QC: Two new funds have been established to help the province’s rural small to medium-sized businesses (SMB), announced Minister of State for Canada Economic Development, Denis Lebel.

The Business Startup and Succession Fund allocates $6 million for SMBs located outside of urban centres in the province. It will open up access to venture capital.

"Thanks to the involvement of a number of venture capital firms operating in Quebec, this Fund is expected to leverage more than $50 million in funding to support regional entrepreneurship and help build a diversified and competitive economy," said Lebel. "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."

Next, the Business Support Fund has now been raised to $9.6 million. It is aimed at SMBs who need access to working capital. As with the Business Startup and Succession Fund, it is open to SMBs in rural areas of the province.

"Right now, many SMBs are struggling to maintain their short-term growth. The only viable solution, in our view, was to introduce an intervention measure that seeks clear and concrete results," said Lebel.

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