Lac-Mégantic businesses promised $35M for recovery

Lac-Mégantic residents have been given details on how some of the $60 million Ottawa has promised to help the devastated Quebec town will be spent.

Economic development minister Denis Lebel says more than half of promised $60M to go to local businesses

Federal minister responsible for Quebec's economic development Denis Lebel says that $35M of the $60M promised aid for Lac-Mégantic's recovery efforts will go directly to local business. (Graham Hughes/CP)

Lac-Mégantic residents have been given details on how some of the $60 million Ottawa has promised to help the devastated Quebec town will be spent.

A chunk of downtown Lac-Mégantic was wiped out in July when a runaway train derailed, exploded and killed 47 people.

Denis Lebel, minister responsible for economic development for Quebec, told a news conference in the town today that $35 million of the $60 million will be used to help local business recover.    

Of the $35 million, $20 million will go to reconstruction and $10 million will be spent on directly funding businesses and non-profit organizations.

The remaining $5 million will go to two investment funds to be administered by one or more local organizations.

Lebel also said about a dozen businesses struggling with debts will get payment and interest relief for six months.

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