Montréal invests $36.7 million to support local economic development

24 Jan 2024


Go back to NewsMontréal invests $36.7 million to support local economic development© JF Leblanc - SDC de l'Avenue du Mont-Royal | Foire commerciale

To support local economic development and entrepreneurship, Montréal announces an investment of $36.7 million and the renewal of its agreement with PME MTL until 2026. This investment will enable the PME MTL network to pursue its mission by supporting business projects, through loans, grants or technical coaching, among other means.

Set up in 2015 to promote local development adapted to the realities of the metropolis and to support private and collective business projects in all their phases of development, the PME MTL network comprises six organizations, spread across the territory. A total of $93.4 million has been granted in loans, grants and services to Montreal companies and businesses since the network was created. During the pandemic, PME MTL also managed the emergency fund, financing more than $165 million in loans to businesses to help them get back on their feet.

The $36.7 million investment is in addition to the $2 million announced in December, as part of the financial support program for boroughs to revitalize commercial sectors located outside the districts of the Sociétés de développement commercial.

"Local businesses contribute directly to the vitality of our neighborhoods and the uniqueness of the metropolis. Our administration has always supported local merchants and entrepreneurs, and we will continue to do so, particularly during this period of economic uncertainty that is hitting small businesses hard. In addition to providing financial support to PME MTL, the City continues to offer a wide range of assistance measures, notably for businesses located in sectors under construction - a first in Canada -, for those wishing to renovate their facade or improve universal accessibility, and for those seeking consulting services. I invite the entire population to join us in visiting and encouraging our local businesses," declared Montreal Mayor Valérie Plante.

"The renewal of the agreement with the PME MTL network is excellent news for the entire Montreal business community, not only for our merchants, who play such an important role in our city's economic development, but also for small business owners throughout Montreal. It's also one of our most important levers for achieving a sustainable economy, with programs promoting businesses that focus on ecological transition, local development and the social economy. In these difficult economic times for everyone, our administration is resolutely committed to continuing its efforts to support Montreal businesses," said Luc Rabouin, President of the Executive Committee, responsible for economic and business development, knowledge, innovation and design, and acting Human Resources Manager.

"For over nine years, PME MTL has been providing support and financing to private and social economy companies on the island of Montreal. Our multidisciplinary team of 160 experts supports entrepreneurs' ambitions by promoting the creation of structuring and innovative projects that are part of the ecological transition. The renewal of this agreement is a reminder of the importance of our mission and our financing tools in contributing to the economic development of the metropolis, and in particular commercial, industrial and social economy development. As an economic developer, PME MTL is constantly evolving to meet the challenges of sustainable development, multiplying initiatives promoting local sourcing, the circular economy and sustainable mobility. Innovation takes on a new meaning, and thanks to this solid partnership with the Ville de Montréal, we are working together for a greener, more inclusive and resilient economy", emphasized the general managers of PME MTL's six service poles, Annie Bourgoin, Marie-Claude Dauray, Jean François Lalonde, Marc-André Perron, Nathalie Robitaille and Gilbert Samaha.

PME MTL's experts support businesses at every stage of their development, from pre-startup, to startup, growth and consolidation. Between 2019 and 2022, 18,491 interventions were carried out by the PME MTL network for Montreal companies. The renewal of this agreement testifies to the importance the City places on entrepreneurship and local commerce, especially in the current economic climate, which is proving difficult for merchants. The city will continue to support local economic development, an important commitment of the administration.