Startups in Verdun, Lasalle and the Greater Sud-Ouest neighbourhood interested in submitting their business plans for a shot at $145,000 in potential grant money don’t have too much time left to do so. The contest ends tonight at midnight.

We know we’re getting this new to our readers quite late, so PME MTL Grand Sud-Ouest’s Joseph Khoury told us that any business founders should email him as soon as possible if they feel they might have trouble hitting the midnight deadline. His email is [email protected].

The contest, called “Le Prix Propulse ton GSO,” will hand out about 15 grants between $10,000 and $15,000 to deserving small businesses. While the website says the contest will dole out $100,000, Khoury said in fact it’s now $145,000 thanks to some late additions from community partners.

Khoury also said the majority of applicants are typically web startups. The contest is open to both new businesses (from zero to five years old) or social enterprises.

Ordinarily when a business applies to PME MTL for a business grant, particularly in the startup and growth stage (zero to five years old), the grant comes as part of a loan. But with the Le Priz Propulse ton GSO contest, this doesn’t apply. It’s a non-repayable grant.

Companies applying should also fall within three main categories:

City of Tomorrow - Projects with potential for economic development for Montreal’s Greater Southwest borough.

Living environment - Innovative projects that enrich the living environment of the Greater Southwest and contributes to its success (commercial streets, social economy, etc.)

Growth / Innovation - Projects that promote the growth of Greater Southwest through innovation.

The specific rules for the two streams are as follows:

Young growth start-ups (0-5 years):

• Any SME company legally incorporated and headquartered in the Southwest of Montreal territory, and in the Register of Companies of Québec (REQ).
• Business with growth potential.
• The shareholding of the company must be majority owned by Canadian citizens or permanent residents.
• Company with zero (0) to five (5) years of existence since the beginning of its sales.
• Could be a succession plan, acquisition or business transfer.
• Founder must demonstrate knowledge and relevant experience in the field as well as management skills.
• Founder must agree to work full time in the business (ie a minimum of 35 hours per week).
• Founder shall not be in default of paying its government debt or default of a contractual agreement to repay.
• Submit a business plan or executive summary which demonstrates that the company has viability and cost effectiveness.
• Create permanent full-time jobs within twenty-four (24) months.
• A down payment (minimum 10%) is required in all cases.

Social economy businesses:

• Be a social enterprise or nonprofit organization (NPO) with a social economy project, pre-startup phase, startup or expansion.
• Rely on a formal entrepreneurial approach - financing is diverse and generates revenue from the sale of goods or services amounting to a minimum of 20% of annual revenues.
• Create or maintain jobs.
• Invest a minimum of 20% of the total project cost. This down payment may consist of equity, asset transfer, contributions of partners or financial contributions.
• Submit a business plan or executive summary which demonstrates viability and cost effectiveness.

As well, to enter the price Propulse your GSO, eligible individuals must be aged 18 years and over, resident in Québec and be a Canadian citizen or permanent resident status.

In talking of tech startups in particular, Khoury added that these types of businesses often have a strong showing in the contest.

“Startups are usually the most popular applicants and usually they’re the most advanced projects,” he said. “You have some that are really early-stage and some that are very advanced with a functioning prototype or even started doing sales. Usually a lot of tech companies apply and have a large chance to win because everything that’s technology has more of a ‘wow factor.’ They’re often impressive.”