More than $1 billion in unsecured capital invested in
regional SMEs by the FRS since inception
2019-2020 FRS Highlights
- New partner companies: 93
- Increase in investments over 2018-2019: 21%
- FRS partner companies with a 6-month deferral on loan payments (special COVID-19 measure): 343
MONTRÉAL, Aug. 28, 2020 /CNW Telbec/ - In its 2019-2020 financial year, the 16 Fonds régionaux de solidarité FTQ (FRS) invested $146 million in unsecured capital in 137 regional SMEs across Québec, a 21% increase over last year and an annual record for the FRS, which added 93 partner companies to their portfolio.
"The Fonds régionaux de solidarité FTQ were very active all across Québec this past year. With record annual investments of $146 million, the FRS network has surpassed the $1 billion mark in financing offered to Québec SMEs," said Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.
"With their detailed knowledge of local economies and strong roots in the communities served, the FRS play a key role with entrepreneurs. In addition to financially supporting their projects and accelerating their growth, the FRS also offer invaluable advisory services to help businesses navigate the challenges of the pandemic," added Mr. Pinard.
On March 19, 2020, the Fonds de solidarité FTQ offered the partner companies in its network a six-month deferral on loan payments. Three hundred forty-three companies in the FRS portfolio took advantage of the offer.
"The Fonds régionaux de solidarité FTQ teams are ready to help Québec SMEs not only deal with the economic impact of the pandemic but to prepare for the post-COVID period. The Fonds régionaux de solidarité FTQ are therefore also looking to the future to support jobs in all Québec regions," concluded Mr. Pinard.
An integral part of the Fonds de solidarité FTQ network, the 16 FRS offices offer small and mid-sized enterprises customized loans and equity solutions. Each product is developed based on the company's characteristics and the region's economic reality. Requiring no corporate or personal guarantee, FRS loans do not entail any legal or management fees and are intended to complement the financing offered by traditional financial institutions.
About the Fonds régionaux de solidarité FTQ
The Fonds régionaux de solidarité FTQ have been participating in the economic development of Québec's regions for over 24 years. Created in 1996, the Fonds régionaux have invested just over $1 billion dollars in 1,400 companies, helping to create, maintain or protect close to 52,000 jobs.
SOURCE Fonds de solidarité FTQ
For further information: for media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Mobile: 514 703-5587, Email: [email protected]