New Tax Agreement with Québec's Municipalities: The Fonds de solidarité FTQ Will Remain Active in Local Economic Development

MONTRÉAL, Nov. 5, 2014 /CNW Telbec/ - Today's announcement of a new tax agreement between the Fonds de solidarité FTQ and Québec's municipalities means the Fonds will be able to continue contributing to local economic development as it has done since its inception. As a result of the agreement, the fonds locaux de solidarité ("FLS") - the outcome of a partnership with the Fédération québécoise des municipalités ("FQM") - will continue operating all across Québec, no matter the model chosen chosen by RCMs.

"The FLS, which offer SME financieng of up to $100,000, have invested $104 million over the last 23 years. This partnership with the Fédération québécoise des municipalités shows that there is a genuine need among local businesses for patient capital to complement traditional financing arrangements," said Gaétan Morin, President and Chief Executive Officer of the Fonds de solidarité FTQ

"The funding provided by the FLS is often the helping hand businesses need, whether it's to launch their enterprise, make an acquisition or expand. The new annual record of 263 projects financed in 2013-2014 clearly shows that the 84 FLS have their place," added Jean-René Laforest, General Manager of the Fonds locaux de solidarité FTQ.  

"As you can see from the network's investment record, our 15 plus years of collaboration with the Centres locaux développement (CLD) and the Corporations de développement économique communautaire (CDEC) for the management of the FLS have been most productive. Thank you to all the CLD and CDEC volunteers and professionals who have given their all to drive the local economy," continued Mr. Laforest.

During the transition period in 2015 during which the governance framework for local development will be implemented, the Fonds de solidarité FTQ and the Fonds locaux de solidarité FTQ will work with the government, RCMs and CLDs, according the decisions taken locally. to ensure that all the elements that have made the FLS a major factor in the success of local entrepreneurs remain in place, in particular, the presence of socio-economic actors on the investment decision-making boards.

Since their creation in 1991, the Fonds locaux de solidarité FTQ have invested $104 million in 3,369 projects with an aggregate value of $1.5 billion. These investments have helped create or protect 31,357 jobs.¹

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ helps drive our economy. With net assets of $10.1 billion as of May 31, 2014, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in more than 2,450 companies. With 613,958 shareholder-savers, the Fonds helps create, maintain and protect more than 172,000 jobs. For more information, visit www.FondsFTQ.com.

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¹ Data at June 30, 2014

SOURCE: Fonds de solidarité FTQ

For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: [phone], Mobile : [phone], Email: [email protected]; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663