City of Montreal investing $36.7 million into support network for businesses
Posted January 24, 2024 4:43 pm.
In an effort to promote economic development and entrepreneurship, Mayor Valerie Plante announced the City of Montreal is investing $36.7 million into PME MTL, a support network for businesses.
“We’re happy to send this message to enterprises that we’re there to support,” says Plante.
The investment is being made in partnership with the government of Quebec.
“To support anyone, any enterprise, entrepreneurs, mom-and-pop shops, restaurants, bars, everybody has access throughout the territory of the island of Montreal to those services,” Plante said.
Plante says the investment will help the organization in dealing with the post-pandemic economy, rising inflation and interest rates.
PME MTL comprises six organizations across the city and supports business projects at all stages, through loans, subsidies and technical support, and more.
“It could be also an open open discussion to find other financial partners,” said Luc Rabouin, Chair of Montreal’s Executive Committee, responsible for economic and business development. “PME MTL is able to to work around the financial model, but they also know everyone in the financial ecosystem,s so they can help the enterprise to get access to other funding.”
The city says they’re renewing the partnership with PME MTL until 2026.
