Who is eligible for the ProMontreal Entrepreneurs (PME) Fund?
In order to apply for funding, you must be between the ages of 18-40, live in the greater Montreal area, be a member of the Jewish community, and your business must be in operation for less than two years.
How much funding is allotted?
Funding per eligible business is up to $50,000.
Is this a grant or a loan?
The amount awarded is in the form of a low-interest loan. Interest is at prime and there are no repayments for the first year. Repayments start in the second year and are repaid over a 5-year period.
How can I apply for funding?
To apply, you must complete the PME Fund application form , and submit a business plan, two letters of reference, and a credit check report from Equifax or Trans Union. You can submit all documentation by email (email@example.com) or in person.
How many rounds of funding are held per year?
Two funding rounds are held per year; one in the winter and one in late spring/early summer.
Does everyone who applies receive funding?
All applications are submitted to the ProMontreal Entrepreneurs coordinator, who conducts a first review of all business plans. Finalists are then submitted to the PME Steering Committee and asked to present in person. The committee then selects which businesses to fund from the finalists.
What is the mentorship program?
ProMontreal Entrepreneurs has a mentorship program which pairs budding entrepreneurs with seasoned professionals. Our mentors can offer guidance and advice on a number of topics, including:
Business management and administration
Obtaining business funding
Pursuing sustainable business growth
How can I apply for the mentorship program?
To apply, you must fill out a mentee registration form . Your application will be reviewed by the PME coordinator, who will contact you shortly thereafter.
How can I volunteer as a mentor?
To volunteer, you must fill out a mentor registration form . Your form will be reviewed by the PME coordinator, who will contact you shortly thereafter.
Are there events in the city specifically for entrepreneurs?
Please consult the PME calendar for events hosted by ProMontreal Entrepreneurs as well as other like-minded organizations throughout Montreal.
Which type of business structure is right for me?
There are three types of business structures. Each type of business structure has its advantages and disadvantages. In order to determine which business structure is suitable for you, speak to your accountant.
Sole Proprietorship A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest form of a business set-up to start and maintain.
As a sole proprietorship, there is no difference between the business and the owner. The business assets are your personal assets, and the business liabilities are your personal liabilities. You undertake all the risks associated with the business.
As a sole proprietorship, you report all profits or losses of the business on a personal income tax and benefit return T1 and a Quebec equivalent. Part of your income tax return will include the form “Statement of Business Activities”.
Low costs and easy to run
Records kept to a minimum
All profits are yours
Tax advantages - business losses against personal income
You make all your business decisions
Disadvantages Unlimited liabilities
Not eligible for EI
Liable for all debts of business
A partnership is the relationship between two or more who join together to carry on a trade or business. Each partner contributes money, property, labour, or skills, and each expects to share in the profits and losses. A partner can be an individual, corporation, trust, estate, or another partnership.
All general partners are personally liable for partnership liabilities. There can be no limited partners in a general partnership.
Low cost to set up
Additional investment capital
More skills, talents and experience
Minimum record keeping
Responsible for actions of your partner(s)
Incorporation A corporation is created when there is the participation of many people. A corporation is a legal entity unto itself, separate from the people who own shares in it. This business structure is effective especially when raising capital. The corporation has its own rights and responsibilities.
As a separate legal entity, the business is liable for everything it owns and it is responsible for everything it does.
As a shareholder of the business, you have no personal liability for the company’s debts; liabilities are limited to the assets of the company unless you have provided your personal guarantee.
Advantages Limited liability unless provide personal guarantees
Easier to raise capital
Separate legal entity
Disadvantages Expensive to establish
Rigorous record keeping
Dividends taxed twice
Directors held responsible