Quebec Technology Association launches $10 M fund
The Quebec Technology Association (AQT) has just announced the creation of a second tax credit fund, established by FINALTA CAPITAL, in support of member companies in the Greater Quebec City and Eastern Quebec regions.
Concurrently, the AQT announces the recapitalization of the funds, which were launched last year for companies located in the Greater Montreal area and enjoyed unprecedented success.
The creation of this fund will lead to shorter waiting times of refunds for businesses that qualify for tax incentives for scientific research and experimental development (SR&ED), electronic business development (CDAE) and the production of multimedia titles.
Comprised of ten million dollars for companies in the Greater Quebec City area and Eastern Quebec and a further ten million dollars for businesses in Greater Montreal, the AQT’s Tax Credit Financing Funds represent a significant benefit for the companies who will rely on them.
“Annually, ITC industry companies must devote immense financial resources to development and commercialization. Reducing the wait times associated with tax credit refunds will enable them to keep their market strategies on course thanks to the pre-financing of their expenditures in research and development, tax credits for the Development of E-Business (CDAE) and the production of multimedia titles,” said Nicole Martel, the AQT’s president and CEO.
“AQT’s member companies have their financing pre-approved for two years and paid the first day of each quarter in anticipation of budgeted expenses. Therefore, they are well-positioned to bring their innovation to market more quickly and gain a significant competitive advantage, both domestically and internationally,” Maxime-Jean Gérin, CFA, and president and CEO of FINALTA CAPITAL, said.