The City of Montreal will increase the financing of the Commercial Development Companies (SDC) to an amount of $13.2 million for the next three years.
The formula ensures greater predictability, whereas the previous envelope of $1.7 million had to be renewed each year.
“We are in a context of transformation of businesses and the meteoric rise of online shopping, so we need to invest in our commercial streets,” explained Luc Rabouin, head of economic and commercial development within the executive committee of the Town.
The annual envelope of $4.4 million will be distributed through the 22 SDCs of the City, in proportion to their respective weight.
While the old program financed specific activities, the funds can now be used more freely by the SDCs.
“The SDCs are in the best position to determine the structuring activities they need on their commercial street,” explained Mr. Rabouin. He indicates that the sums could also be used to ensure basic funding, for example by paying salaries.