difficult to finance. This loan is available for businesses of between $5,000 and $10,000, repayable over three or four years.

Eligibility criteria:

• The business’s main activities are located within the Gaspé SADC territory.
• The business must be for economic purposes.
• The project meets the conflict of interest rules.
• The project complies with the SADC’s areas of intervention.
• The business demonstrates good financial health.

Eligible Activities:

• Acquisition of fixed assets, equipment, or software
• Productivity improvement
• Justifiable increase in inventory
• Development or diversification of customer offerings
• Integration of e-business
• Launch of an advertising campaign
• Working capital, in exceptional circumstances
• No debt refinancing

Terms:

• Financial assistance of $5,000 to $10,000
• Rate: Bank of Canada prime business lending rate plus 3%
• Maximum term of 3 or 4 years

Priority sectors:

• fisheries-aquaculture
• forestry
• agriculture
• manufacturing-processing
• tourism
• innovative services (information technology, high technology*)

The trade/service sector is eligible, with some exceptions.

* Internet, robotics, pharmacology, biotechnology, computer science, automation, recycling, wind power, etc.