Investissement Québec — Panorama (Export Diversification Financing)

Insider Tip

Panorama was designed specifically for established Quebec exporters pivoting away from US dependence — this is not a program for companies entering export for the first time. The key eligibility signal that filters out weak applications is 'prior export experience': IQ expects documented existing export revenues or contracts. The 24-month capital moratorium is the program's key financial advantage — it gives exporters time to develop new market revenue streams before full loan payments begin. Engage IQ through their regional advisors (investquebec.com) rather than applying cold — IQ advisors co-design applications and can indicate upfront whether your project fits. The program is in French on the official IQ website; request an English-language advisor if needed.

Rejection Pitfalls 7

• Business has no prior export track record (first-time exporters are not eligible)
• Business is in an excluded sector (agriculture, fishing, cannabis, private medical clinics, owner-occupied real estate, tourism, B2C retail)
• Business cannot demonstrate financial capacity to service the loan

Success Profile

Established Quebec manufacturers, technology exporters, or professional services firms with demonstrable prior export revenues who are actively diversifying from US-dependent markets to European, Asian, or Canadian non-US customers. Best candidates have existing distributor or customer relationships in target markets, a clear 12-24 month revenue plan for the new markets, and solid balance sheets that can support a term loan.

Evaluation Criteria

Investissement Québec evaluates Panorama applications on: confirmed prior export experience (documented export revenues or contracts), financial health of the business (ability to service the loan), quality of the export diversification plan (target markets, strategies, timelines), absence of Quebec job losses, and compliance with sector eligibility requirements. Assessment is non-competitive — each file is evaluated independently by an IQ credit analyst.

Application Steps

Required Documents 7

Eligible Expenses 5

• Working capital for development of new export markets (outside the US)
• Market entry costs for Canadian interprovincial or international markets
• Hiring or retaining staff dedicated to new market development
• Travel and business development in new export markets
• Product adaptation or certification costs for new markets

Ineligible Expenses 5

• Activities in or for the US market (program is specifically for diversification away from the US)
• Capital investment in Quebec manufacturing facilities (covered by other IQ programs)
• Agriculture, fishing, cannabis, or tourism operations
• Personal expenses
• Speculative financial investments

Intake Periods

Rolling — no intake windows. Part of Quebec's standing tariff-response package, open as long as the program is active.

Deadline Notes

Panorama was launched in 2025 as part of Quebec's response to US tariffs and is listed on the official quebec.ca tariff-measures hub as an active program. No sunset date has been published. Given its tariff-response mandate, businesses should apply while US trade uncertainty remains elevated — the program may be wound down or restructured if the trade situation resolves. Engage Investissement Québec directly at investquebec.com.

Open Application Portal →

Ineligible Organizations

• Businesses in agriculture, fishing, cannabis, private medical clinics, owner-occupied residential real estate, or tourism
• B2C retail businesses
• Non-profit organizations
• Businesses without prior export experience
• Unincorporated businesses

Compatible Programs

Clawback Risk

Medium Risk

Standard IQ loan default provisions apply if repayments are missed. IQ may require security against business assets. No grant-style clawback — this is a repayable loan, so non-payment triggers standard commercial loan enforcement rather than a clawback of assistance.