Mayor Valérie Plante

$40-million in loans for small businesses in Montreal

The city will distribute loans of up to $50K to struggling businesses.

This afternoon it was announced that the city is expediting emergency financial aid being provided by the province to help small and medium-sized businesses in Montreal. Mayor Valérie Plante and Plateau borough mayor Luc Rabouin announced that the city is advancing $40-million to PME Montreal to distribute loans of up to $50,000 to a minimum of 800 local businesses that are struggling due to the COVID-19 / Coronavirus pandemic.

“[This is] financial support in the form of liquidity to companies that are having difficulty maintaining consolidating or relaunching their operations because of COVID-19,” Rabouin said. “This assistance is available to any Montreal business that is temporarily closed or likely to be closed as well as those trying to maintain or restart their operations in the context of this crisis. All Montreal businesses including those in the social economy will be able to benefit from this program.”

He added that businesses receiving the loan will not have to make any payments or pay any interest for six months, and that the city will cover all interest accrued in that period.

Anyone wishing to apply is invited to go to the PME website, where a registration form will be available “in a few days.” Payments are due to begin by the end of April. ■

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