Fonds de solidarité FTQ
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| Company created by special legislation | |
| Industry | Development capital Venture capital Business financing |
| Founded | June 23, 1983 |
| Headquarters | Montreal, Quebec, Canada |
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Area served
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Quebec |
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Key people
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Gaétan Morin President & CEO |
| Products | Registered Retirement Savings Plan |
| Website | www.fondsftq.com |
The Fonds de solidarité FTQ (“Fonds”) is a Québec development capital organization whose overriding mission is to invest in local businesses to further the economic development of all the regions of Québec.
Created by the Fédération des travailleurs et travailleuses du Québec (FTQ), Québec’s largest labour body, the Fonds de solidarité FTQ was created on June 23, 1983 through legislation enacted by the province’s National Assembly.
As of November 30, 2015, the Fonds held $11.2 billion in net assets, had 613,958 owner-shareholders, and had helped create, maintain and protect 172,000 jobs.
Headquartered in Montréal, the Fonds de solidarité FTQ has a network of independent organizations that includes 16 Fonds régionaux de solidarité FTQ [regional solidarity funds], 16 Fonds locaux de solidarité FTQ [local solidarity funds] and the Fonds immobilier de solidarité FTQ [real estate solidarity fund]. Its investment network also includes 77 specialty funds.
The Fonds’ core mission is to further Québec’s economic growth by creating and protecting jobs through investments in local businesses across all sectors of the economy. Part of its mission is also to encourage its owner-shareholders to save for retirement and to provide them with a reasonable return, which is in addition to the tax benefits granted by the two levels of government.
The Fonds de solidarité FTQ was constituted on June 23, 1983 by an act of the Québec National Assembly, then headed by the Lévesque government. The Fonds’ objectives are to:
Most of the Fonds’ investments take the form of unsecured loans in Québec small and mid-sized enterprises (SME).
In keeping with its mission, the Fonds makes investments in all types of businesses, with or without a guarantee. However, in any given year, the proportion of unsecured investments in eligible companies must represent, on average, at least 60% of its average net assets of the previous year.
For the year ended May 31, 2015, the Fonds had invested $640 million in Québec companies. It is a partner, either directly or through one of its network members, in over 2,500 Québec companies.
The only development capital organization with sector expertise, the Fonds invests in the most important sectors of the Québec economy.
As at November 30, 2015, the fair value of development capital investment by the Fonds in partner compagnies reached $ 7.3 billion.
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Wikipedia