Evol , a conjunction of the words evolution and envol, has an increased responsibility and a greater impact on Quebec entrepreneurs. Given the success of this avant-garde economic development organization aimed at women, which is deployed across the 17 administrative regions, the government has decided to grant it additional funding to expand its mandate to clients from a wide variety of backgrounds.

“After 25 years of experience and positive results in the entrepreneurial ecosystem, this essential organization has the skills needed to make this change and make a difference. With all the expertise that Femmessor has developed since its creation, the organization will continue to offer financing and support entrepreneurs in their development to enable them to participate fairly and equitably in the development of our economy,” says Danièle Henkel, renowned businesswoman and spokesperson for Evol.

“Evol is an extraordinary resource for all groups that are underrepresented in entrepreneurship. Entrepreneurial strength is very present within great diversity. We just need to allow it to unfold. We need to succeed in reaching these people and work together to celebrate their potential. The Evol team is driven by a deep desire to contribute to the creation of a better world. In the transformation of Femmessor, the team also wants to encourage and support certain companies that have an environmental conscience. This is essential in its new mandate.”

Underrepresented entrepreneurs

This year, Evol has therefore expanded its service offering in order to support more entrepreneurs among clienteles still underrepresented in entrepreneurship, namely women, racialized people, immigrants, members of First Nations or Inuit, people living with disabilities and members of the LGBTQ2+ community.

“According to the Evol team, the economy absolutely must transform itself in the coming years,” explains its President and CEO, Sévrine Labelle. “Quebec is ripe for a new economic model that is more inclusive and more sustainable. In this context, the organization wants to stimulate different types of entrepreneurship. Evol encourages initiatives that bring economic value to society, of course, but also social and environmental values. Ecological awareness is precisely one of the conditions for accessing our financing. […] Of course, we will continue to support women, but from now on we will integrate other categories of entrepreneurs. To do this, we benefit from a larger funding envelope.”

Through partnerships with the Government of Quebec (for which Investissement Québec is the agent), National Bank, BDC, the Fonds de solidarité FTQ and Fondaction, Evol now has access to more than $52.5 million to support, through conventional loans, companies with at least one equity-seeking person in a strategic position (members of the groups mentioned above) and holding at least 25% of the shares and votes. This person must obviously demonstrate that it has a viable project, but also that it wishes to contribute to one of the 17 UN Sustainable Development Goals.

From now on, the funding and support will be extended for a period of eight years and will contain a more substantial envelope than before, namely $450,000. Of course, the duration and value of this assistance will be different, depending on the needs of the company concerned.

“In recent years, we have had $19 million annually,” says Ms. Labelle. “Now, we are talking about an envelope of more than $50 million per year. Not only will we be able to support the emergence of various businesses, but we will also help established companies in their next phase of growth with substantial resources. I would like to point out that financial assistance always comes with fairly sustained support from our team: a diagnosis, an assessment of strengths and weaknesses, then a support plan that can include training, mentoring and meetings with some of our 150 experts (law, accounting, taxation, marketing, etc.) across Quebec. During this process, we align our values with those of the company.”

Shared values

In the opinion of entrepreneur Cadleen Désir, sharing similar values is fundamental between the financial institution or lending organization and its clients.

“In a project, it’s easier to have a common vision if the values are shared. Communications are also more fluid and consistency is better. Knowing that your financial partner shares your values is like a pat on the back that indicates that we understand the reason for your project. This is crucial in an economic environment full of risks, ups and downs. I’m thinking of the values of collaboration, mutual aid, inclusion, diversity and sustainable development. They have an impact on the analysis of files, since they are like a kind of decision-making filter.

According to Ms. Désir, these values define more than ever the identity of Evol and the work of supporting entrepreneurs by the team members.

Evol represents 25 years of impact on entrepreneurship in Quebec. The organization has granted $31 million in financing to women-owned businesses; it has financed 1,200 SMEs and positively affected more than 75,000 of them; it has participated in maintaining or creating more than 6,035 jobs, and it has generated investment spinoffs of $185 million.