Financing

Funding is critical for any entrepreneur, whether to take a creative idea and start a new business or help a pre-established business flourish.

ProMontreal Entrepreneurs offers: Promontreal Entrepreneur Fund AND Futurepreneur Canada Loan

1. Promontreal Entrepreneur Fund

A loan of up to $50,000 with a fixed interest rate (at prime) and with attractive conditions, such as a moratorium on loan payments for the first year and we do not take equity.

In order to be eligible for ProMontreal Entrepreuneurs financing, you must be between the ages of 18-40, live in the greater Montreal area, be a member of the Jewish community, and your business must be in operation for less than two years.

To consult the PME Fund Application Instructions and Eligibility Requirements or to access the application form, please click here.

There are two ProMontreal Entrepreneurs funding rounds each year, one in the fall and one in the spring.

Apply to the PME Fund

Please contact us for more information.

2. Futurpreneur Canada

The startup program of Futurpreneur Canada Business has two components. They offer collateral-free loans of up to finance up to $20,000 per business and If you need more money, BDC may provide up to $40,000.

COMPONENT A:  FUTURPRENEUR CANADA LOAN*

  • Up to $20,000 with a term over five years.
  • Interest is charged at CIBC’s prime rate + 3.75%.
  • Interest-only payments for the first year.
  • Principal repayments are made in equal monthly instalments together with interest, over the remaining four years.
  • No penalty for early repayment.
  • A $15 program fee is charged monthly for the duration of your loan, added to your monthly repayment installment.
  • A $50 fee at the time of disbursement.
  • Registration fees and administrative fees will apply.

COMPONENT B:  ADDITIONNAL LOAN OF THE BDC

Once the funding is approved by Futurpreneur Canada, it is possible to be eligible for an additional loan arising out of a partnership with the BDC.

Up to $40,000 in financing.

  • Interest-only repayment in the first year.
  • The interest charged is the BDC Floating Base Rate* + 1.65%.
  • Repayment of outstanding BDC principal by monthly repayment schedule similar to your Futurpreneur Canada loan. You may prepay all or any part of the outstanding principal, however, BDC must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
  • Once a year (non-cumulative) on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
  • BDC charges a $50 processing fee, which is deducted from the initial loan disbursement.
  • Applications are subject to BDC approval and eligibility criteria. Some restrictions may apply.
  • *Please contact your local BDC office for the BDC Floating Base Rate.

Eligibility Criteria

  • Be aged between 18 and 39 years
  • Be a Canadian citizen or a permanent resident of Quebec
  • Do not study full time.
  • Etc. *

Visit https://www.futurpreneur.ca/en/get-started/financing-and-mentoring/ to apply. For more information about the program, eligibility criteria, you can contact ProMontreal Entrepreneurs at 514-345-6419