Canada/COVID-19 - Montreal supports the social and local economy to foster a shift towards resilience and a better distribution of wealth

The city of Montréal is announcing major investments to support the social and local economy. First of all, an additional $4 million will be injected into the Accelerating Sustainable Investment program, for grants for the renovation and acquisition of buildings. Second, the Community Bond Program will receive additional funding to implement new bond campaigns.

The city is also unveiling the businesses and organizations selected as part of the social economy challenge Acting for the ecological transition, and is injecting $6.3 million in human resources to maintain the support services offered to social economy businesses and to recruit six local economic development resources who will work on strategies, consultation and local development.3 million in human resources to maintain the support services offered to social economy enterprises and to recruit six local economic development resources who will work on strategies, consultation and urban revitalization.

"The social economy is one of the best levers to bring about a shift towards a more inclusive economy and a more equitable distribution of wealth. Like Barcelona and Seoul, Montréal is a leader in the social economy. These new measures implemented by the City of Montréal will help propel the sector even further," said a delighted Valérie Plante, Mayor of Montréal.

"Montréal has long stood out for the structuring development of the social economy on its territory. Support for building acquisition, construction, renovation and expansion projects, support for community bond issues and direct funding for social economy enterprises are all good news and good examples of how a municipality can support collective responses to common challenges. I invite all municipalities in Quebec to draw inspiration from what is being done in our city in favour of collective entrepreneurship so that together we can develop greener communities.I invite all municipalities in Quebec to draw inspiration from what is being done in our city in favour of collective entrepreneurship so that together we can develop greener, more resilient and more supportive communities," added Béatrice Alain, Executive Director of the Chantier de l'Économie sociale.

Addition of local development resources for PME MTL

The city of Montréal is allocating an additional $505,700 for 2021 to the six PME MTL organizations to recruit six local economic development resources who will work on planning, consultation, urban revitalization and the development of structuring projects with economic and social impacts.

"With this addition of the mandate and resources in local economic development within the PME MTL network, we are correcting an error made by the previous administration when the network was reorganized. We are thus restoring PME MTL's leading role in mobilizing the vital forces of our communities and ensuring that no one and no neighbourhood is left behind," added Luc Rabouin.

"The PME MTL network is made up of six organizations that are well established in their territory. The addition of local economic development resources will accelerate the emergence and growth of promising projects that meet the needs of the communities and are in line with a perspective of economic development.The addition of local economic development resources will accelerate the emergence and growth of promising projects that meet the needs of communities and are in line with a plural economy and sustainable territorial development," added Jean François Lalonde, Executive Director of PME MTL Centre-Est.

Additional $4 million to renovate and acquire buildings

The city of Montréal is adding $4 million to the Accelerating Sustainable Investment - Social Economy program to support a greater number of construction, renovation and expansion projects.The city is adding $4 million to the Accelerating Sustainable Investment - Social Economy program to support a greater number of construction, renovation and expansion projects, but also to add a component to the program for the acquisition of buildings by social economy enterprises.

500,000 to stimulate community bond campaigns

Community bonds allow citizens to become directly involved in local economic development by investing in the businesses they care about. As an example, in 2017, 189 citizen investors purchased community bonds issued by Cinéma du Parc, generating $145,000 to renovate two theatres.

"The city of Montréal is investing $500,000 to stimulate community bond issue campaigns by social economy enterprises. Thus, NPOs will be able to solicit the PME MTL network to buy community bonds up to an amount equivalent to that committed by citizen investors," said Mr. Dupuis. This will allow NPOs to solicit the PME MTL network to purchase community bonds up to an amount equivalent to that committed by the citizen investors," explained Luc Rabouin, the executive committee member responsible for economic and commercial development and design.

"Without the support of the people who invested in our renovation project, we would never have been able to renovate our halls.With this support from the City of Montreal, we will offer the public the opportunity to invest in new projects in 2022.This will contribute to the recovery of Montreal's three independent cinemas, the Cinémas Beaubien, du Parc and du MuséThis will contribute to the recovery of Montreal's three independent theatres, the Cinémas Beaubien, du Parc and du Musée," added Mario Fortin, President and General Manager of the Cinémas Beaubien, du Parc and du Musée.

Two proposals selected for the ecological transition

The city is pleased to unveil the proposals selected as part of a call for social economy projects, launched last May, aimed at putting the expertise and innovative capacity of the social economy to good use in addressing urban issues identified by the city.

1- Architecture sans frontières Québec receives $500,000 in financial support
The project will reduce the landfill of construction, deconstruction and renovation materials by optimizing their reuse.The project will reduce the landfilling of construction, deconstruction and renovation materials by optimizing the reuse of recovered materials and promoting concrete strategies for reducing residual materials among construction sector stakeholders.

2- Renaissance Montreal receives $500,000 in financial support
The project will reduce the landfill of clothing through reuse, through a partnership with Vestechpro. In this first industrial pilot of a defibrillator, new products will be created from post-consumer clothing.

Source: www.newswire.ca