The lender FinTaxi wants$ 65 Million, before closing

Le prêteur FinTaxi veut 65 M$ avant de fermer

The limited partnership created by the Fonds de solidarité FTQ, FinTaxi, will close its doors. But before, she wants to settle the debts of its customers by collecting a part of compensation offered to drivers by the government. A decision that is not unanimous.

Over the next few months, the montreal company that financed the acquisition of permits hope to receive at least $ 65 million of the 510 million $ promised drivers by the provincial, to fill the loss of the value of their permits in relation to their acquisition cost.

“This is not normal. This form of compensation should revert to the drivers. It is up to them to manage their agent, ” says François Cyr, chairman of the provincial Committee for consultation and development of the taxi industry. “It is as if the owners were dishonest,” he continued.

The latter concedes that this decision has created the discontent. Several drivers would have liked to receive the money.

Since 2003, the Fund has injected $ 80 million in FinTaxi, including an investment in capital stock of $ 16.8 million and a loan of $63.2 million.

With Desjardins, they were the two main players for this type of financing. Unlike FinTaxi, the co-op has chosen to claim only compensation for drivers in default of payments. The other, which will have a bigger cheque, will be able to continue to repay their loan.

Debts of $92-million

Today, the debts of drivers to FinTaxi amounted to approximately$ 92 Million, of which more or less$ 25 Million used for refinancing.

The company is expected to soon receive from the government for each of its clients with the balance that was left for him to pay for the acquisition of his permits. The difference will be subsequently issued to the holder.

The direction of FinTaxi ensures that it is not a question of confidence in the industry. She was not afraid that drivers don’t pay. She added that it is the government that has set the tags for the claims and that the money will be paid to the Fund upon its closure.

FinTaxi still has 1100 customers.

The overall modernization plan of the government now amounts to 860 million $. The liberals had already given $ 250 million in 2018.