MONTREAL -- The Caisse de depot et placement du Quebec (CDPQ) is stepping up with some cash to help Quebec companies that have been impacted by the COVID-19 crisis.
The CDPQ is offering $4 billion for companies in the province and giving an additional $300,000 as a philanthropic and community donation.
“This support is intended to complement the various initiatives that other financial institutions, Quebec institutional investors and the governments of Quebec and Canada have announced,” reads a Monday news release from the CDPQ.
Companies must have been profitable before the COVID-19 outbreak and shut down all non-essential business, have a promising growth outlook, and be seeking financing of over $5 million, according to the release.
The company is also freezing all leaders’ salaries for 2020, and postponing compensation for CDPQ leaders to the third quarter.
“The envelope announced today, and the personalized advice that our teams provide to portfolio companies, represent important contributions to Quebec's economy in these difficult but temporary circumstances,” said Caisse president and CEO Charles Emond.
Those companies wanting to request funds can do so at the CPDQ website.
The $300,000 donation will be split between the following organizations:
- Centraide of Greater Montreal's Emergency Fund, dedicated to the most vulnerable people;
- Canadian Red Cross, for its community support services;
- Little Brothers, who especially work with the elderly in need;
- Tel-jeunes, which supports young people and parents with free and confidential professional counselling services;
- Alloprof, which provides valuable educational support services for parents.
