Obligations of the KRG. a) The KRG undertakes to promote local development and entrepreneurial support within its territory. It entrusts the following mandates in particular to the Local Development Center, hereinafter referred to as LDC, that it designates to act as such: - To offer a full range of front-line services to businesses, including by grouping them together or coordinating them; this offer of services can be made, if applicable, in partnership with other people or organizations, including from the private sector. - To develop a local action plan to stimulate the economy and create employment, particularly taking into consideration the five-year development plan established by the regional conference of elected officers of its territory and to see to the implementation of that local action plan. - To formulate a strategy for the development of entrepreneurship, including social economy entrepreneurship, taking into consideration national and regional orientations, strategies, and objectives. - To act as an advisory body for the benefit of the local employment center serving its territory. b) The KRG undertakes to contribute to the financing of the LDC, for the following activities: - Operating expenses for the LDC, including costs related to studies and research; - Financial assistance for enterprise development and for support to local development projects, including financial assistance for young entrepreneurs for economic diversification and for the development of social economy enterprises; - Any other activity that is part of the mandates entrusted to the LDC. c) The amount of financial assistance provided for enterprise projects will be determined by the LDC according to its investment policy. Moreover, the combined financial assistance from the governments of Québec and Canada and from the LDC may not exceed 50 % of the costs in the case of a profit-making business and 80 % in the other cases, including a non profit-making enterprise and a cooperative. d) The KRG undertakes to turn over to the LDC all uncommitted amounts, as at March 31st, 2004, from the economic diversification activity component of the Regional Development Fund. e) The KRG must ensure that the LDC used the government contributions awarded under the loan agreement between the government and the LDC to establish the Local Investment Fund (LIF) according to the following modalities: - General Component The assistance provided by the LDC, out of amounts allocated by the government within the LIF, shall be for business startup or development projects, including social economy enterprises, whose objective complied with the investment policy of the LDC.
Appears in 2 contracts
Samples: Agreement Concerning Block Funding for the Kativik Regional Government, Agreement Concerning Block Funding for the Kativik Regional Government
Obligations of the KRG. a) The KRG undertakes to promote local development and entrepreneurial support within its territory. It entrusts the following mandates in particular to the Local Development Center, hereinafter referred to as LDC, that it designates to act as such: - ⚫ To offer a full range of front-line services to businesses, including by grouping them together or coordinating them; this offer of services can be made, if applicable, in partnership with other people or organizations, including from the private sector. - ⚫ To develop a local action plan to stimulate the economy and create employment, particularly taking into consideration the five-year development plan established by the regional conference of elected officers of its territory and to see to the implementation of that local action plan. - ⚫ To formulate a strategy for the development of entrepreneurship, including social economy entrepreneurship, taking into consideration national and regional orientations, strategies, and objectives. - ⚫ To act as an advisory body for the benefit of the local employment center serving its territory.
b) The KRG undertakes to contribute to the financing of the LDC, for the following activities: - ⚫ Operating expenses for the LDC, including costs related to studies and research; - ⚫ Financial assistance for enterprise development and for support to local development projects, including financial assistance for young entrepreneurs for economic diversification and for the development of social economy enterprises; - ⚫ Any other activity that is part of the mandates entrusted to the LDC.
c) The amount of financial assistance provided for enterprise projects will be determined by the LDC according to its investment policy. Moreover, the combined financial assistance from the governments of Québec and Canada and from the LDC may not exceed 50 50% of the costs in the case of a profit-making business and 80 80% in the other cases, including a non profit-making enterprise and a cooperative.
d) The KRG undertakes to turn over to the LDC all uncommitted amounts, as at March 31st, 2004, from the economic diversification activity component of the Regional Development Fund.
e) The KRG must ensure that the LDC used the government contributions awarded under the loan agreement between the government and the LDC to establish the Local Investment Fund (LIF) according to the following modalities: - General Component The assistance provided by the LDC, out of amounts allocated by the government within the LIF, shall be for business startup or development projects, including social economy enterprises, whose objective complied with the investment policy of the LDC. The assistance may take the form of a loan, equity-type loan, loan guarantee, security, acquisition of bonds or other debt instruments, investment in share- capital, capital stock, or other investments, excluding investment in the form of subsidies, waiving interest, waiving capital, sponsorships, donations, and other expenditures of the same nature, in compliance with the LDC’s investment policy. Capital expenditures (such as land, buildings, equipment, machinery, automotive equipment, incorporation fees, and any other expenditures of the same nature, except goodwill), the acquisition of technology, software of software packages, patents, and any other expenditures of the same nature (excluding research and development activities), as well as working capital needs strictly related to the business’ operations calculated for the first year of operation are eligible expenditures. The financial assistance may not be used for an organization’s operations to finance debt servicing, to refund future loans, or to finance a project that has already been carried out. Expenditures allocated to carrying out a project made prior to the date that the official request for assistance is received by the LDC are not eligible. The amount of the financial assistance will be determined by the LDC. Moreover, the combined financial assistance of the governments of Québec and Canada and from the LDC shall not exceed 50% of eligible expenditures for each of the projects, except for social economy business projects, for which financial assistance may reach 80%. This component is intended to encourage the transition in existing businesses and concerns any young entrepreneur less than 35 years of age wishing to acquire a significant interest of at least 25% of an existing business. Expenditures for acquiring ownership of the business’ property (voting stock or shares) as well as fees for professional services directly related to the acquisition transaction are eligible expenditures. The assistance will take the form of an interest-free loan not exceeding $25,000, which must be accompanied by deferred repayment of capital for the first year. The loan to a young entrepreneur under this component may amount to 80% of eligible expenditures. Combined financial assistance from the governments of Québec and Canada and the LDC may not exceed 80% of eligible expenditures. Any transaction for acquiring the ownership rights of the business that is entered into prior to the date that the official request for assistance is received by the lDC is not eligible. The financial assistance is subject to the young entrepreneur’s obligation to work full-time in the business and to remain the owner of at least 25% of the value of the business for the term of the loan.
e) The KRG must ensure that the LDC keeps appropriate accounts and records concerning the use of financial assistance awarded under this mandate.
f) The KRG must submit to the MINISTER the LDC’s annual report and a copy of the LDC’s financial statements, accompanied by the auditor’s report for the previous fiscal year. These reports must include results obtained with respect to front-line services to business as well as results obtained with respect to each of the expectations stated by the KRG to the LDC, and must include activities carried out under the Local Investment Fund and activities carried out as part of economic diversification.
g) The KRG must enter into an agreement with the LDC to follow up on its obligations issuing from this agreement. The agreement must include provisions concerning the LDC’s commitment to comply with the conditions of its designation as well as provision relating to the agreement’s termination in case of default by the LDC.
Appears in 1 contract
Samples: Agreement Concerning Block Funding
Obligations of the KRG. a) The KRG undertakes to promote local development and entrepreneurial support within its territory. It entrusts the following mandates in particular to the Local Development Center, hereinafter referred to as LDC, that it designates to act as such: - To offer a full range of front-line services to businesses, including by grouping them together or coordinating them; this offer of services can be made, if applicable, in partnership with other people or organizations, including from the private sector. - To develop a local action plan to stimulate the economy and create employment, particularly taking into consideration the five-year development plan established by the regional conference of elected officers of its territory and to see to the implementation of that local action plan. - To formulate a strategy for the development of entrepreneurship, including social economy entrepreneurship, taking into consideration national and regional orientations, strategies, and objectives. - To act as an advisory body for the benefit of the local employment center serving its territory.
b) The KRG undertakes to contribute to the financing of the LDC, for the following activities: - Operating expenses for the LDC, including costs related to studies and research; - Financial assistance for enterprise development and for support to local development projects, including financial assistance for young entrepreneurs for economic diversification and for the development of social economy enterprises; - Any other activity that is part of the mandates entrusted to the LDC.
c) The amount of financial assistance provided for enterprise projects will be determined by the LDC according to its investment policy. Moreover, the combined financial assistance from the governments of Québec and Canada and from the LDC may not exceed 50 50% of the costs in the case of a profit-making business and 80 80% in the other cases, including a non profit-making enterprise and a cooperative.
d) The KRG undertakes to turn over to the LDC all uncommitted amounts, as at March 31st, 2004, from the economic diversification activity component of the Regional Development Fund.
e) The KRG must ensure that the LDC used the government contributions awarded under the loan agreement between the government and the LDC to establish the Local Investment Fund (LIF) according to the following modalities: - General Component The assistance provided by the LDC, out of amounts allocated by the government within the LIF, shall be for business startup or development projects, including social economy enterprises, whose objective complied with the investment policy of the LDC. The assistance may take the form of a loan, equity-type loan, loan guarantee, security, acquisition of bonds or other debt instruments, investment in share- capital, capital stock, or other investments, excluding investment in the form of subsidies, waiving interest, waiving capital, sponsorships, donations, and other expenditures of the same nature, in compliance with the LDC’s investment policy. Capital expenditures (such as land, buildings, equipment, machinery, automotive equipment, incorporation fees, and any other expenditures of the same nature, except goodwill), the acquisition of technology, software of software packages, patents, and any other expenditures of the same nature (excluding research and development activities), as well as working capital needs strictly related to the business’ operations calculated for the first year of operation are eligible expenditures. The financial assistance may not be used for an organization’s operations to finance debt servicing, to refund future loans, or to finance a project that has already been carried out. Expenditures allocated to carrying out a project made prior to the date that the official request for assistance is received by the LDC are not eligible. The amount of the financial assistance will be determined by the LDC. Moreover, the combined financial assistance of the governments of Québec and Canada and from the LDC shall not exceed 50% of eligible expenditures for each of the projects, except for social economy business projects, for which financial assistance may reach 80%. This component is intended to encourage the transition in existing businesses and concerns any young entrepreneur less than 35 years of age wishing to acquire a significant interest of at least 25% of an existing business. Expenditures for acquiring ownership of the business’ property (voting stock or shares) as well as fees for professional services directly related to the acquisition transaction are eligible expenditures. The assistance will take the form of an interest-free loan not exceeding $25,000, which must be accompanied by deferred repayment of capital for the first year. The loan to a young entrepreneur under this component may amount to 80% of eligible expenditures. Combined financial assistance from the governments of Québec and Canada and the LDC may not exceed 80% of eligible expenditures. Any transaction for acquiring the ownership rights of the business that is entered into prior to the date that the official request for assistance is received by the lDC is not eligible. The financial assistance is subject to the young entrepreneur’s obligation to work full-time in the business and to remain the owner of at least 25% of the value of the business for the term of the loan.
e) The KRG must ensure that the LDC keeps appropriate accounts and records concerning the use of financial assistance awarded under this mandate.
f) The KRG must submit to the MINISTER the LDC’s annual report and a copy of the LDC’s financial statements, accompanied by the auditor’s report for the previous fiscal year. These reports must include results obtained with respect to front-line services to business as well as results obtained with respect to each of the expectations stated by the KRG to the LDC, and must include activities carried out under the Local Investment Fund and activities carried out as part of economic diversification.
g) The KRG must enter into an agreement with the LDC to follow up on its obligations issuing from this agreement. The agreement must include provisions concerning the LDC’s commitment to comply with the conditions of its designation as well as provision relating to the agreement’s termination in case of default by the LDC.
Appears in 1 contract
Samples: Agreement Concerning Block Funding for the Kativik Regional Government
