Montreal revamps financial aid program for businesses hit by construction

The Martinez Ferrada administration is overhauling a financial assistance program for Montreal businesses affected by major construction projects, promising to reach more merchants and make it easier for them to obtain funding.

The revamped program merges two existing programs and offers a flat $5,000 payment upon application, with grants of up to $40,000 available in total.

Businesses will now be able to apply after just three months of continuous construction, down from the previous six-month minimum.

Payments that previously took more than 150 days will be processed faster, the city promised, adding that the application process, formerly handled entirely by paper, has also moved online.

More than 20 commercial zones will be expanded under the new program, including areas along Ste-Catherine Street West, Fleury Street, Berri Street/De Maisonneuve Boulevard, De Lorimier Avenue and Notre-Dame Street.

Mayor Soraya Martinez Ferrada claimed the old zone boundaries had left too many affected businesses without support, and that revitalizing downtown Montreal is a priority for her administration.

“We want to relaunch our downtown, and this is part of the measures we’re taking to get there,” she said in a news release.

Chantal Gagnon, the city’s executive committee member responsible for economic development, said the goal is to get help to businesses quickly so they can continue to thrive despite construction disruptions.

The Montreal SDC, which represents commercial development corporations across the city, said it welcomed the changes, calling the overhaul a significant step forward and praising the simplification of the application process.