Quebec will invest up to $ 100 million in a new fund established by the National Bank to support the economic recovery and to help SMES in making the transition to digital.
This financial support is in addition to the investment of the private sector, which will allow the Fund to National Bank to manage a jackpot which will reach up to $200 million.
This sum will be distributed through small and medium-sized enterprises, promising and performing, according to the ministry of the Economy, by issuing a press release on Monday. In addition to the digital transformation, we want this amount allows the realization of local and international projects, as well as the acquisition of a business.
“Thanks to this partnership, [the québec companies] will have the opportunity to succeed in their digital transformation and to carry out their growth projects in order to remain productive and competitive in the new world that is emerging, and this, for the benefit of our economy”, said the minister of Economy, Pierre Fitzgibbon.
The National Bank mutual Funds shall enter into activity in the next few months. It is aimed at SMES from all sectors of activity. The aid will take the form of capital stock in the companies that will make use of the fund, has added the president and chief executive officer of National Bank, Louis Vachon.
“This fund of share capital, will complement the bank financing available to SMES, to continue to support their projects and contribute to their sustainability”, he argued by way of a press release.