Fonds régionaux de solidarité FTQ Côte-Nord, Canada, announced over $2.3 million of investments in two Côte-Nord, Canada, businesses—Pêcheries M J M Inc. and Les Entreprises de pêche Éric Gallant Inc.

In December 2018, 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 on asset purchase, share buyback, growth, export, strategic acquisition, innovation, modernization and more.

“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,” says Julie Boulianne, regional vice president, Côte-Nord region.

Fonds régionaux’s investment will be used to finance the acquisition of a snow crab license for Pêcheries M J M as well as a fishing boat and gear to allow the company to diversify its activities.

“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 license. This investment directly supports my company’s growth since now I’ll be offering a wider range of products,” says Magella Gallant, president of Pêcheries M J M Inc.

Fonds régionaux’s investment in Les Entreprises de pêche Éric Gallant will ensure the sustainability of the business in addition to maintaining and improving profitability. Éric Gallant, the owner’s son, will take over the reins.

“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,” says Gallant.