Lac-Megantic: More than half of $60M pledged by Ottawa to help local business
Cleanup crews continue their work in the downtown core of Lac-Megantic in Lac-Megantic, Que., Thursday, November 21, 2013. (Graham Hughes / THE CANADIAN PRESS)
Published Friday, December 6, 2013 1:26PM EST
LAC-MEGANTIC, Que. - Lac-Megantic residents have been given details on how some of the $60 million Ottawa has promised to help the devastated Quebec town will be spent.
A chunk of downtown Lac-Megantic was wiped out in July when a runaway train derailed, exploded and killed 47 people.
Denis Lebel, minister responsible for economic development for Quebec, told a news conference in the town today that $35 million of the $60 million will be used to help local business recover.
Of the $35 million, $20 million will go to reconstruction and $10 million will be spent on directly funding businesses and non-profit organizations.
The remaining $5 million will go to two investment funds to be administered by one or more local organizations.
Lebel also said about a dozen businesses struggling with debts will get payment and interest relief for six months.