Business aid: Pierre Fitzgibbon distributed $365 million in June

Aid to businesses: Pierre Fitzgibbon distributed $365M in June< /p> UPDATE DAY

Economics Minister Pierre Fitzgibbon had a busy June. He made about 15 business relief announcements that cost taxpayers more than $365 million.

Mr. Fitzgibbon seems to have taken good note of the warning issued on June 10 by Prime Minister François Legault.

The ADF group in Terrebonne, which specializes in industrial construction, received a $20 million loan to become robotic.

The latter then implored his ministers to break with the “bad habit” of raining announcements as the elections approached. 

“I have asked all my ministers, except for that there will be no more government announcements from July 1,” said the Prime Minister.

Especially in the 2e< /strong>half of June

Aid for businesses: Pierre Fitzgibbon distributed $365M in June

Pierre Fitzgibbon, Minister

In the second half of June, Pierre Fitzgibbon hastened to empty his drawers, going so far as to hold two press conferences a day. 

The value of each advertisement fluctuated from $2 million to $80.5 million.

During a telephone interview with Le Journal last week, the minister denied having so as to prepare the ground for the electoral campaign.

“These are projects we've been working on for a while,” he said.

More announcements to come

Minister Fitzgibbon also said he will likely continue to write checks in the coming weeks. 

“There are going to be announcements that are going to be made,” he said. There will be no press conference, but I still have a lot of projects that are being analyzed. The government must not stop working because we are going on an election campaign. Companies have to be helped. »

The Nemaska ​​Lithium mining company received an additional $80 million from Quebec.

Most of the announcements concern the granting of loans to Quebec or foreign companies that are making investments in new facilities and new equipment. The sums generally come from the Economic Development Fund, the main aid envelope of the Ministry of the Economy.

A new aid fund

But since April 2021, Pierre Fitzgibbon has had a new tool: the Fund for the Growth of Quebec Businesses (FCEQ).

Quebec has injected Another $53 million in the French company Flying Whales.

In recent months, the FCEQ has invested just over $205 million in seven Quebec companies, including agricultural cooperative Olymel ($74 million), data center operator QScale ($30 million), forestry Chantiers Chibougamau/Kraft Nordic ($26 million), the lighting company LMPG/Lumenpulse ($24 million) and the technology firm Coveo ($19 million).

♦ Since the beginning of the pandemic, the Ministry of the Economy has also granted more than $1.2 billion in loans and loan guarantees under the Concerted Temporary Action Program for Businesses (PACTE), which has ended last month.  

The biggest grants awarded 

  • Uniboard (forestry): 80.5 M$
  • Nemaska ​​Lithium (mining sector):$80 M
  • Flying Whales (aeronautics): $53 M
  • < li dir="auto">Thrust Capital partners (aerospace):$30 million

  • Jubilant HollisterStier (pharmaceutical): $25 million
  • ADF (steel structures): 20 M$
  • Triptyq Capital Fund (creative industries ): 20 M$
  • O-I Glass (glass packaging): 19 M$
  • Le Panier Bleu (e-commerce): 12 M$

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