Fonds régionaux de solidarité FTQ and its network inject over $40 million in Northwestern Québec
ROUYN-NORANDA, QC, Sept. 10, 2012 /CNW Telbec/ - For the 2011-2012 year, the Fonds régional de solidarité FTQ Nord-du-Québec, the Fonds régional de solidarité FTQ Abitibi-Témiscamingue and in collaboration with the Fonds de solidarité FTQ, in some cases, invested over $40 million in businesses in the Northwest region of Québec. These investments create, maintain or protect 1,447 jobs, thus confirming the key role the Fonds régionaux play in supporting and driving Québec's regional economy.
"We have no less than 56 partner companies in various industrial sectors across the massive territory of Abitibi-Témiscamingue and Nord-du-Québec" explained Raymond Grenier, General Manager of the Fonds régionaux de solidarité FTQ of the Northwest region of Québec. "In addition to backing the growth and succession projects of our regional businesses, these investments also helped launch new economic activities and support the development of the mineral industry."
"These investments are the result of referrals between the Fonds de solidarité FTQ and the Fonds régionaux, which capitalized on each other's expertise to identify the most promising projects in order to maximize the growth of the savings entrusted to us by Québec workers," said Normand Chouinard, Head of investments at the Fonds de solidarité FTQ.
For his part, the Chair of the Fonds regional de solidarité FTQ Abitibi-Témiscamingue Board, Jean-Claude Périgny, stated: "The Fonds régional is proud to be able to invest in the mineral industry, which includes mining companies, service companies, mineral producers and parts manufacturers. These investments have a concrete effect on our economy; it's our way of backing the development of regional SMEs, and the value they create reflects on the entire region."
Every year, the Fonds régionaux make investments of up to $2 million in regional businesses across Québec. Investments of under $100,000 are made by one of the 85 Fonds locaux while the team at the Fonds de solidarité FTQ head office in Montréal handles financing needs of over $2 million.
About the Fonds régionaux de solidarité FTQ
An integral part of the large Fonds de solidarité FTQ network since their inception in 1996, the 16 regional funds are active participants in the development of Québec's 16 regions. At June 30, 2012, the Fonds régionaux portfolio had 333 partner companies accounting for investments of about $229.7 million in projects totalling $1 billion, bringing the number of jobs created, maintained or protected to over 13,500.
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