SAGUENAY, QC, June 7, 2013 /CNW Telbec/ - The Fonds régionaux de solidarité FTQ (FRS) have reached a record-breaking 350 partner companies across Québec. The 16 FRS, which cover the entire province, offer high risk capital to local SMEs, mostly in the form of unsecured loans, which are not usually available from other financial institutions.
As further proof of their increasingly important role, the FRS have averaged one new partner company per week in the last year. Of 77 financing agreements completed, 54 were with new partners, 19 of which involved transfers.
During the annual FRS meeting in Rouyn-Noranda this week, employees of the regional funds talked of the challenges awaiting Québec enterprises in the years ahead.
"Côte-Nord and Saguenay—Lac-St-Jean have had some excellent years, with major industrial projects launched on their territories. As a result, their regional funds have invested $4.2 million in nine companies to help further their growth and enable them to better respond to their customers' varied needs. Our investments were parlayed into $20 million of projects involving expansion outside their traditional markets and in two cases, involving business transfers," said Claude Potvin, General Manager of the Fonds régionaux de solidarité FTQ Saguenay—Lac-St-Jean and Côte-Nord.
"With a new partner company every week, it's clear that the Fonds régionaux de solidarité FTQ have become partners of choice for enterprises all across Québec. And with a record-breaking 350 partner companies, our regional funds are helping to drive economic development in all the regions," added Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.
Since their inception, the Fonds régionaux Saguenay—Lac-St-Jean and Côte-Nord have completed 112 financing agreements totalling $55.5 million that have created, maintained or protected over 3,400 jobs.
About Fonds régionaux de solidarité FTQ
Integral part of the Fonds de solidarité FTQ network since they were launched in the spring of 1996, the 16 Fonds régionaux de solidarité FTQ have been actively participating in the economic development of the regions of Québec. As of March 31, 2013, the Fonds régionaux's portfolio comprised 350 partner companies, bringing the total number of jobs created or protected to more than 14,700. Total investments stood at $239.6 million.
SOURCE: FONDS REGIONAUX DE SOLIDARITE FTQ
For further information:
Senior Adivsor, Media Relations and Communications
Fonds de solidarité FTQ
Phone: 514 850-4835
Mobile: 514 703-5587
Email: [email protected]