The city and its team of economic development experts are guiding and supporting Montréal businesses’ growth. In 2021, a series of new programs and new measures have been launched to stimulate businesses’ economic recovery.
The economic slowdown caused by the pandemic has brought many challenges to Montréal entrepreneurs. A number of measures for merchants, private companies and collectives and support organizations were created to help them get funding, revise their business models and develop innovative solutions.
The biofood sector: A strategic economic development sector
The biofood sector is growing fast. Montréal has 47 urban farms within city limits, and the biofood chain, which includes production, processing, marketing and food service, represents five per cent of Montréal’s GDP and 13 per cent of jobs. By supporting partners in the area, Montréal is creating a support ecosystem that facilitates business startup and contributes to their growth and longevity.
Business networking: Stimulating innovation marketing
Montréal launched the Open Innovation Subsidy Program for start-up companies, which promotes collaboration between new companies and partner organizations to stimulate innovation marketing. Networking offers major benefits to both companies. The new company gets its first client, technical and financial support and a broad business network, while the partner organization enjoys greater agility and access to innovative solutions that have a real impact on its activities.
Transforming business models: A necessary process for many small businesses
The city has implemented a new measure to support companies in transforming their business model and diversifying their income. Six organizations that are recognized for their sectorial expertise have received funding to offer 5,500 hours of personalized guidance, free of charge, to 450 small Montréal businesses from sectors of activity that were hit hard by the pandemic:
- Social economy
- Arts and culture
- The biofood sector
Pedestrian streets: Leverage for commercial vitality
In order to support commercial vitality, the city has provided support to 13 pedestrian street projects on commercial thoroughfares. These projects, which were implemented by the boroughs, involved all stakeholders in the process (merchants, residents, transportation and emergency services, etc.) Montréal designers were also involved to boost foot traffic on commercial streets and improve residents’ quality of life.
See all measures available