Although Westmount had initially shown relatively little interest in participating as a member in the Centre Local de Développement (CLD) Les 3 Monts, for the past few years the mayor and members of city council have spoken more enthusiastically about the non-profit agency that is mandated to loan local entrepreneurs money at preferential rates, and which also serves Town of Mount Royal and the Borough of Outremont.

The CLD sponsors a number of programs to financially assist burgeoning local enterprises. Another aspect of their mandate is to stimulate the creation of employment at the same time. The CLD's Young Entrepreneur Program targets persons younger than 36 years of age who have sound ideas for starting a business, are committed to working full-time on it, and who also have a reasonable amount of their own money to invest in the project.

Through an investment fund, the CLD offers grants of up to $6,000 per entrepreneur, up to a maximum of $12,000 per business, as well as coaching to prepare and validate the business plan, guidance in obtaining more financing, additional grants of up to $1,000 for business-related training, and personalized coaching and follow-ups. To qualify, businesses must be located in Mount Royal, Outremont or Westmount.

Now council wants to go a step further and is initiating procedures to set up a Société locale d'investissement dans le développement de l'emploi (SOLIDE), with which CLD Les 3 Monts would be working in partnership. Whereas a CLD is authorized to make loans to small businesses up to a maximum $25,000, a SOLIDE can loan up to $75,000 and deals with businesses that are much greater in size.

During council's Feb. 2 meeting, Councillor John de Castell was appointed to the board of directors of SOLIDE Les 3 Monts, as well as to a committee of common investment, established within the framework of the partnership agreement.

"This board is being put together so that we can have access to more funds to back more entrepreneurs within our territory," said Councillor Kathleen Duncan.

Westmount pays nothing for its participation.

De Castell said Westmount's membership in the SOLIDE will enable the City to assist and encourage organizations and companies with more than six employees. "It's exciting because it enables us to assist larger, medium-size companies," he said. According to de Castell, many more funding applications from Westmount are being received by the CLD.