Economic Recovery for Lac-Mégantic

Funding description

The aim of this funding is to support the economic and commercial recovery of the town of Lac-Mégantic in the aftermath of the rail accident that occurred on July 6, 2013. This financial assistance is provided under the QEDP.

The funding is broken down into three components: 

• Component 1 – Town reconstruction projects Open
• Component 2 – Support for SMEs and organizations Closed
• Component 3 – Investment funds Closed

Component 1 – Town reconstruction projects Open

Examples of funded projects

• Recovery and rebuilding plans 
• Road infrastructure and urban planning
• Recreational, cultural and tourism projects

All project applications must come from Town of Lac-Mégantic officials.
 

Component 2 – Support for SMEs and organizations Closed

Examples of funded projects

• Recovery of a business or organization
• Business start-ups
• Development of an economic recovery plan
• Implementation of new economic opportunities

Financial assistance

For SMEs

• Contributions are repayable, without interest. Repayment begins three years after the end of the project.

For NPOs

• Non-repayable contribution

 

Eligible costs

All costs directly related to the project that are deemed reasonable and essential to the implementation of the project. Restrictions may apply in certain cases.

Ineligible costs

• The refinancing of an existing debt
• The purchase of an asset at a price that exceeds its fair market value
• Amortization expenses
• Goodwill costs (including revenue losses)
• Disaster-related decontamination costs
• Costs already covered in full by other government programs, including direct assistance to disaster victims
• Legal fees associated with lawsuits

Eligibility

• Lac-Mégantic SMEs
• Lac-Mégantic NPOs

Lac-Mégantic businesses and organizations, whether or not they were affected by the tragedy on July 6, 2013, may be eligible for this second component, provided their projects contribute to the economic and commercial recovery of the town of Lac-Mégantic. CED’s assistance complements support provided through other government programs.
 

Analysis criteria 

Projects are analyzed against specific criteria, namely:

• the expected results of your project
• the viability of your business or organization
• your technical and financial management capacity
• the contribution of partners in terms of services or financial resources

Submitting a project

The application period for this component is now closed.

Component 3 – Investment funds Closed

CED has set up two investment funds to support community development in the Mégantic region. The funds are managed by the region’s Société d’aide et de développement des collectivités (SADC). 

The application period for this component is now closed.

To find out more about this component, visit the SADC Région de Mégantic website or call the SADC at 819-583-5332.