Fonds régionaux de solidarité FTQ de l'Est-du-Québec Creates New Financing Product for the Fishing Industry

GASPÉ, QC, Dec. 12, 2018 /CNW Telbec/ - The Fonds régionaux de solidarité FTQ de l'Est-du-Québec (Gaspésie?Îles-de-la-Madeleine, Bas-Saint-Laurent, Côte-Nord) have launched a new financing product designed specifically to meet the needs of the fishing industry, including fishing, processing, distribution, supplier and subcontractor operations.

Loans of up to $3 million will be available for the following types of projects: permit or quota purchases, transfer, asset purchase, share buyback, growth, export, strategic acquisition, innovation and modernization. For requirements over $3 million, other products may be combined to supplement the funding. A rate schedule specific to the fisheries sector will apply for these loans.

"The mission of the Fonds régionaux de solidarité FTQ is to align their financing offer with the needs expressed in each of the regions it serves. In the case of Est-du-Québec, this new type of loan was developed to respond to the issues of its fishing industry, namely transfer, labour, productivity, market development and biomass cycles. Our goal is to better support and give entrepreneurs in this field the tools they need to become more competitive in terms of innovation and productivity and in so doing, ensure the long-term survival of companies in the regions," said Luc Pinard, President and Chief Executive Officer of the Fonds régionaux de solidarité FTQ.

"The fishing industry helps drive the economy of Est-du-Québec and we want to be there for its business owners by providing them with expertise and better targeted financing solutions," added Frédéric Bernier, Regional Vice-President, Bas-Saint-Laurent and Gaspésie-Îles-de-la-Madeleine.

"Our hope is that with this product, we'll be able to actively participate, among other things, in business transfer projects. The Fonds régionaux will allow buyers with limited financial means to realize their dream," said Julie Boulianne, Regional Vice-President, Côte-Nord region.

About the Fonds régionaux de solidarité FTQ
The Fonds régionaux de solidarité FTQ have been helping to further regional economic development in Québec for over 20 years. An integral part of the Fonds de solidarité FTQ network, the Fonds régionaux have invested $697 million in 1,095 projects since its inception in 1996, helping to create, maintain or protect close to 39,400 jobs.

SOURCE Fonds de solidarité FTQ