The Better Entrepreneurship Policy Tool

EVOL, Canada

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Mis?

EVOL aims to enable entrepreneurs to build sustainable, successful businesses through offering financing combined with personalised support and complementary services to companies with diverse and inclusive ownership, i.e. at least 25% owned by women, racialised people, immigrants, First Nations and Inuit people, people from the LGBTQ2+ community or people with disabilities. In addition, companies must also have one or more people from these groups in strategic positions. 

Miks?

EVOL’s mission is to develop diverse and inclusive entrepreneurship in Quebec based on three pillars: ambition, inclusion and impact. It was created in 2021 following an expansion of services by its parent organisation Femmessor in order to support more entrepreneurs from under-represented and disadvantaged backgrounds rather than solely focusing on women entrepreneurs.

Põhitegevused

The organisation provides loans ranging from EUR 13 600 to EUR 34 000 (CAD 20 000 - CAD 50 000) for start-ups, and from EUR 13 600 to EUR 306 000 (CAD 20 000 - CAD 450 000) for growth and take-over companies (i.e. Impact Evol). The funds are permanently open to entrepreneurs who meet the eligibility criteria. 

EVOL also offers a dedicated support programme for companies that have already received funding as well as for entrepreneurs who are not currently receiving EVOL funding. This includes training and activities (e.g. workshops, webinars, video capsules), individual start-up coaching, consulting services, and additional entrepreneurship resources (e.g. business plan writer, financial forecasting template, financial management capsules).

Mõju

In 2023, EVOL provided a total of EUR 8.7 million (CAD 12.8 million) in financing to 96 companies, which created 1 461 jobs created and maintained and generated EUR 39 million (CAD 42.7 million) in additional investments. Of these companies, 66 businesses benefited from the Impact Evol programme, receiving EUR (CAD 11.6 million) in investment with an average loan of CAD 176 000. This led to CAD 40.4 million in additional investments and the creation of 1 248 jobs. The women-dedicated entrepreneurship fund provided CAD 1.2 million to 30 enterprises with an average loan of CAD 37 000. This led to about CAD 2.3 million in additional investment and the creation of 213 jobs. 

EVOL supported 1 544 entrepreneurs through group coaching programmes and provided over 16 000 hours of support services. Through EVOL’s digital tools, they offered 7 338 toolbox consultants, 2 620 training platform consultations, 215 hours of training on financial management, and 110 hours of training on sustainable development. 

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