Fonds de solidarité FTQ Network and CRIQ Join Forces to Encourage Innovation in Québec businesses

Highlights:

• Launch of Solution Innovation partnership;
• Streamlined process to obtain financing for innovative R&D and equipment, service or technology acquisition projects of over $10,000;
• Unsecured loans
• Flexible repayment terms
• No legal fees

MONTRÉAL, March 15, 2016 /CNW Telbec/ - The Fonds régionaux de solidarité FTQ, the Fonds locaux de solidarité FTQ and the Centre de recherche industrielle du Québec (CRIQ) are joining forces to offer Solution Innovation, a new program for Québec businesses, and especially SMEs looking to enhance productivity, adopt new production technology, conquer new markets or switch to greener industrial processes.

"Solution Innovation will provide financing to Québec businesses looking to increase their competitiveness and productivity through innovation. It will help businesses adopt innovative practices in order to fully capitalize on opportunities," said Luc Pinard, President and Chief Executive Officer of the Fonds locaux de solidarité FTQ.

"The CRIQ is especially happy to align itself with the Fonds de solidarité FTQ network to offer businesses a simplified process that includes both specialized technical expertise and financing. We believe that this partnership will lead to more innovation projects in the manufacturing sector," said in turn CRIQ president and CEO Denis Hardy.

"The MEQ welcomes this ambitious innovation initiative put forward by the Fonds régionaux de solidarité FTQ, the Fonds locaux de solidarité FTQ and the CRIQ. Thanks to this partnership, we will be able to better support our entrepreneurs in their innovation projects," said Éric Tétrault, President of Manufacturiers et Exportateurs du Québec.

Eligible projects
Any innovative R&D and equipment, service or technology acquisition project offered by CRIQ is eligible for the Solution Innovation program provided it:

• leads to sustainable productivity growth
• opens the door to new markets
• leads to increased market share
• provides a way to reduce the environmental repercussions of industrial activities

The project must be submitted by a Québec business and be for its benefit. To be eligible, the business must:

• have a place of business in Québec and be validly registered with the Registraire des entreprises du Québec
• not be a limited partnership

The project cost can range from $10,000 to several million dollars.

Eligible expenses
Eligible expenses under the Solution Innovation program include:

• Fees and travel costs of CRIQ personnel and subcontractors;
• Reasonable equipment acquisition and rental costs;
• Project-related materials and supplies;
• Costs associated with the protection of intellectual property, if applicable.

Application process
To take advantage of the Solution Innovation program, interested businesses must first verify their eligibility and complete the application form on www.solutioninnovation.ca.

About the Fonds régionaux de solidarité FTQ
An integral part of the Fonds de solidarité FTQ network, the Fonds régionaux de solidarité FTQ actively participate in the economic development of Québec's regions. On December 31, 2015, the Fonds régionaux portfolio comprised 396 partner companies, for total investments of $306.4 million in projects valued at $1.3 billion, bringing the number of jobs created, maintained or protected to more than 17,800. For more information, please visit www.fondsreg.com.

About the Fonds locaux de solidarité FTQ
The Fonds locaux de solidarité FTQ is a limited partnership created by the Fonds de solidarité FTQ and the Fédération Québécoise des Municipalités (FQM) in 1991. Its mission is to invest in the Fonds locaux de solidarité (FLS) to enable them to encourage and support entrepreneurship, job creation and the local economy.  For more information, visit www.fondslocaux.com.

About CRIQ
For more than 45 years, the mission of the Centre de recherche industrielle du Québec (CRIQ) has been to make Québec industry more competitive and boost growth by supporting innovation, productivity, and exports, as well as fostering partnerships to improve products and services. With over 200 employees and labs in Québec City and Montréal, CRIQ carries out close to 2,000 projects each year. www.criq.qc.ca

SOURCE Fonds de solidarité FTQ

For media representatives only: Patrick McQuilken, Fonds de solidarité FTQ, Telephone: [phone], Mobile: [phone], E-mail: [email protected]; CRIQ, Mathieu Bilodeau, Centre de recherche industriel du Québec, Telephone: [phone] ext. 2246, Mobile: [phone], E-mail: [email protected]; For entrepreneurs: Solution Innovation, Toll free: 1 800 667-2386, ext. 2248, E-mail: [email protected]