$2.6 M goes to eight Québec social economy enterprises - The Chantier de l'économie sociale Trust announces its first investments


    MONTREAL, Dec. 10 /CNW Telbec/ - In the presence of numerous social
economy stakeholders gathered for the occasion at the Cinéma Beaubien, the
Chantier de l'économie sociale Trust (The Trust) announced the names of the
businesses that will receive its first investments. The sum of $2.6 million
will be divided among eight social economy enterprises that operate in
different sectors and regions around Québec.

    These enterprises will now be able to achieve important projects that
will contribute to or accelerate their development (location, amount invested
by The Trust and projected use of funds are indicated in brackets):- Cinéma Beaubien (Montréal, $506,373, expansion and renovations)
    - Service funéraire coopérative Drummond (J.N. Donais Coopérative
      funéraire) (Drummondville, $500,000, building acquisition and
      construction work)
    - Les Légendes fantastiques (Drummondville, $412,000, construction of an
      outside amphitheatre and development of a new show)
    - Centre d'interprétation sur la biodiversité du Québec (Bécancour,
      $381,969, renovations and equipment purchase)
    - Les Serres coopératives de Guyenne (Guyenne, $250,000, purchase of a
      piece of production equipment)
    - Coopérative de l'Université de Sherbrooke (Sherbrooke, $250,000,
      leasehold improvements and equipment purchase)
    - Recyclo-Centre (Sorel-Tracy, $150,000, renovations and expansion of
      premises)
    - Boutiques Chic Chez vous (Montréal, $150,000, acquisition of assets)These investments amount to a total investment of $15.8 million, enabling
the creation and consolidation of over 300 jobs.
    "Social economy enterprises constitute an important link in Québec's
economy. They are formidable agents of local and regional development,
solidarity, democracy and anti-poverty action," proudly affirmed
Nancy Neamtam, President of the Trustee Council of the Chantier de l'économie
sociale Trust and President and Executive Director of the Chantier de
l'économie sociale. "Today, the Trust is offering eight of these enterprises
financial products that did not exist before, tools they need to continue
developing."

    Patient operations capital and real estate capital

    With the goal of expanding their role in economic development, and, even
more importantly, of better equipping the numerous social economy enterprises
of Québec, the Chantier de l'économie sociale and its many partners created
The Trust, a fund adapted to their needs and missions.
    "We encourage collective entrepreneurs to develop new projects so that
solidarity plays an ever growing role in Québec's economy," said
Jacques Charest, The Trust's Executive Director.
    The Trust offers loans with a 15-year capital repayment holiday. This
patient capital is designed to support enterprises' operations and contribute
to their real estate investments with a view to developing new activities. The
Trust's loans, ranging from $50,000 to $1.5 million, take two forms: patient
operations capital and patient real estate capital.
    The loans may be granted for business start-up and to develop new social
economy projects. The Trust expects to invest $49 million over five years.

    Numerous partners

    Various partners have contributed to The Trust's capitalization: Canada
Economic Development, Le Fonds de solidarité FTQ, the Government of Québec and
Fondaction, le Fonds de développement de la CSN pour la coopération et
l'emploi.
    The Trust also works closely with local stakeholders: community economic
development corporations (known by their French acronym, CDEC), regional
development cooperatives (CDR), local development centres (CLD), community
development corporations (CDC), community credit organizations and the network
of community development assistance groups known as SADCs.
    In Québec, the social economy represents over 7000 businesses that
generate sales of over $17.5 billion.



For further information: Geneviève Marsan, Communications Officer, (514)
817-3097; Source: Chantier de l'économie sociale Trust