The Quebec government's economic development lender has put up $900,000 in loans and guarantees for a Massey Ferguson dealership to consolidate its ownership.
Investissement Quebec will provide Dany Lafrance and Martin Nolin, the sales and service managers respectively at Champoux Machineries, with a $650,000 loan and a guarantee for another $250,000 loan.
The financing is to allow Lafrance and Nolin to take full ownership of the dealership and buy up all outstanding minority shares in the company.
Based in the Centre-du-Quebec region at Warwick, about 65 km southeast of Trois-Rivieres, Champoux sells and services new and used Massey Ferguson equipment and, as of June this year, that of Massey's sister Agco brand, Fendt.
The dealership, founded by Armand Champoux in 1930, today also handles Claas equipment and sells machinery and farm tools from Canadian manufacturers including Buhler, Salford, Miro, Woody and Wallenstein.
Lafrance and Nolin, in a provincial release Friday, said the Investissement Quebec financing will greatly ease the purchase process, but they added they're taking over a growing business in which they have full confidence.
Elaine Zakaib, the provincial minister responsible for Investissement Quebec, said the financing will allow the business to maintain operations and assure continued employment for its 11 staff.
Yves-Francois Blanchet, an MNA in the area, added that the province's economy depends on strong business successions.