Evol : Another way to finance

Summary

Business: Evol Number of employees: 70 Region: Quebec Program: Regional Economic Growth through Innovation (REGI) - This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions. This CED support has made it possible: to build and fit out a land-based beluga observation site to develop a new tourist attraction that follows eco-friendly practices so that the Wolastoqiyik Wahsipekuk First Nation (WWFN) can benefit from post-pandemic market opportunities. CED’s support has enabled the organization: to fund the personalized guidance program for entrepreneurs so they can develop to their full potential.

Femmessor to Evol

Today, Evol stands out for its guided financing, which focuses on businesses with diverse, inclusive ownership that wish to have a positive impact on society by demonstrating their intention or actual contribution to at least one of the UN's 17 Sustainable Development Goals. Its reason for being? To transform entrepreneurship so that it can help create a more diverse, equitable, sustainable economy.

Guidance based on sustainable development

For Evol, “diversity is a measure of innovation and success.” The organization’s target clientele consists of several groups that continue to be under-represented in entrepreneurship, meaning women, racialized individuals, immigrants, First Nations and Inuit, individuals from the LGBTQ2+ community and persons with disabilities. According to Evol, these people, who represent a plurality of the faces we see in our society, bring a vision and expertise that can benefit the Quebec and Canadian economy.

Evol acts in areas where traditional funding sometimes hesitates to venture. To do this, the selection grid is as rigorous as in traditional institutions, but risk management is approached differently, thereby fostering the emergence, growth and next generation of daring businesses.

And since projects financed by Evol must meet one of the UN’s goals in the area, sustainable development is an integral part of the journey of each business that receives financing and guidance in order to stimulate the emergence of new business models to the benefit of a regenerative economy.

The key to success

Evol has developed a distinctive offering with conclusive results, as the survival rate among the businesses it finances and guides sits at 80%, compared to an average of 60% among other Quebec businesses. These impressive results stem from a combination of financing and guidance offered to all entrepreneurs who receive a loan from the organization. Evol can count on the support of CED, which funds the guidance portion of its services. This enables the organization to fulfill its mission to finance and guide businesses with diverse, inclusive ownership in all regions across Quebec so they can help transform society.

The tools made available to Evol’s clientele are many. The Brigade-conseil reunites more than 70 volunteer experts who share their knowledge to support entrepreneurs as they develop their skills and resolve their issues. The Cellules de codéveloppement, led by a guidance professional, bring together entrepreneurs to discuss issues and share their experiences. Businesses also benefit from personalized guidance with a regional branch before, during and after they receive financing.

The combination of these two elements—financing and guidance—makes it possible to provide all the resources entrepreneurs need to ensure they will succeed and last.

A model to follow

Just a few months before it celebrates 30 years of experience in financing and guiding women and other client groups to give value to entrepreneurship, Evol is positioning itself as a frontline player in impact entrepreneurship in Quebec. Present across the province, the organization has, since it was launched, provided nearly $60 million to businesses with diverse, inclusive ownership, with a satisfaction rate of 96% among its clientele (February 2024). In addition, by financing and guiding businesses with diverse, inclusive ownership that wish to have a positive impact on society, Evol has resolved to inspire the entrepreneurial ecosystem in this positive, sustainable transformation of our economy to be able to leave a positive mark collectively on society.