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The Quebec Culture Capital Fund was created on November 7, 2011 by the Government of Québec and the Fonds de solidarité FTQ to provide innovative financing to Québec cultural organisations interested in exporting their projects and products.

The Quebec Culture Capital Fund has a $100 million budget to support the marketing and export of major Québec cultural products.

It proposes new and innovative financial instruments in the financing of Québec cultural organisations, which take the form of equity voting shares, preferred shares, and loans.


Financial instruments

The participation of the Quebec Culture Capital Fund in the cultural projects and products will take the form of equity voting shares, preferred shares, or loans.

The specific conditions set by the funding partners for each of these financial tools are the following:

Equity voting shares:

  • 20% maximum participation per project;
  • Redeemable at the holder’s option, on the fifth anniversary at the earliest, or on March 31, 2020, with an annual compound return in line with market standards, but at least 10% per annum.

Preferred shares:

  • Cumulative dividend in line with market standards, but at least 10% per annum;
  • Redeemable at the issue cost plus any accrued and/or unpaid dividends on the fifth anniversary at the earliest, or on March 31, 2020.

Loans:

  • Secured or unsecured;
  • Equity loan or with share purchase option;
  • Convertible in case of default at the lender’s discretion;
  • Maximum term ending no later than March 31, 2020;
  • Interest rates in line with market standards, but at least 10% per annum for an unsecured loan.