Fonds de solidarité FTQ Announces New Initiative to Support Business Innovation in Québec

Highlights

• A new 3-phase approach:
• Business diagnosis to identify potential areas for innovation
• Feasibility study financed up to 75% by the Fonds
• Implementation of solutions with financing of $1 million and up
• Guidance from the Fonds and its network in all regions of Québec
• Unsecured custom financing, without the Fonds requiring guarantees   

MONTRÉAL, Dec. 13, 2017 /CNW Telbec/ - On the occasion of this week's financing seminar organized by Aéro Montréal, Gaétan Morin, President and Chief Executive Officer of the Fonds de solidarité FTQ, announced the launch of Solunov, a new innovation initiative. It will be recalled that innovation and the aerospace sector were identified as investment priorities during the Fonds' strategic planning exercise last year.

To encourage more Québec businesses to innovate, the Fonds is introducing a three-phase approach that in addition to providing financing, will see the Fonds team up with innovation experts such as Inno Centre and Réseau TransTech to provide businesses with better guidance in identifying, validating and implementing innovations.

First, the Fonds will assume the cost of the innovation diagnosis of eligible businesses. Then, it will offer custom financing as follows:

• up to 75% of the cost of a feasibility study, to a maximum of $250,000, at a reduced interest rate, along with guidance from experts; and
• $1 million and up for an innovation project.

To learn more, visit the Fonds website at fondsftq.com/solunov.  

Quotes

"It is through innovation, in all its forms, that Québec companies can boost their productivity and competitiveness. Innovation is one of our priorities, not only for aerospace firms but for all the companies we support. This is why we launched Solunov, to back companies from the ideation stage right through to the completion of their innovation projects."
Gaétan Morin, President and Chief Executive Officer, Fonds de solidarité FTQ

"We've spent the past year raising awareness among Québec businesses on the importance of innovating. Solunov is the next step. This initiative will allow entrepreneurs to launch the projects they need to become more competitive and better confront the challenges of a global economy."
Alain Denis, Senior Vice-President, Innovation and Agri-food, Fonds de solidarité FTQ

"Innovation is a key factor in global success, especially for Québec businesses. Innovative products are the reason Triotech has been able to stand out and become a leader in its field."
Ernest Yale, President and Chief Executive Officer, Triotech

SOURCE Fonds de solidarité FTQ