How does it work?
In order to receive a loan from the Fonds YUL / 375 idées, your application will go through a selection process made up of several steps:
STEP 1. APPLY FOR YUL/375 IDEAS FUND FINANCING
To get started, you must fill out the YUL Fund / 375 Ideas loan application form on the JCCM website to submit your project. If you have not already done so, you must create your participatory fundraising campaign at La Ruche.
Beware! Make sure that you meet all the Fund's eligibility requirements before submitting your application for funding. Also make sure that your project is compatible with a participatory fundraising campaign. Only one application per project will be accepted.
STEP 2. THE APPROVAL PROCESS
Once the JCCM form has been completed, your file will be analyzed by a committee made up of representatives of the Fund's partners and entrepreneurship experts.
All the selection criteria must be met and your project must also stand out for its quality and innovative and promising aspect. The projects selected are mainly in the pre-startup and start-up stages.
If your project is selected by the committee, you become an eligible candidate for the YUL Fund / 375 ideas!
STEP 3. CARRY OUT ITS PARTICIPATORY FUNDRAISING CAMPAIGN
To definitively validate your access to the loan, you must complete a 100% participative financing campaign on the platform La Ruche before any loan payment. Please note that your project must also meet the eligibility requirements for a campaign on La Ruche.
STEP 4. GET THE LOAN
Finally, candidates who will have signed the loan agreement will have access to the following items:
- A $7,500 loan, repayable in 2 years, with a capital repayment vacation for the first 6 months, and at an interest rate of 2.95%;
- An accompaniment offered by the PME MTL network to help you throughout the startup of your business;
- A one-year membership to the JCCM offered to facilitate the development of your network and your skills.
STEP 5. REPAY THE LOAN
Once the loan is received, you commit to :
Respect the repayment conditions as stipulated in the loan contract signed with PME MTL;
Provide unaudited financial statements at month 12 and month 24 following the loan disbursement.
To obtain a loan from the YUL Fund / 375 Ideas, you must meet certain conditions at the time of application.
THE BUSINESS PROJECT OR COMPANY MUST:
- Present proof that the majority of the shareholders are between 18 and 40 years of age and a majority of Canadian citizens, permanent residents and/or holders of the Certificat de sélection du Québec (CSQ);
- Have its head office (main address) located within the territory of the agglomeration of Montreal;
- At the time of the loan contract, have reached 100% of its participatory fundraising campaign (minimum of $5,000) on the Quebec platform La Ruche after September 1, 2019;
- The business project or company submitted for the YUL Fund / 375 Ideas must be the same as the one that is the subject of La Ruche's participatory fundraising campaign.
- Submit a viable business project or start-up business that has been in existence for less than 2 years;
- Is considered, a period of 2 years following the first sale for the product or service discussed in the participatory fundraising campaign;
- Is considered, for this same period, a new product or service in order to expand an existing product or service line. The participatory fundraising campaign must be directly related to this new product or service.
- Is considered, a legally constituted enterprise at the time of loan disbursement (all legal forms are detailed here).
- Submit an executive summary of your business plan that demonstrates strong potential for viability and profitability.
Consult the Fund's official Investment Policy.
Which applications are excluded?
The following projects are not eligible for the YUL Fund / 375 Ideas and will therefore be rejected:
- Projects of a sexual, religious or political nature;
- Projects for bars or discos;
- Student projects: internships and university projects;
- Research and development projects;
- Applications submitted a second time;
- Projects where entrepreneurs do not meet the eligibility criteria;
- Projects for self-employed workers;
- Incomplete applications.
Are you ready?
Now it's time to apply for funding! Fill out the following form to begin the YUL/375 Idea Fund application process.