s tone or style may not reflect the encyclopedic tone used on wikipedia . see wikipedia s guide to writing better articles for suggestions . december 2014 learn how and when to remove this template message this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . december 2014 learn how and when to remove this template message fonds de solidarit ftq type company created by special legislation industry development capital venture capital business financing founded june 23 1983 1983 06 23 headquarters montreal quebec canada area served quebec key people ga tan morin president & ceo products registered retirement savings plan website www.fondsftq.com the fonds de solidarit ftq fonds is a qu bec development capital organization whose overriding mission is to invest in local businesses to further the economic development of all the regions of qu bec . created by the f d ration des travailleurs et travailleuses du qu bec ftq qu bec s largest labour body the fonds de solidarit ftq was created on june 23 1983 through legislation enacted by the province s national assembly . as of november 30 2015 the fonds held 11.2 billion in net assets had 613 958 owner shareholders and had helped create maintain and protect 172 000 jobs . 1 contents 1 history 2 network 3 mission 3.1 constituting act 3.2 60 % rule 4 business financing 4.1 sector expertise 5 rrsp 6 references 7 external links history edit this article contains embedded lists that may be better presented using prose . you can help by converting the list or lists to prose if appropriate . editing help is available . december 2014 learn how and when to remove this template message louis laberge fonds first board of directors fernand boudreau claude ducharme louis laberge fernand daoust edmon gallant cl ment godbout and claude morrisseau . 1981 beginning of an economic crisis that would last 18 months and see business interest rates climb to 25 % . 1982 qu bec summit the ftq looks for ways to save jobs . june 1982 launch of the corv e habitation project a partnership between construction workers unionized workers businesses and governments that would save over 57 000 jobs during the three year economic crisis and give homebuyers access to financing below the market rate . september 1982 denis de belleval writes 20 page report to propose creation of a 750 m fund much like the one later proposed by ftq . 2 october 1982 closure of several plants in sept les that had been bought out by workers to save their jobs . facing bankruptcy workers not only lost their savings but their livelihoods as well . april 1983 louis laberge convinces the ftq general council to create the fonds in order to share the risk and make investments in smes in order to create and maintain jobs . june 1983 the fonds de solidarit ftq is created through bill 192 . louis laberge declares the fonds will be a profitable entity not a charitable organization or a subsidy agency . june 1983 the qu bec and federal governments each contribute 10 million to launch the fonds . december 1984 the fonds makes its first investment 500 000 in scierie des outardes . january 1985 the fonds launches its first advertising campaign for its rrsp . february 23 1985 first annual meeting of shareholders . 1986 introduction of economic education for workers . 1990 creation of solim a real estate investment fund known today as fonds immobilier de solidarit ftq . 1990 the fonds teams up with the union des municipalit s r gionales de comt umrcq to create soci t en commandite solideq charged with creating the solides today known as the fonds locaux de solidarit ftq local solidarity funds . 1996 creation of the fonds r gionaux de solidarit ftq regional solidarity funds . 1997 raymond bachand replaces claude blanchet as president and ceo . 1997 introduction of the shareholder s booklet . 1998 the fonds celebrates its 15th anniversary . 1999 henri mass becomes president of the ftq and chairman of the fonds . 2000 over 20 % of canada s venture capital is managed by the fonds . 2002 pierre genest becomes president and ceo . 2002 net assets reach 4.5 billion . 2002 shareholder base surpasses 500 000 . 2005 qu bec s department of finance announces changes to the fonds investment rules allowing it to increase its investments in larger companies . 2006 yvon bolduc takes over the helm at the fonds . 2009 the fonds becomes a signatory to the united nations global compact . 2010 the fonds joins the global reporting initiative gri . 2011 net assets reach 8.2 billion . network edit headquartered in montr al the fonds de solidarit ftq has a network of independent organizations that includes 16 fonds r gionaux de solidarit ftq regional solidarity funds 16 fonds locaux de solidarit ftq local solidarity funds and the fonds immobilier de solidarit ftq real estate solidarity fund . its investment network also includes 77 specialty funds . mission edit louis laberge in the lobby of complexe ftq building the fonds core mission is to further qu bec s economic growth by creating and protecting jobs through investments in local businesses across all sectors of the economy . part of its mission is also to encourage its owner shareholders to save for retirement and to provide them with a reasonable return which is in addition to the tax benefits granted by the two levels of government . constituting act edit the fonds de solidarit ftq was constituted on june 23 1983 by an act of the qu bec national assembly then headed by the l vesque government . the fonds objectives are to invest in companies that have an economic impact in qu bec and provide them with services that will assist their development and create maintain and protect jobs . promote programs to educate workers on economic matters so that they can have a greater impact on qu bec s economic development ; stimulate the qu bec economy by making strategic investments that will benefit workers and businesses alike ; further the development of eligible businesses by inviting workers to do their part by purchasing fonds shares . most of the fonds investments take the form of unsecured loans in qu bec small and mid sized enterprises sme . 60 % rule edit in keeping with its mission the fonds makes investments in all types of businesses with or without a guarantee . however in any given year the proportion of unsecured investments in eligible companies must represent on average at least 60 % of its average net assets of the previous year . business financing edit for the year ended may 31 2015 the fonds had invested 640 million in qu bec companies . it is a partner either directly or through one of its network members in over 2 500 qu bec companies . the only development capital organization with sector expertise the fonds invests in the most important sectors of the qu bec economy . as at november 30 2015 the fair value of development capital investment by the fonds in partner compagnies reached 7.3 billion . sector expertise edit the fonds de solidarit ftq specializes in 25 sectors of the qu bec economy aerospace agri food wood chemical construction and construction material culture distribution and consumer goods social economy environment printing machinery and equipment transportation equipment and automobiles furniture and fixtures mining pulp and paper plastics metal products leisure tourism life sciences business services transportation services financial services ict textiles business transfers rrsp edit complexe ftq fonds shares which are eligible for the registered retirement savings plan rrsp can be purchased by any qu bec taxpayer either through payroll deduction available in unionized companies or government organizations an ftq affiliated or other union preauthorized withdrawals or a lump sum payment . anyone can purchase fonds shares . in its 28 year history the fonds has sold 10.8 billion in shares . the fonds relies on a network of over 2 000 local representatives unionized employees who promote the fonds rrsp in their workplace . fonds shares are a popular investment because in addition to the tax benefits individuals obtain for buying an rrsp they also receive two additional tax credits 15 % from each government qu bec and canada on the first 5 000 invested each year . fonds shares can not be sold before retirement except under certain conditions such as loss of employment participation in the federal government s home buyers plan and disability . citation needed references edit fonds de solidarit ftq . 1 . le 4 . graham fraser s bio of ren l vesque p. 327 external links edit official website retrieved from https en.wikipedia.org w index.php title fonds de solidarit ftq & oldid 701569413 categories canadian labour congress1983 establishments in quebecventure capital firms of canadainstitutional investorseconomy of quebechidden categories wikipedia articles needing 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