Montreal to make $36M accessible to small businesses to soften blow of U.S. tariffs
CBC
The City of Montreal announced measures to help small and medium-sized businesses cope with the impact of U.S. President Donald Trump's tariffs, including access to a $36 million fund.
"We made it through the pandemic, so we know we're able to get through difficult situations," Luc Rabouin, new leader of Projet Montréal and head of economic development on the city's executive committee, told reporters Wednesday afternoon.
The news comes as Trump started outlining his tariff program Wednesday at 4 p.m. He announced a 25 per cent levy on foreign-made vehicles and said he would apply "a minimum baseline tariff of 10 per cent" on all goods coming into the U.S.
As of 5 p.m., it was still unclear if Canada was subject to those 10 per cent tariffs.
Rabouin said the city's business-support network, PME MTL, will provide $36 million to businesses that meet specific criteria and demonstrate that they will be affected by tariffs.
He also declared that businesses that have a loan with the network will have a six-month grace period on loans owned to the city's fund.
"We give them time to breathe," said Rabouin.
The city made the announcement at Lambert & Fils, a company in Montreal that makes high-end lighting fixtures.
Ahead of Trump's announcement, Christine Charette, director of human resources and administration, said she expected tariffs to have a "huge impact" on sales as American clients account for almost 50 per cent them.
"Any help we can get just to get us through this kind of crisis phase is really important for us," said Charette.
"We just need some financial help just to get through the storm."
Rabouin also said that the city will prioritize local businesses whenever it can.
Last month, Quebec's Municipal Affairs Minister Andrée Laforest announced a new regulation allowing cities to impose penalties of up to 25 per cent on U.S. companies bidding on municipal contracts.
Rabouin's measures did not receive unanimous approval in Montreal, particularly from the opposition at city hall.
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