In order to qualify for the PME Fund, the following criteria must be met:
The applicant must be: a) a member of the Jewish community, b) between the ages of 18 and 40, and c) reside in the greater Montreal area.
The start-up business must be based in the greater Montreal area and in operation for less than two years.
The applicant must have two letters of reference.
The applicant must submit the following: a PME Fund application form, a CV, a business plan including three year cash flows, income statements and balance sheets, and a detailed list of the required funds and uses.
The applicant must be willing to supply any additional information upon request.
The applicant must personally present and explain his/her business plan to the PME Steering Committee.
The applicant must respect the deadlines for submission.
The applicant must provide the PME Steering Committee a recent credit bureau report from Equifax or Trans Union.
Deadline for Applications: October 21st 2013 at 4:00 pm.
PME terms and conditions
Terms & Conditions
The investment will be made by way of a subscription for redeemable and retractable preferred shares in the capital stock of the company, which the applicant is establishing or has established. If the applicant meets all the terms and conditions of the agreement with the PME Fund (and its intermediary The Jewish Community Foundation of Montreal (JCF)), retraction can occur no earlier than one year from the date of issuance. If the applicant fails to meet any of the terms and conditions, the PME Steering Committee can demand retraction (i.e. repayment of the amount invested in preferred shares) 10 days following the breach*. The applicant must provide his/her personal guarantee, which will guarantee the repayment in full of the amount invested by the PME Fund in the preferred shares as described above.
The actual investment contemplated by this application, and the agreement which will follow, will be made by the JCF acting as an intermediary for the PME Fund and the shares being subscribed for shall be issued in the name of the JCF. The PME Fund shall have the right to exercise the right of retraction with respect to the preferred shares in question and shall also have the right to negotiate with the applicant the terms and conditions of repayment of the amount invested.
The PME Steering Committee must approve any dividend to common shareholders.
Salaries to the administrators must be consistent with the business plan. Any payments to non-arm’s length parties must be disclosed and consistent with the business plan.
Any transaction or modification to the business that was not contemplated by the business plan must be approved by the PME Steering Committee.
The applicant must demonstrate the ability and willingness to re-purchase the preferred shares.
The applicant must indicate the potential source for the balance of the company’s financing (“The Company” is the entity for which the applicant is seeking assistance from the PME Fund).
The applicant must report a quarterly balance sheet, income statement, GST/QST payments, and accounts receivables listings to the PME Steering Committee no later than 30 days past each quarter until the investment is fully repaid.
The applicant must supply the PME Steering Committee, for the term of the loan, with a year-end financial statement and a copy of the federal tax return filed on behalf of the company no later than 120 days past the corporate year-end.
The applicant must comply with all deductions at source, GST and QST filings.
The applicant must agree to engage in ethical business practices.
*Certain additional terms and conditions may apply
Please provide a recent credit bureau report from Equifax or Trans Union.
The applicant hereby authorizes the PME Steering Committee to use, obtain, and verify credit and other information about him/herself with others, including credit bureaus, mortgage dealings, as well as with any other persons as may be permitted or required by law. The applicant also authorizes any person contacted in this regard to provide such information.
Attestation of Accuracy/Disclaimer
The applicant hereby confirms that he/she satisfies all of the criteria and will abide by all the terms and conditions listed in the “PME Fund Application Instructions & Eligibility Requirements” and in the “PME Fund Application Form”. The applicant acknowledges that in the event of: (i) the submission of any false or misleading information or (ii) the failure to comply with any of the said terms and conditions within 10 days of having received written notice from the PME Fund of such failure, then the PME Fund shall be entitled to immediately demand retraction of the preferred shares and the applicant shall be personally liable for any sums payable to the PME Fund (and its intermediary the JCF) as a result of such retraction.
The applicant hereby agrees to indemnify and hold harmless each of the ProMontreal Entrepreneurs mentors, the private investors of the PME Fund, the PME Steering Committee members, and all officers, employees and representatives of ProMontreal Entrepreneurs, Federation CJA and its constituent agencies, as well as the JCF, its director, officers, employees and representatives, from and against any and all: (i) claims relating to anything done or omitted by the PME Fund in the course of assessing the candidacy of and/or providing funding to the applicant and (ii) damages, losses, suits, claims and liability incurred by the PME Fund as a result of any false or misleading information submitted by the applicant or any breach by the applicant of any terms and conditions contained in the “PME Fund Application Instructions & Eligibility Requirements” and in the “PME Fund Application Form”.