SEPT-ÎLES, QC – Following its recent introduction of a new financing product aimed at the fishing industry, Fonds régionaux de solidarité FTQ Côte-Nord today announced over $2.3 million of investments in two Côte-Nord businesses, Pêcheries M J M Inc. of Sept-Îles and Les Entreprises de pêche Éric Gallant Inc. of Aguanish, in the Minganie RCM.
Last December, Fonds régionaux de solidarité FTQ de l’Est-du-Québec launched a new financing product designed specifically to meet the needs of the fishing industry. With this product, loans of up to $3 million are available for the following types of projects: licence or quota purchases, succession, asset purchase, share buyback, growth, export, strategic acquisition, innovation and modernization. An industry-specific rate schedule applies for these loans.
“These two investments in the fisheries sector are perfectly aligned with the mission of Fonds régionaux de solidarité FTQ Côte-Nord, which is to support local entrepreneurs in their development and growth projects. Fishing is a very important economic activity for the regions of eastern Québec and particularly for small coastal communities. The Gallant family, including Magella and Éric, the sons of Julien-Marie Gallant, an experienced fish harvester, has an excellent track record in this industry and we are happy to help support the projects of these local entrepreneurs,” said Julie Boulianne, Regional Vice-President, Côte-Nord region.
Over the last decade, Fonds régionaux has developed expertise in business succession, thus helping keep businesses in the regions.
Pêcheries M J M Inc.
Founded in 2014, this company specializes in the fishing of Stimpson’s surf clam, a mollusk belonging to the clam family. Fonds régionaux’s investment will be used to finance the acquisition of a snow crab licence as well as a fishing boat and gear to allow the company to diversify its activities. The company is headed by Magella Gallant, who worked as a fisher’s helper at the Pêche Gallant family business from 1989 to 2011 before starting his own fishing business in 2014.
“I’ve been on the water since before I could walk. Salt water literally flows through my veins. I’m grateful to Fonds régionaux de solidarité FTQ Côte-Nord for helping me make a dream come true with the acquisition of a crab fishing licence. This investment directly supports my company’s growth since now I’ll be offering a wider range of products,” said Magella Gallant, President of Pêcheries M J M Inc.
Les Entreprises de pêche Éric Gallant Inc.
As part of this succession project, Julien-Marie Gallant, who is part of the first cohort of fish harvesters to obtain a snow crab licence in 1982, is now passing the torch to his son Éric. Fonds régionaux’s investment will ensure the sustainability of the business in addition to maintaining and improving its profitability. It is with great pride that Éric Gallant takes over the reins of the family business based in Aguanish, in the Minganie RCM. He is also considering acquiring additional quota to fuel the company’s growth.
“Dad is a pioneer in snow crab fishing. After all these years at the helm of a company, ensuring a smooth transition to the next generation is a delicate exercise, but we are pleased to have been able to count on the expertise of Fonds régionaux de solidarité FTQ Côte-Nord to accompany us in this process. They know our industry well and understand our issues. We received sound advice every step of the way,” said Éric Gallant, the new owner of Entreprises de pêche Éric Gallant Inc.
About Fonds régionaux de solidarité FTQ
Fonds régionaux de solidarité FTQ has been participating in the economic development of Québec’s regions for over 23 years. An integral part of the Fonds de solidarité FTQ network, the Fonds régionaux have invested $918 million in 1,434 projects since their inception in 1996, helping to create, maintain or protect 51,846 jobs.